Cornerstone Wealth Management LLC Grows Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Cornerstone Wealth Management LLC boosted its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 9.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,399 shares of the electric vehicle producer's stock after buying an additional 1,622 shares during the quarter. Cornerstone Wealth Management LLC's holdings in Tesla were worth $4,768,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in TSLA. Wealth Group Ltd. purchased a new position in shares of Tesla in the fourth quarter valued at $275,000. Tallon Kerry Patrick acquired a new stake in Tesla in the 4th quarter valued at about $374,000. Eagle Capital Management LLC purchased a new position in Tesla during the 4th quarter valued at about $331,000. Brighton Jones LLC increased its holdings in Tesla by 11.8% during the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock valued at $35,509,000 after acquiring an additional 9,293 shares in the last quarter. Finally, Revolve Wealth Partners LLC raised 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 worth $2,147,000 after acquiring an additional 931 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Tesla

In other Tesla news, Director Joseph Gebbia bought 4,000 shares of the company's stock in a transaction dated Thursday, April 24th. The shares were acquired at an average cost of $256.31 per share, with a total value of $1,025,240.00. Following the completion of the transaction, the director now owns 4,111 shares in the company, valued at $1,053,690.41. The trade was a 3,603.60% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 1,000 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $350.00, for a total value of $350,000.00. Following the completion of the transaction, the chief financial officer now directly owns 1,950 shares of the company's stock, valued at $682,500. This represents a 33.90% decrease in their position. The disclosure for this sale can be found here. Insiders sold 833,509 shares of company stock valued at $278,648,925 over the last 90 days. 20.70% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

TSLA has been the topic of several research reports. Needham & Company LLC reiterated a "hold" rating on shares of Tesla in a research report on Wednesday, April 23rd. UBS Group lowered their target price on Tesla from $225.00 to $190.00 and set a "sell" rating on the stock in a report on Thursday, April 10th. Barclays dropped their price target on Tesla from $325.00 to $275.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. Cfra Research downgraded Tesla from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, April 22nd. Finally, Mizuho increased their price objective on Tesla from $325.00 to $390.00 and gave the company an "outperform" rating in a research note on Friday, May 16th. Ten analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $293.67.

Tesla Stock Down 3.8%

Shares of NASDAQ TSLA opened at $316.73 on Wednesday. The stock has a fifty day moving average price of $302.42 and a 200 day moving average price of $332.66. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 12-month low of $179.66 and a 12-month high of $488.54. The company has a market cap of $1.02 trillion, a P/E ratio of 174.03, a P/E/G ratio of 12.36 and a beta of 2.47.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.53 by ($0.26). The company had revenue of $19.34 billion during the quarter, compared to analyst estimates of $22.93 billion. Tesla had a net margin of 6.66% and a return on equity of 9.02%. During the same quarter last year, the business posted $0.45 EPS. Research analysts anticipate 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.