Covenant Asset Management LLC Buys 1,670 Shares of Tesla, Inc. (NASDAQ:TSLA)

Covenant Asset Management LLC increased its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 75.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,876 shares of the electric vehicle producer's stock after buying an additional 1,670 shares during the quarter. Covenant Asset Management LLC's holdings in Tesla were worth $1,005,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. True Wealth Design LLC boosted its stake in shares of 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 during the period. Horrell Capital Management Inc. boosted its stake in shares of Tesla by 75.6% in the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer's stock valued at $32,000 after purchasing an additional 34 shares during the period. Navigoe LLC purchased a new position in shares of Tesla in the fourth quarter valued at $37,000. CoreFirst Bank & Trust bought a new stake in shares of Tesla in the fourth quarter worth $38,000. Finally, Cherry Tree Wealth Management LLC raised 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 valued at $25,000 after acquiring an additional 44 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Tesla Stock Performance

NASDAQ:TSLA traded up $10.24 during trading hours on Friday, hitting $329.65. 93,904,102 shares of the company traded hands, compared to its average volume of 98,929,970. The stock has a market capitalization of $1.06 trillion, a price-to-earnings ratio of 181.13, a P/E/G ratio of 12.56 and a beta of 2.39. Tesla, Inc. has a twelve month low of $182.00 and a twelve month high of $488.54. The firm has a 50-day moving average of $326.27 and a 200 day moving average of $316.70. 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 (NASDAQ:TSLA - Get Free Report) last released its earnings results 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 net margin of 6.66% and a return on equity of 9.02%. The company had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. During the same quarter in the previous year, the company earned $0.45 earnings per share. On average, analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on TSLA. Raymond James Financial cut shares of Tesla to an "outperform" rating in a report on Tuesday, April 22nd. Guggenheim reissued a "sell" rating and set a $175.00 target price on shares of Tesla in a report on Tuesday, July 8th. Barclays dropped their target price on shares of Tesla from $325.00 to $275.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. William Blair cut shares of Tesla from an "outperform" rating to a "market perform" rating in a report on Monday, July 7th. Finally, Cantor Fitzgerald dropped their target price on shares of Tesla from $425.00 to $355.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Ten investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $300.19.

Insider Buying and Selling at Tesla

In other news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the company's stock in a transaction dated 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 owned 855,394 shares of the company's stock, valued at approximately $305,632,276.20. This represents a 35.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kimbal Musk sold 91,588 shares of the company's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the completion of the sale, the director directly owned 1,463,220 shares in the company, valued at approximately $522,940,195.80. The trade was a 5.89% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 835,509 shares of company stock worth $279,420,485. 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.