Cornerstone Wealth Group LLC Grows Stake in Tesla, Inc. (NASDAQ:TSLA)

Cornerstone Wealth Group LLC boosted its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 9.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 8,967 shares of the electric vehicle producer's stock after acquiring an additional 766 shares during the quarter. Cornerstone Wealth Group LLC's holdings in Tesla were worth $2,324,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of TSLA. Wealth Group Ltd. purchased a new position in shares of Tesla in the fourth quarter worth approximately $275,000. Tallon Kerry Patrick bought a new stake in shares of Tesla during the 4th quarter valued at $374,000. Eagle Capital Management LLC purchased a new stake in shares of Tesla in the 4th quarter worth $331,000. Brighton Jones LLC raised its holdings in Tesla by 11.8% in the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock worth $35,509,000 after purchasing an additional 9,293 shares during the period. Finally, Revolve Wealth Partners LLC lifted its position in Tesla by 21.2% during the fourth quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock valued at $2,147,000 after purchasing an additional 931 shares in the last quarter. Institutional investors own 66.20% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Needham & Company LLC reaffirmed a "hold" rating on shares of Tesla in a research note on Wednesday, April 23rd. Roth Mkm decreased their target price on shares of Tesla from $450.00 to $395.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Truist Financial set a $280.00 price target on shares of Tesla in a research report on Tuesday, April 22nd. Morgan Stanley restated an "overweight" rating and set a $410.00 target price on shares of Tesla in a research note on Friday, June 6th. Finally, Oppenheimer restated a "mixed" rating on shares of Tesla in a research report on Tuesday, March 18th. Ten investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $294.58.

Tesla Trading Down 2.4%

Shares of TSLA opened at $340.47 on Wednesday. The firm has a market capitalization of $1.10 trillion, a price-to-earnings ratio of 187.07, a PEG ratio of 13.04 and a beta of 2.47. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.54. Tesla, Inc. has a 1-year low of $182.00 and a 1-year high of $488.54. The company has a 50-day moving average of $309.87 and a 200 day moving average of $331.48.

Tesla (NASDAQ:TSLA - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a return on equity of 9.02% and a net margin of 6.66%. The firm had revenue of $19.34 billion for the quarter, compared to analysts' expectations of $22.93 billion. During the same quarter in the previous year, the business earned $0.45 earnings per share. On average, research analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the transaction, the chief financial officer now directly owns 26,950 shares of the company's stock, valued at $6,737,500. This trade represents a 12.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Robyn M. Denholm sold 112,390 shares of the stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $285.58, for a total value of $32,096,336.20. Following the sale, the director now directly owns 85,000 shares in the company, valued at $24,274,300. This trade represents a 56.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 833,509 shares of company stock worth $278,648,925 in the last three months. Corporate insiders own 20.70% of the company's stock.

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.

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