Financial Designs Corp Makes New Investment in Tesla, Inc. $TSLA

Key Points

• Financial Designs Corp has acquired a new position in Tesla, purchasing 2,361 shares valued at approximately $750,000, making Tesla 0.5% of its total holdings.
• Several hedge funds have increased their stakes in Tesla, with Brighton Jones LLC raising its position by 11.8%, and Bison Wealth LLC increasing theirs by 52.2% in the last quarter.
• Wall Street analysts have mixed ratings for Tesla, with two analysts rating it as a Strong Buy and a consensus price target of $332.33, despite some recent revenue decline.

Financial Designs Corp bought a new position in Tesla, Inc. (NASDAQ:TSLA - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,361 shares of the electric vehicle producer's stock, valued at approximately $750,000. Tesla accounts for 0.5% of Financial Designs Corp's holdings, making the stock its 19th largest holding.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC lifted its position in shares of Tesla by 11.8% during the fourth quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock worth $35,509,000 after purchasing an additional 9,293 shares in the last quarter. Revolve Wealth Partners LLC increased its stake in Tesla by 21.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock worth $2,147,000 after buying an additional 931 shares during the period. Bison Wealth LLC lifted its holdings in Tesla by 52.2% in the 4th quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer's stock worth $4,187,000 after buying an additional 3,558 shares in the last quarter. Beese Fulmer Investment Management Inc. boosted its position in Tesla by 8.9% in the 1st quarter. Beese Fulmer Investment Management Inc. now owns 1,894 shares of the electric vehicle producer's stock valued at $491,000 after buying an additional 154 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC grew its stake in shares of Tesla by 10.3% during the first quarter. Fifth Third Wealth Advisors LLC now owns 47,885 shares of the electric vehicle producer's stock valued at $12,410,000 after acquiring an additional 4,485 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TSLA has been the topic of several recent analyst reports. Needham & Company LLC reiterated a "hold" rating on shares of Tesla in a research note on Thursday, July 24th. Argus reaffirmed a "hold" rating on shares of Tesla in a research report on Monday, June 9th. Baird R W raised shares of Tesla from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 19th. CICC Research upped their price target on shares of Tesla from $360.00 to $450.00 and gave the company an "outperform" rating in a report on Thursday, September 18th. Finally, Piper Sandler increased their price objective on shares of Tesla from $400.00 to $500.00 and gave the company an "overweight" rating in a research note on Monday, September 22nd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, twelve have given a Hold rating and nine have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $332.33.

Insider Activity

In other news, CFO Vaibhav Taneja sold 4,000 shares of the stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $292.89, for a total transaction of $1,171,560.00. Following the sale, the chief financial officer directly owned 5,924 shares in the company, valued at approximately $1,735,080.36. This represents a 40.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James R. Murdoch sold 120,000 shares of the business's stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the transaction, the director owned 697,031 shares of the company's stock, valued at $244,162,988.99. This represents a 14.69% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 208,606 shares of company stock valued at $77,360,462. 19.90% of the stock is currently owned by insiders.

Tesla Stock Up 4.0%

TSLA stock opened at $440.40 on Monday. The firm has a market cap of $1.46 trillion, a price-to-earnings ratio of 254.57, a PEG ratio of 15.36 and a beta of 2.06. Tesla, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54. The firm has a fifty day moving average price of $352.05 and a two-hundred day moving average price of $315.40. 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 (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.03). The business had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company's quarterly revenue was down 11.8% on a year-over-year basis. During the same period last year, the firm posted $0.52 earnings per share. Research analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Tesla Company 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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