Global Assets Advisory LLC Has $3.87 Million Stake in Tesla, Inc. $TSLA

Key Points

• Global Assets Advisory LLC reduced its stake in Tesla, Inc. by 56.8% in Q2, now holding 12,859 shares valued at approximately $3.87 million.
• Tesla reported quarterly earnings of $0.40 per share, missing analyst estimates, with revenue dropping 11.8% year-over-year to $22.50 billion.
• Analysts have raised their price targets for Tesla, with Wedbush setting a new target of $600 and consensus at $344.40 amidst various rating upgrades.

Global Assets Advisory LLC reduced its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 56.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,859 shares of the electric vehicle producer's stock after selling 16,922 shares during the period. Tesla accounts for approximately 1.5% of Global Assets Advisory LLC's investment portfolio, making the stock its 14th biggest holding. Global Assets Advisory LLC's holdings in Tesla were worth $3,867,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TSLA. Means Investment CO. Inc. increased its holdings in Tesla by 37.7% in the first quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer's stock worth $5,984,000 after purchasing an additional 6,323 shares in the last quarter. Focus Financial Network Inc. grew its position in shares of Tesla by 3.1% during the 1st quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer's stock worth $5,823,000 after buying an additional 670 shares during the period. Siren L.L.C. bought a new stake in shares of Tesla in the 1st quarter valued at $2,332,000. Zuckerman Investment Group LLC boosted its stake in Tesla by 6.9% during the first quarter. Zuckerman Investment Group LLC now owns 12,748 shares of the electric vehicle producer's stock worth $3,304,000 after acquiring an additional 826 shares in the last quarter. Finally, Keystone Global Partners LLC bought a new position in Tesla during the first quarter worth $594,000. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Price Performance

TSLA opened at $453.25 on Tuesday. Tesla, Inc. has a 1 year low of $212.11 and a 1 year high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The company has a market capitalization of $1.51 trillion, a price-to-earnings ratio of 261.99, a P/E/G ratio of 14.93 and a beta of 2.08. The firm's fifty day moving average price is $366.57 and its two-hundred day moving average price is $324.02.

Tesla (NASDAQ:TSLA - Get Free Report) last released 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 firm had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. During the same period in the previous year, the business earned $0.52 earnings per share. The firm's revenue for the quarter was down 11.8% on a year-over-year basis. As a group, analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TSLA. Wedbush upped their price objective on shares of Tesla from $500.00 to $600.00 and gave the company an "outperform" rating in a report on Friday, September 26th. Canaccord Genuity Group upped their price target on Tesla from $333.00 to $490.00 and gave the stock a "buy" rating in a research note on Tuesday, September 30th. Mizuho raised their price objective on Tesla from $375.00 to $450.00 and gave the company an "outperform" rating in a research note on Tuesday, September 23rd. Morgan Stanley restated an "overweight" rating and set a $410.00 price objective on shares of Tesla in a report on Thursday, October 2nd. Finally, JPMorgan Chase & Co. increased their target price on Tesla from $115.00 to $150.00 in a report on Friday. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, thirteen have given a Hold rating and eight have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $344.40.

Insiders Place Their Bets

In related news, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction on Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the sale, the chief financial officer directly owned 9,856 shares in the company, valued at approximately $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James R. Murdoch sold 120,000 shares of the business's stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the completion of the transaction, the director directly owned 697,031 shares in the company, valued at approximately $244,162,988.99. This represents a 14.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 202,606 shares of company stock valued at $75,588,902 in the last 90 days. 19.90% of the stock is currently owned by corporate insiders.

Tesla 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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