Covenant Partners LLC Raises Stock Position in Tesla, Inc. $TSLA

Key Points

• Covenant Partners LLC increased its Tesla holdings by 144.7% during the second quarter, owning a total of 2,904 shares worth approximately $922,000.
• Several institutional investors have also boosted their stakes in Tesla, contributing to a total of 66.20% of the company's stock being owned by hedge funds and other investors.
• Tesla reported a quarterly earnings miss with earnings per share at $0.40, below analysts' expectations of $0.43, and revenue of $22.50 billion, falling short of estimates of $23.18 billion.

Covenant Partners LLC increased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 144.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,904 shares of the electric vehicle producer's stock after purchasing an additional 1,717 shares during the period. Covenant Partners LLC's holdings in Tesla were worth $922,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. Arcadia Investment Management Corp MI purchased a new position in Tesla in the first quarter valued at $27,000. Chelsea Counsel Co. increased its holdings in Tesla by 59.7% in the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock valued at $28,000 after buying an additional 40 shares in the last quarter. Centennial Bank AR increased its holdings in Tesla by 833.3% in the first quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer's stock valued at $29,000 after buying an additional 100 shares in the last quarter. LGT Financial Advisors LLC purchased a new position in Tesla in the second quarter valued at $29,000. Finally, Compass Wealth Management LLC increased its holdings in Tesla by 360.0% in the first quarter. Compass Wealth Management LLC now owns 115 shares of the electric vehicle producer's stock valued at $30,000 after buying an additional 90 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Stock Performance

TSLA opened at $442.60 on Wednesday. The firm has a market capitalization of $1.47 trillion, a PE ratio of 255.84, a PEG ratio of 16.08 and a beta of 2.08. Tesla, Inc. has a twelve month low of $212.11 and a twelve month high of $488.54. The firm's 50-day moving average price is $391.74 and its 200 day moving average price is $336.26. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). The business had revenue of $22.50 billion for 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 business's revenue was down 11.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.52 earnings per share. As a group, sell-side analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

TSLA has been the subject of a number of recent analyst reports. Bank of America lifted their price objective on shares of Tesla from $305.00 to $341.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Mizuho boosted their target price on shares of Tesla from $375.00 to $450.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 23rd. Benchmark reissued a "buy" rating and set a $475.00 target price (up previously from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Melius started coverage on shares of Tesla in a research note on Monday, October 13th. They set a "buy" rating and a $520.00 target price for the company. Finally, Baird R W raised shares of Tesla from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 19th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have issued a Hold rating and ten have issued a Sell rating to the stock. Based on data from MarketBeat.com, Tesla currently has an average rating of "Hold" and a consensus price target of $363.54.

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the business's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the transaction, the chief financial officer directly owned 9,856 shares in the company, valued at $3,473,057.28. The trade was a 20.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director James R. Murdoch sold 120,000 shares of the business's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the transaction, the director owned 697,031 shares in the company, valued at $244,162,988.99. The trade was a 14.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 202,606 shares of company stock worth $75,588,902. 19.90% of the stock is owned by insiders.

Tesla Profile

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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