Financial Gravity Asset Management Inc. Invests $5.71 Million in Tesla, Inc. (NASDAQ:TSLA)

Financial Gravity Asset Management Inc. bought a new position in Tesla, Inc. (NASDAQ:TSLA - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 22,046 shares of the electric vehicle producer's stock, valued at approximately $5,713,000. Tesla makes up approximately 1.2% of Financial Gravity Asset Management Inc.'s investment portfolio, making the stock its 22nd biggest position.

Other institutional investors have also recently added to or reduced their stakes in the company. Cherry Tree Wealth Management LLC lifted its holdings in shares of Tesla by 86.3% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after purchasing an additional 44 shares in the last quarter. First PREMIER Bank lifted its stake in shares of Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after buying an additional 42 shares in the last quarter. Newton One Investments LLC grew its holdings in shares of Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after buying an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of Tesla during the first quarter worth about $27,000. Finally, True Wealth Design LLC raised its holdings in shares of Tesla by 79.5% in the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock worth $28,000 after acquiring an additional 31 shares during the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Argus reissued a "hold" rating on shares of Tesla in a report on Monday, June 9th. UBS Group set a $290.00 price target on Tesla in a report on Monday, June 30th. Morgan Stanley restated an "overweight" rating and set a $410.00 price objective on shares of Tesla in a research note on Friday, June 6th. Mizuho reduced their target price on shares of Tesla from $390.00 to $375.00 and set an "outperform" rating for the company in a research note on Tuesday, July 8th. Finally, Canaccord Genuity Group restated a "buy" rating and set a $303.00 price target on shares of Tesla in a report on Monday, June 30th. Ten analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $300.19.

Tesla Stock Performance

Shares of NASDAQ TSLA traded up $3.64 during mid-day trading on Friday, hitting $313.51. The company had a trading volume of 78,861,329 shares, compared to its average volume of 99,596,575. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 1 year low of $182.00 and a 1 year high of $488.54. The company has a market capitalization of $1.01 trillion, a price-to-earnings ratio of 172.26, a P/E/G ratio of 9.33 and a beta of 2.39. The stock's 50-day moving average price is $322.60 and its 200-day moving average price is $319.32.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing analysts' consensus estimates of $0.53 by ($0.26). Tesla had a net margin of 6.66% and a return on equity of 9.02%. The company had revenue of $19.34 billion for the quarter, compared to analysts' expectations of $22.93 billion. During the same period in the previous year, the firm earned $0.45 EPS. On average, sell-side analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Activity at Tesla

In other news, SVP Xiaotong Zhu sold 15,000 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total value of $4,857,150.00. Following the transaction, the senior vice president owned 67,600 shares of the company's stock, valued at approximately $21,889,556. This represents a 18.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kimbal Musk sold 91,588 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value of $32,732,635.32. Following the completion of the sale, the director owned 1,463,220 shares in the company, valued at $522,940,195.80. This trade represents a 5.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 835,509 shares of company stock valued at $279,420,485 in the last quarter. 20.70% of the stock is currently owned by company insiders.

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.