Finer Wealth Management Inc. Acquires 1,202 Shares of Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Finer Wealth Management Inc. increased its stake in Tesla, Inc. by 32.6%, holding 4,890 shares valued at approximately $1.27 million as of its recent SEC filing.
• Insiders of Tesla have sold a total of 602,724 shares in the last quarter, with Director Kimbal Musk selling 91,588 shares and Director Ira Matthew Ehrenpreis selling 477,572 shares.
• The consensus rating for Tesla’s stock is currently set at "Hold" with an average price target of $303.31, following various analysts adjusting their price objectives.

Finer Wealth Management Inc. boosted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 32.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,890 shares of the electric vehicle producer's stock after acquiring an additional 1,202 shares during the quarter. Finer Wealth Management Inc.'s holdings in Tesla were worth $1,267,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Rinkey Investments raised its holdings in Tesla by 3.5% during the fourth quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer's stock worth $347,000 after buying an additional 29 shares during the last quarter. True Wealth Design LLC raised its holdings in Tesla by 79.5% during the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock worth $28,000 after buying an additional 31 shares during the last quarter. Aldebaran Financial Inc. raised its holdings in Tesla by 3.1% during the fourth quarter. Aldebaran Financial Inc. now owns 1,174 shares of the electric vehicle producer's stock worth $490,000 after buying an additional 35 shares during the last quarter. Acorn Wealth Advisors LLC raised its holdings in Tesla by 1.9% during the first quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock worth $493,000 after buying an additional 36 shares during the last quarter. Finally, Solutions 4 Wealth Ltd raised its holdings in Tesla by 2.0% during the first quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock worth $470,000 after buying an additional 36 shares during the last quarter. 66.20% of the stock is owned by institutional investors.

Insider Activity at Tesla

In other Tesla news, Director Kimbal Musk sold 91,588 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the transaction, the director directly owned 1,463,220 shares of the company's stock, valued at approximately $522,940,195.80. The trade was a 5.89% 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, CFO Vaibhav Taneja sold 6,000 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $341.02, for a total transaction of $2,046,120.00. Following the transaction, the chief financial officer directly owned 1,950 shares in the company, valued at approximately $664,989. The trade was a 75.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 602,724 shares of company stock valued at $214,176,831 in the last 90 days. 20.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Daiwa Capital Markets reiterated a "neutral" rating on shares of Tesla in a research note on Sunday, July 27th. JPMorgan Chase & Co. dropped their price objective on shares of Tesla from $120.00 to $115.00 and set an "underweight" rating on the stock in a report on Wednesday, April 23rd. Argus reaffirmed a "hold" rating on shares of Tesla in a report on Monday, June 9th. HSBC reissued a "reduce" rating and issued a $120.00 price target on shares of Tesla in a report on Thursday, July 3rd. Finally, Barclays lowered their price target on shares of Tesla from $325.00 to $275.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. Ten research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $303.31.

Tesla Trading Down 1.1%

Shares of Tesla stock traded down $3.80 on Thursday, hitting $335.58. The stock had a trading volume of 74,640,981 shares, compared to its average volume of 106,159,734. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a one year low of $202.59 and a one year high of $488.54. The stock has a market cap of $1.08 trillion, a price-to-earnings ratio of 193.98, a PEG ratio of 11.85 and a beta of 2.33. The stock's 50-day simple moving average is $318.69 and its two-hundred day simple moving average is $306.71.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) 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 firm had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. During the same quarter in the prior year, the business posted $0.52 EPS. The firm's revenue for the quarter was down 11.8% on a year-over-year basis. As a group, sell-side 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.