Encompass More Asset Management Grows Position in Tesla, Inc. (NASDAQ:TSLA)

Encompass More Asset Management increased its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 61.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,157 shares of the electric vehicle producer's stock after buying an additional 6,544 shares during the quarter. Tesla comprises 1.3% of Encompass More Asset Management's investment portfolio, making the stock its 20th biggest holding. Encompass More Asset Management's holdings in Tesla were worth $4,205,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Rinkey Investments boosted its stake in shares of 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 in the last quarter. 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 buying an additional 31 shares in the last quarter. Aldebaran Financial Inc. boosted its stake in shares of 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 in the last quarter. Acorn Wealth Advisors LLC boosted its stake in shares of 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 in the last quarter. Finally, Capital Management Associates Inc boosted its stake in shares of Tesla by 3.4% in the first quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer's stock valued at $302,000 after buying an additional 38 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Insiders Place Their Bets

In related news, SVP Xiaotong Zhu sold 15,000 shares of the firm's stock in a transaction that occurred on 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 sale, the senior vice president directly owned 67,600 shares in the company, valued at $21,889,556. This trade represents a 18.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total value of $600,000.00. Following the completion of the sale, the chief financial officer owned 5,924 shares in the company, valued at approximately $1,777,200. This represents a 25.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 606,724 shares of company stock valued at $215,376,831 in the last quarter. 20.70% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on TSLA shares. UBS Group set a $290.00 price objective on Tesla in a report on Monday, June 30th. Guggenheim reaffirmed a "sell" rating and set a $175.00 price objective on shares of Tesla in a report on Wednesday, July 23rd. Piper Sandler reaffirmed an "overweight" rating and set a $400.00 price objective on shares of Tesla in a report on Tuesday, June 10th. Daiwa Capital Markets reissued a "neutral" rating on shares of Tesla in a report on Sunday, July 27th. Finally, Wedbush reissued an "outperform" rating and issued a $500.00 price target on shares of Tesla in a report on Monday. Ten investment 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 stock has a consensus rating of "Hold" and a consensus price target of $303.31.

Tesla Stock Up 2.2%

Shares of Tesla stock opened at $309.26 on Tuesday. 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 business's 50 day simple moving average is $321.62 and its 200-day simple moving average is $309.49. The stock has a market capitalization of $997.50 billion, a price-to-earnings ratio of 178.76, a PEG ratio of 10.63 and a beta of 2.33. Tesla, Inc. has a twelve month low of $182.00 and a twelve 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 company 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 firm's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 earnings per share. Equities research analysts forecast that Tesla, Inc. will post 2.56 earnings per share 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.

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