Cresset Asset Management LLC Boosts Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Cresset Asset Management LLC increased its stake in Tesla by 1.7%, owning approximately 220,613 shares valued at $57.17 million as of its latest SEC filing.
• Multiple institutional investors have raised their holdings in Tesla, with firms like Rinkey Investments and True Wealth Design LLC increasing their stakes significantly during the last quarter.
• Tesla's recent earnings report showed a missed EPS estimate of $0.40 compared to a forecast of $0.43, alongside a revenue decline of 11.8% year-over-year.

Cresset Asset Management LLC lifted its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 1.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 220,613 shares of the electric vehicle producer's stock after acquiring an additional 3,620 shares during the quarter. Cresset Asset Management LLC's holdings in Tesla were worth $57,174,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Rinkey Investments increased its holdings in Tesla by 3.5% in the fourth quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer's stock valued at $347,000 after buying an additional 29 shares during the last quarter. True Wealth Design LLC increased its holdings in 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 buying an additional 31 shares during the last quarter. Aldebaran Financial Inc. increased its holdings in Tesla by 3.1% in the fourth quarter. Aldebaran Financial Inc. now owns 1,174 shares of the electric vehicle producer's stock valued at $490,000 after buying an additional 35 shares during the last quarter. Acorn Wealth Advisors LLC increased its holdings in Tesla by 1.9% in the first quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock valued at $493,000 after buying an additional 36 shares during the last quarter. Finally, Solutions 4 Wealth Ltd increased its holdings in Tesla by 2.0% in the first quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock valued at $470,000 after buying an additional 36 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Insider Buying and Selling at Tesla

In related news, CFO Vaibhav Taneja sold 6,000 shares of Tesla stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $341.02, for a total transaction of $2,046,120.00. Following the sale, the chief financial officer owned 1,950 shares of the company's stock, valued at $664,989. The trade was a 75.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kimbal Musk sold 91,588 shares of Tesla stock in a transaction on 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 sale, the director directly owned 1,463,220 shares in the company, valued at $522,940,195.80. This trade represents a 5.89% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 599,724 shares of company stock worth $213,126,501. Insiders own 20.70% of the company's stock.

Analyst Upgrades and Downgrades

TSLA has been the topic of several recent analyst reports. HSBC reissued a "reduce" rating and issued a $120.00 target price on shares of Tesla in a report on Thursday, July 3rd. Argus restated a "hold" rating on shares of Tesla in a research note on Monday, June 9th. Roth Mkm decreased their price objective on shares of Tesla from $450.00 to $395.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Wedbush restated an "outperform" rating and issued a $500.00 price objective on shares of Tesla in a research note on Monday, August 4th. Finally, The Goldman Sachs Group decreased their price objective on shares of Tesla from $315.00 to $285.00 and set a "neutral" rating for the company in a research note on Friday, July 11th. Ten analysts have rated the stock with a sell rating, fifteen have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $303.31.

Tesla Stock Performance

NASDAQ:TSLA opened at $330.56 on Friday. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $1.07 trillion, a price-to-earnings ratio of 191.08, a PEG ratio of 11.67 and a beta of 2.33. The firm's fifty day simple moving average is $320.41 and its 200 day simple moving average is $305.81. Tesla, Inc. has a twelve month low of $202.59 and a twelve month high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing the consensus estimate 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 net margin of 6.54% and a return on equity of 7.98%. 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 EPS. As a group, equities research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

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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