Challenger Wealth Management Has $3.61 Million Position in Tesla, Inc. $TSLA

Key Points

• Challenger Wealth Management has reduced its stake in Tesla, Inc. by 5.2%, now holding 13,935 shares, valued at approximately $3.61 million, making Tesla its 6th largest investment.
• Several large investors significantly increased their positions in Tesla during the first quarter, with Goldman Sachs raising its stake by 322.1% to value at around $6.89 billion.
• In recent insider transactions, Tesla's CFO sold 2,000 shares for $600,000, reflecting a notable decrease in their ownership, while insider sales over the past quarter totaled nearly $48.7 million.

Challenger Wealth Management lowered its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 5.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,935 shares of the electric vehicle producer's stock after selling 765 shares during the quarter. Tesla makes up approximately 2.9% of Challenger Wealth Management's holdings, making the stock its 6th biggest position. Challenger Wealth Management's holdings in Tesla were worth $3,611,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Cherry Tree Wealth Management LLC increased its holdings in Tesla by 86.3% in 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 holdings in Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 42 shares during the last quarter. Newton One Investments LLC lifted its position in shares of Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after buying an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of Tesla in the first quarter worth about $27,000. Finally, Centennial Bank AR lifted its position in shares of Tesla by 833.3% in the first quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer's stock worth $29,000 after buying an additional 100 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Wedbush reaffirmed an "outperform" rating and issued a $500.00 price target on shares of Tesla in a research report on Monday, August 4th. Morgan Stanley reiterated an "overweight" rating and set a $410.00 price target on shares of Tesla in a report on Friday. Royal Bank Of Canada reiterated an "overweight" rating on shares of Tesla in a report on Tuesday, July 29th. Benchmark reiterated a "buy" rating and set a $475.00 price target (up previously from $350.00) on shares of Tesla in a report on Thursday, June 26th. Finally, UBS Group set a $290.00 price target on Tesla in a report on Monday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fourteen have assigned a Hold rating and nine have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $303.00.

Insider Buying and Selling

In related news, Director James R. Murdoch sold 120,000 shares of the firm's stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the completion of the transaction, the director directly owned 697,031 shares of the company's stock, valued at $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of the firm's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $292.89, for a total value of $1,171,560.00. Following the completion of the transaction, the chief financial officer directly owned 5,924 shares of the company's stock, valued at approximately $1,735,080.36. This trade represents a 40.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 143,606 shares of company stock valued at $49,581,812 over the last ninety days. 20.70% of the stock is owned by company insiders.

Tesla Stock Performance

Shares of Tesla stock traded up $0.82 during midday trading on Wednesday, hitting $347.79. The company had a trading volume of 71,648,221 shares, compared to its average volume of 102,792,906. The business's 50 day simple moving average is $325.50 and its two-hundred day simple moving average is $302.26. The stock has a market cap of $1.12 trillion, a PE ratio of 201.03, a P/E/G ratio of 12.08 and a beta of 2.06. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. Tesla, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings data 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). The company had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The company's revenue was down 11.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.52 EPS. As a group, equities analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

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.