Fifth Third Wealth Advisors LLC Buys 1,087 Shares of Tesla, Inc. $TSLA

Key Points

• Fifth Third Wealth Advisors LLC increased its stake in Tesla, Inc. by 2.3% during the 2nd quarter, now owning 48,972 shares valued at approximately $15.56 million.
• Institutional investors hold 66.20% of Tesla's stock, indicating strong institutional support for the company.
• Recent analyst ratings for Tesla include upgrades from institutions like HSBC and JPMorgan Chase, with target prices ranging from $127 to $548.

Fifth Third Wealth Advisors LLC raised its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 2.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 48,972 shares of the electric vehicle producer's stock after purchasing an additional 1,087 shares during the quarter. Tesla accounts for 0.7% of Fifth Third Wealth Advisors LLC's portfolio, making the stock its 25th biggest position. Fifth Third Wealth Advisors LLC's holdings in Tesla were worth $15,556,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TSLA. First Merchants Corp increased its position in Tesla by 1.3% in the second quarter. First Merchants Corp now owns 2,413 shares of the electric vehicle producer's stock worth $767,000 after buying an additional 31 shares in the last quarter. KWB Wealth increased its position in Tesla by 2.4% in the second quarter. KWB Wealth now owns 1,381 shares of the electric vehicle producer's stock worth $439,000 after buying an additional 33 shares in the last quarter. Conrad Siegel Investment Advisors Inc. grew its position in shares of Tesla by 3.6% during the second quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer's stock worth $310,000 after purchasing an additional 34 shares in the last quarter. Guyasuta Investment Advisors Inc. raised its stake in Tesla by 0.7% during the 2nd quarter. Guyasuta Investment Advisors Inc. now owns 5,107 shares of the electric vehicle producer's stock valued at $1,622,000 after purchasing an additional 34 shares during the period. Finally, Kelly Financial Services LLC raised its stake in Tesla by 2.7% during the 2nd quarter. Kelly Financial Services LLC now owns 1,331 shares of the electric vehicle producer's stock valued at $423,000 after purchasing an additional 35 shares during the period. Institutional investors own 66.20% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. HSBC lifted their target price on Tesla from $120.00 to $127.00 in a research note on Monday, September 29th. Weiss Ratings reissued a "hold (c)" rating on shares of Tesla in a research note on Wednesday, October 8th. JPMorgan Chase & Co. lifted their target price on Tesla from $115.00 to $150.00 in a research note on Friday, October 3rd. Robert W. Baird raised Tesla from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $320.00 to $548.00 in a research note on Friday, September 19th. Finally, China Renaissance reissued a "hold" rating and set a $349.00 target price on shares of Tesla in a research note on Friday, July 25th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, thirteen have assigned a Hold rating and eight have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $354.67.

Insider Activity

In other news, CFO Vaibhav Taneja sold 2,606 shares of the firm's stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the sale, the chief financial officer directly owned 9,856 shares of the company's stock, valued at $3,473,057.28. This trade represents a 20.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James R. Murdoch sold 60,000 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $422.68, for a total value of $25,360,800.00. Following the completion of the sale, the director directly owned 637,031 shares of the company's stock, valued at $269,260,263.08. The trade was a 8.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 202,606 shares of company stock valued at $75,588,902 in the last ninety days. Insiders own 19.90% of the company's stock.

Tesla Stock Performance

NASDAQ TSLA opened at $413.49 on Monday. The stock has a market capitalization of $1.37 trillion, a PE ratio of 239.01, a P/E/G ratio of 14.92 and a beta of 2.08. The business has a 50 day simple moving average of $375.97 and a two-hundred day simple moving average of $328.28. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. Tesla, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last released its quarterly 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 firm had revenue of $22.50 billion for the quarter, compared to analysts' expectations of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business's quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.52 EPS. On average, research analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

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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