Geneos Wealth Management Inc. Boosts Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Geneos Wealth Management Inc. has increased its holdings in Tesla, Inc. by 94.2%, purchasing an additional 18,663 shares and bringing its total to 38,466 shares worth approximately $9.97 million.
• During the same quarter, major institutional investors like FMR LLC and Geode Capital Management significantly increased their positions in Tesla, with the stock being owned 66.20% by institutional investors overall.
• Tesla reported a decrease in revenue of 11.8% year-over-year, with quarterly earnings missing analysts' estimates, leading to a current forecast of $2.56 earnings per share for the fiscal year.

Geneos Wealth Management Inc. grew its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 94.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 38,466 shares of the electric vehicle producer's stock after purchasing an additional 18,663 shares during the quarter. Geneos Wealth Management Inc.'s holdings in Tesla were worth $9,969,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of TSLA. FMR LLC lifted its holdings in Tesla by 40.1% in the 4th quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer's stock worth $13,997,660,000 after buying an additional 9,920,325 shares during the period. GAMMA Investing LLC lifted its holdings in Tesla by 27,378.6% in the 1st quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer's stock worth $2,542,960,000 after buying an additional 9,776,607 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Tesla by 4,963.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,834,707 shares of the electric vehicle producer's stock worth $2,356,288,000 after buying an additional 5,719,466 shares during the period. Northern Trust Corp lifted its holdings in Tesla by 21.6% in the 4th quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock worth $11,541,592,000 after buying an additional 5,075,418 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in Tesla by 54.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 8,464,765 shares of the electric vehicle producer's stock worth $2,193,728,000 after buying an additional 2,978,026 shares during the period. 66.20% of the stock is currently owned by institutional investors.

Insider Activity at Tesla

In other news, SVP Xiaotong Zhu sold 15,000 shares of the stock in a transaction that occurred 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 sale, the senior vice president directly owned 67,600 shares in the company, valued at $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 Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 6,000 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer owned 1,950 shares in the company, valued at $664,989. This represents a 75.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 719,119 shares of company stock valued at $246,186,549 in the last ninety days. Company insiders own 20.70% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on TSLA shares. Truist Financial set a $280.00 target price on Tesla in a research note on Tuesday, April 22nd. Royal Bank Of Canada reaffirmed an "overweight" rating on shares of Tesla in a research report on Tuesday. UBS Group set a $290.00 price objective on Tesla in a research report on Monday, June 30th. Robert W. Baird reaffirmed a "neutral" rating and set a $320.00 price objective on shares of Tesla in a research report on Monday, June 9th. Finally, Glj Research reaffirmed a "sell" rating on shares of Tesla in a research report on Thursday, July 24th. Ten analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $303.31.

Tesla Stock Performance

TSLA traded down $6.38 on Friday, reaching $301.89. The company had a trading volume of 72,927,423 shares, compared to its average volume of 107,794,789. Tesla, Inc. has a 1 year low of $182.00 and a 1 year high of $488.54. The stock has a market capitalization of $973.73 billion, a PE ratio of 174.42, a P/E/G ratio of 11.21 and a beta of 2.39. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The stock has a 50-day moving average price of $322.96 and a 200-day moving average price of $312.48.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings results 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 net margin of 6.54% and a return on equity of 7.98%. The company had revenue of $22.50 billion during the quarter, compared to analysts' expectations of $23.18 billion. During the same period last year, the firm earned $0.52 earnings per share. Tesla's revenue was down 11.8% on a year-over-year basis. As a group, research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal 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.