Destiny Wealth Partners LLC Buys 5,634 Shares of Tesla, Inc. $TSLA

Key Points

• Destiny Wealth Partners LLC increased its stake in Tesla by 47.6%, owning a total of 17,474 shares worth approximately $5.55 million after acquiring an additional 5,634 shares.
• Tesla reported earnings of $0.40 per share for the last quarter, missing estimates by $0.03, with revenue of $22.5 billion, which is down 11.8% year-over-year.
• Overall, institutional investors hold 66.2% of Tesla's stock, indicating significant interest from professional management firms.

Destiny Wealth Partners LLC raised its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 47.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,474 shares of the electric vehicle producer's stock after acquiring an additional 5,634 shares during the period. Destiny Wealth Partners LLC's holdings in Tesla were worth $5,551,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cherry Tree Wealth Management LLC boosted 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 during the last quarter. First PREMIER Bank lifted its position in Tesla by 79.2% in the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 42 shares in the last quarter. Newton One Investments LLC lifted its stake in Tesla by 250.0% in the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI bought a new position in Tesla during the first quarter worth $27,000. Finally, Chelsea Counsel Co. boosted its holdings in Tesla by 59.7% during the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock worth $28,000 after purchasing an additional 40 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Tesla Price Performance

Shares of NASDAQ:TSLA opened at $440.40 on Friday. The firm has a market cap of $1.46 trillion, a price-to-earnings ratio of 254.57, a P/E/G ratio of 14.77 and a beta of 2.06. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54. The firm has a fifty day moving average price of $352.05 and a 200 day moving average price of $314.42. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The business had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same period last year, the firm earned $0.52 EPS. The company's revenue for the quarter was down 11.8% compared to the same quarter last year. As a group, sell-side analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Activity

In other Tesla news, Director James R. Murdoch sold 60,000 shares of the business's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the completion of the transaction, the director owned 637,031 shares in the company, valued at approximately $269,260,263.08. The trade was a 8.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of the company's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the transaction, the senior vice president directly owned 47,600 shares in the company, valued at approximately $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 208,606 shares of company stock worth $77,360,462. 19.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. CICC Research raised their target price on shares of Tesla from $360.00 to $450.00 and gave the stock an "outperform" rating in a research note on Thursday, September 18th. Benchmark reiterated a "buy" rating and issued a $475.00 price objective (up previously from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Guggenheim restated a "sell" rating and set a $175.00 price target on shares of Tesla in a research note on Wednesday, July 23rd. Canaccord Genuity Group lifted their price objective on Tesla from $303.00 to $333.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Royal Bank Of Canada restated a "buy" rating on shares of Tesla in a research report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, twelve have given a Hold rating and nine have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $332.33.

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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