Fortitude Family Office LLC Grows Stock Position in Tesla, Inc. $TSLA

Key Points

• Fortitude Family Office LLC increased its Tesla position by 146.3%, owning 1,079 shares worth approximately $343,000 after purchasing an additional 641 shares in Q2.
• Tesla's stock opened at $434.21 and has seen a 12-month price range between $212.11 and $488.54, with a current market capitalization of $1.44 trillion.
• The company reported a quarterly earnings miss, with earnings per share of $0.40, below analysts' estimates of $0.43, alongside a revenue of $22.50 billion compared to expected $23.18 billion.

Fortitude Family Office LLC raised its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 146.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,079 shares of the electric vehicle producer's stock after buying an additional 641 shares during the period. Fortitude Family Office LLC's holdings in Tesla were worth $343,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Conrad Siegel Investment Advisors Inc. boosted its holdings in Tesla by 3.6% in the 2nd quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer's stock worth $310,000 after buying an additional 34 shares during the last quarter. Acorn Wealth Advisors LLC boosted its holdings in Tesla by 1.9% in the 1st 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. Solutions 4 Wealth Ltd boosted its holdings in Tesla by 2.0% in the 1st 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. ACT Wealth Management LLC boosted its holdings in shares of Tesla by 0.7% during the 2nd quarter. ACT Wealth Management LLC now owns 5,405 shares of the electric vehicle producer's stock worth $1,717,000 after purchasing an additional 36 shares during the last quarter. Finally, Capital Management Associates Inc boosted its holdings in shares of Tesla by 3.4% during the 1st quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer's stock worth $302,000 after purchasing an additional 38 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Stock Up 1.9%

Tesla stock opened at $434.21 on Tuesday. Tesla, Inc. has a twelve month low of $212.11 and a twelve month high of $488.54. The stock's fifty day simple moving average is $343.03 and its 200-day simple moving average is $309.87. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $1.44 trillion, a P/E ratio of 250.99, a P/E/G ratio of 14.86 and a beta of 2.06.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The company had revenue of $22.50 billion for the quarter, compared to analysts' expectations of $23.18 billion. During the same period in the prior year, the company posted $0.52 EPS. The firm's revenue was down 11.8% compared to the same quarter last year. As a group, equities analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Dbs Bank boosted their target price on Tesla from $300.00 to $450.00 in a report on Wednesday, September 17th. Glj Research restated a "sell" rating on shares of Tesla in a report on Thursday, July 24th. The Goldman Sachs Group boosted their target price on Tesla from $300.00 to $395.00 and gave the stock a "neutral" rating in a report on Thursday, September 18th. William Blair restated a "market perform" rating on shares of Tesla in a report on Friday, September 5th. Finally, China Renaissance restated a "hold" rating and set a $349.00 target price on shares of Tesla in a report on Friday, July 25th. Two equities 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 stock. According to MarketBeat, Tesla presently has an average rating of "Hold" and a consensus target price of $324.53.

Insider Transactions at Tesla

In other news, Director James R. Murdoch sold 60,000 shares of the company's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the sale, the director owned 637,031 shares of the company's stock, valued at approximately $269,260,263.08. This represents a 8.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 2,606 shares of the company's stock in a transaction on Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the sale, the chief financial officer directly owned 9,856 shares in the company, valued at $3,473,057.28. This represents a 20.91% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 208,606 shares of company stock valued at $77,360,462. 19.90% of the stock is currently owned by company insiders.

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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