Drive Wealth Management LLC Boosts Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Drive Wealth Management LLC increased its holdings in Tesla by 50.3%, now owning a total of 13,872 shares valued at approximately $3.6 million.
• Analysts have mixed views on Tesla's stock, with a consensus rating of "Hold" and an average price target of $301.26 amid a recent decline in earnings and revenue.
• Insider activity shows significant selling, as Tesla's CFO sold 2,000 shares and a Director sold 477,572 shares, indicating a decrease in insider ownership.

Drive Wealth Management LLC lifted its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 50.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,872 shares of the electric vehicle producer's stock after buying an additional 4,641 shares during the quarter. Tesla comprises 0.8% of Drive Wealth Management LLC's portfolio, making the stock its 23rd biggest holding. Drive Wealth Management LLC's holdings in Tesla were worth $3,595,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cherry Tree Wealth Management LLC grew its position in shares of Tesla by 86.3% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 44 shares in the last quarter. First PREMIER Bank boosted its holdings in Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after acquiring an additional 42 shares in the last quarter. Newton One Investments LLC lifted its holdings in shares of Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after purchasing an additional 75 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in shares of Tesla during the first quarter worth about $27,000. Finally, True Wealth Design LLC increased its position 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 buying an additional 31 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 15,000 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $323.81, for a total value of $4,857,150.00. Following the completion of the transaction, the senior vice president directly owned 67,600 shares in the company, valued at approximately $21,889,556. This trade represents a 18.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Vaibhav Taneja sold 6,000 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $341.02, for a total value of $2,046,120.00. Following the transaction, the chief financial officer owned 1,950 shares of the company's stock, valued at $664,989. This trade represents a 75.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 835,509 shares of company stock worth $279,420,485. 20.70% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on TSLA shares. Piper Sandler reiterated an "overweight" rating and set a $400.00 price target on shares of Tesla in a report on Tuesday, June 10th. The Goldman Sachs Group cut their price target on Tesla from $315.00 to $285.00 and set a "neutral" rating on the stock in a research report on Friday, July 11th. Cantor Fitzgerald cut their price target on Tesla from $425.00 to $355.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Guggenheim reissued a "sell" rating and issued a $175.00 target price on shares of Tesla in a report on Wednesday, July 23rd. Finally, Barclays cut their price objective 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. Ten research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Tesla currently has a consensus rating of "Hold" and an average target price of $302.75.

Tesla Stock Up 3.6%

Shares of TSLA traded up $11.37 during midday trading on Monday, reaching $327.43. 72,888,810 shares of the stock were exchanged, compared to its average volume of 108,219,383. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The firm has a 50 day simple moving average of $324.70 and a 200-day simple moving average of $313.53. The company has a market cap of $1.05 trillion, a price-to-earnings ratio of 189.16, a P/E/G ratio of 9.93 and a beta of 2.39. Tesla, Inc. has a 12-month low of $182.00 and a 12-month high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last announced 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 firm had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%. The company's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.52 earnings per share. Research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current 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.