Carnegie Investment Counsel Boosts Stake in Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Carnegie Investment Counsel increased its stake in Tesla by 99.4%, acquiring an additional 6,970 shares to hold a total of 13,979 shares worth $3,324,000.
• Tesla shares rose 3.5%, trading at $316.06, with a reported market capitalization of $1.02 trillion and a price-to-earnings ratio of 182.69.
• Recent insider transactions included Director Ira Matthew Ehrenpreis selling 477,572 shares and Director Robyn M. Denholm selling 112,395 shares, reflecting significant ownership decreases.

Carnegie Investment Counsel lifted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 99.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,979 shares of the electric vehicle producer's stock after purchasing an additional 6,970 shares during the period. Carnegie Investment Counsel's holdings in Tesla were worth $3,324,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Cherry Tree Wealth Management LLC raised its stake in Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 44 shares during the last quarter. First PREMIER Bank increased its stake in Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after purchasing an additional 42 shares in the last quarter. Newton One Investments LLC increased its stake in Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after purchasing an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI bought a new stake in Tesla in the first quarter valued at $27,000. Finally, True Wealth Design LLC increased its stake in Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 31 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Tesla Stock Performance

TSLA traded up $13.78 on Monday, hitting $329.84. The company's stock had a trading volume of 59,874,115 shares, compared to its average volume of 108,106,703. Tesla, Inc. has a 12 month low of $182.00 and a 12 month high of $488.54. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The firm has a market cap of $1.06 trillion, a P/E ratio of 190.15, a price-to-earnings-growth ratio of 9.93 and a beta of 2.39. The company's 50 day simple moving average is $324.70 and its 200-day simple moving average is $313.53.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%. The firm had revenue of $22.50 billion during the quarter, compared to analysts' expectations of $23.18 billion. During the same quarter in the prior year, the company earned $0.52 earnings per share. The business's revenue for the quarter was down 11.8% compared to the same quarter last year. Analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Baird R W downgraded shares of Tesla from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 9th. Benchmark reaffirmed a "buy" rating and issued a $475.00 price target (up from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Roth Mkm decreased their price target on shares of Tesla from $450.00 to $395.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Bank of America lifted their price target on shares of Tesla from $305.00 to $341.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Finally, Cantor Fitzgerald decreased their target price on shares of Tesla from $425.00 to $355.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Ten analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $302.75.

Insider Activity

In other Tesla news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total value of $170,636,475.60. Following the sale, the director directly owned 855,394 shares in the company, valued at $305,632,276.20. This represents a 35.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 2,000 shares of the firm's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total transaction of $600,000.00. Following the sale, the chief financial officer owned 5,924 shares in the company, valued at approximately $1,777,200. This trade represents a 25.24% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 835,509 shares of company stock valued at $279,420,485. 20.70% of the stock is owned by company insiders.

About Tesla

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.