Financial Advisors Network Inc. Raises Stock Holdings in Tesla, Inc. $TSLA

Key Points

• Financial Advisors Network Inc. increased its holdings in Tesla by 28.6% during the first quarter, owning 4,403 shares valued at approximately $1.14 million after buying an additional 979 shares.
• Insider transactions included a sale by Director Ira Matthew Ehrenpreis of 477,572 shares, decreasing his position by 35.83%, and a sale by SVP Xiaotong Zhu, reducing his holdings by 18.16%.
• Despite recent stock performance, Tesla received mixed analyst ratings, with the consensus rating at "Hold" and an average target price of $303.31.

Financial Advisors Network Inc. increased its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 28.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,403 shares of the electric vehicle producer's stock after buying an additional 979 shares during the quarter. Financial Advisors Network Inc.'s holdings in Tesla were worth $1,141,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Rinkey Investments increased its position in Tesla by 3.5% during the 4th quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer's stock valued at $347,000 after purchasing an additional 29 shares during the period. True Wealth Design LLC increased its position in Tesla by 79.5% during the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 31 shares during the period. Aldebaran Financial Inc. increased its position in Tesla by 3.1% during the 4th quarter. Aldebaran Financial Inc. now owns 1,174 shares of the electric vehicle producer's stock valued at $490,000 after purchasing an additional 35 shares during the period. Acorn Wealth Advisors LLC increased its position in Tesla by 1.9% during the 1st quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock valued at $493,000 after purchasing an additional 36 shares during the period. Finally, Solutions 4 Wealth Ltd increased its position in Tesla by 2.0% during the 1st quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock valued at $470,000 after purchasing an additional 36 shares during the period. 66.20% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Tesla

In other news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total value of $170,636,475.60. Following the transaction, the director owned 855,394 shares in the company, valued at $305,632,276.20. This represents a 35.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Xiaotong Zhu sold 15,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the completion of the transaction, the senior vice president owned 67,600 shares in the company, 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 599,724 shares of company stock worth $213,126,501 over the last quarter. Company insiders own 20.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Baird R W lowered shares of Tesla from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 9th. Piper Sandler restated an "overweight" rating and issued a $400.00 price objective on shares of Tesla in a report on Tuesday, June 10th. Glj Research restated a "sell" rating on shares of Tesla in a report on Thursday, July 24th. Robert W. Baird restated a "neutral" rating and issued a $320.00 price objective on shares of Tesla in a report on Monday, June 9th. Finally, Canaccord Genuity Group upped their price objective on shares of Tesla from $303.00 to $333.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Ten equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Tesla currently has an average rating of "Hold" and an average target price of $303.31.

Tesla Trading Down 1.5%

NASDAQ:TSLA opened at $330.56 on Monday. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 12 month low of $202.59 and a 12 month high of $488.54. The company has a market cap of $1.07 trillion, a PE ratio of 191.08, a price-to-earnings-growth ratio of 11.49 and a beta of 2.33. The company has a 50 day simple moving average of $320.41 and a two-hundred day simple moving average of $304.57.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings data 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). Tesla had a return on equity of 7.98% and a net margin of 6.54%. The business had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. During the same quarter last year, the company earned $0.52 EPS. Tesla's revenue for the quarter was down 11.8% on a year-over-year basis. 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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