Formidable Asset Management LLC Purchases 1,410 Shares of Tesla, Inc. (NASDAQ:TSLA)

Formidable Asset Management LLC lifted its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 9.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 16,612 shares of the electric vehicle producer's stock after acquiring an additional 1,410 shares during the quarter. Tesla comprises approximately 0.7% of Formidable Asset Management LLC's holdings, making the stock its 26th largest position. Formidable Asset Management LLC's holdings in Tesla were worth $4,305,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Tesla in the fourth quarter worth $56,600,000. Means Investment CO. Inc. boosted its holdings in Tesla by 37.7% in the 1st quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer's stock valued at $5,984,000 after purchasing an additional 6,323 shares during the period. Focus Financial Network Inc. grew its position in Tesla by 3.1% in the 1st quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer's stock worth $5,823,000 after purchasing an additional 670 shares during the last quarter. IFM Investors Pty Ltd increased its holdings in shares of Tesla by 8.5% during the 1st quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer's stock worth $153,436,000 after purchasing an additional 46,087 shares during the period. Finally, Harvard Management Co. Inc. acquired a new position in shares of Tesla during the fourth quarter valued at about $8,158,000. Institutional investors and hedge funds own 66.20% of the company's stock.

Tesla Trading Up 3.2%

TSLA stock traded up $10.24 during midday trading on Friday, hitting $329.65. 93,904,102 shares of the company's stock were exchanged, compared to its average volume of 98,929,970. Tesla, Inc. has a one year low of $182.00 and a one year high of $488.54. The stock's fifty day moving average price is $326.27 and its 200-day moving average price is $316.70. The company has a market cap of $1.06 trillion, a PE ratio of 181.13, a price-to-earnings-growth ratio of 12.56 and a beta of 2.39. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.54 and a current ratio of 2.00.

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

Insider Activity

In related news, Director Ira Matthew Ehrenpreis sold 477,572 shares of Tesla stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the sale, the director owned 855,394 shares of the company's stock, valued at approximately $305,632,276.20. The trade was a 35.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 6,000 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $341.02, for a total value of $2,046,120.00. Following the completion of the transaction, the chief financial officer directly owned 1,950 shares in the company, valued at $664,989. The trade was a 75.47% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 835,509 shares of company stock worth $279,420,485. Corporate insiders own 20.70% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TSLA. Baird R W lowered shares of Tesla from a "strong-buy" rating to a "hold" rating in a report on Monday, June 9th. Raymond James Financial downgraded Tesla to an "outperform" rating in a report on Tuesday, April 22nd. Argus reiterated a "hold" rating on shares of Tesla in a research note on Monday, June 9th. Truist Financial set a $280.00 target price on shares of Tesla in a research note on Tuesday, April 22nd. Finally, The Goldman Sachs Group lowered their target price on shares of Tesla from $315.00 to $285.00 and set a "neutral" rating on the stock in a report on Friday, July 11th. Ten investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $300.19.

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.