EverSource Wealth Advisors LLC Acquires 3,959 Shares of Tesla, Inc. (NASDAQ:TSLA)

Key Points

• EverSource Wealth Advisors LLC increased its holdings in Tesla, Inc. by 5.4%, acquiring 3,959 shares, bringing its total to 77,530 shares valued at approximately $20 million.
• Goldman Sachs Group Inc. significantly raised its stake in Tesla by 322.1%, now holding over 26 million shares worth nearly $6.9 billion.
• Despite positive institutional investment trends, several analysts have lowered their price targets for Tesla stock, reflecting cautious sentiment, with an average price target now at $303.31.

EverSource Wealth Advisors LLC raised its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 5.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 77,530 shares of the electric vehicle producer's stock after acquiring an additional 3,959 shares during the quarter. Tesla makes up about 1.1% of EverSource Wealth Advisors LLC's investment portfolio, making the stock its 18th biggest position. EverSource Wealth Advisors LLC's holdings in Tesla were worth $20,093,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its position in Tesla by 322.1% in the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock worth $6,891,201,000 after acquiring an additional 20,291,139 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Tesla in the first quarter valued at approximately $3,247,619,000. GAMMA Investing LLC boosted its holdings in shares of Tesla by 27,378.6% in the first quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer's stock valued at $2,542,960,000 after purchasing an additional 9,776,607 shares during the period. Northern Trust Corp boosted its holdings in shares of Tesla by 21.6% in the fourth quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock valued at $11,541,592,000 after purchasing an additional 5,075,418 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Tesla by 1.5% in the first quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock valued at $63,983,418,000 after purchasing an additional 3,694,524 shares during the period. 66.20% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on TSLA shares. Cantor Fitzgerald lowered their price target on Tesla from $425.00 to $355.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Mizuho lowered their target price on Tesla from $390.00 to $375.00 and set an "outperform" rating for the company in a report on Tuesday, July 8th. Raymond James Financial lowered Tesla to an "outperform" rating in a report on Tuesday, April 22nd. Truist Financial set a $280.00 target price on Tesla in a report on Tuesday, April 22nd. Finally, Argus reaffirmed a "hold" rating on shares of Tesla in a research report on Monday, June 9th. Ten research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Tesla has an average rating of "Hold" and an average target price of $303.31.

Tesla Trading Down 1.1%

Shares of Tesla stock opened at $335.58 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's 50-day moving average price is $319.71 and its 200 day moving average price is $306.28. Tesla, Inc. has a twelve month low of $202.59 and a twelve month high of $488.54. The firm has a market capitalization of $1.08 trillion, a PE ratio of 193.98, a P/E/G ratio of 11.80 and a beta of 2.33.

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 (EPS) 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 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 quarterly revenue was down 11.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.52 EPS. On average, sell-side analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 2,000 shares of Tesla 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 trade represents a 25.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Xiaotong Zhu sold 15,000 shares of Tesla stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the completion of the sale, the senior vice president owned 67,600 shares of the company's stock, valued at $21,889,556. This trade represents a 18.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 599,724 shares of company stock worth $213,126,501 over the last quarter. Company insiders own 20.70% of the company's stock.

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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