Harrell Investment Partners LLC Boosts Position in Tesla, Inc. $TSLA

Key Points

• Harrell Investment Partners LLC significantly increased its Tesla holdings by 590.5% during the second quarter, acquiring 14,673 shares valued at approximately $4.66 million.
• Multiple hedge funds have also enhanced their positions in Tesla, with notable increases including Cherry Tree Wealth Management's 86.3% boost and Newton One Investments' 250.0% increase in the first quarter.
• Despite a recent 4.0% rise in Tesla's stock, analysts report a mixed outlook with an average rating of "Hold" and a consensus target price of $326.74.

Harrell Investment Partners LLC grew its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 590.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 14,673 shares of the electric vehicle producer's stock after buying an additional 12,548 shares during the period. Tesla accounts for 1.2% of Harrell Investment Partners LLC's portfolio, making the stock its 29th biggest position. Harrell Investment Partners LLC's holdings in Tesla were worth $4,661,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Cherry Tree Wealth Management LLC boosted its position in shares of Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after purchasing an additional 44 shares in the last quarter. First PREMIER Bank boosted its position in shares of Tesla by 79.2% during the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after purchasing an additional 42 shares in the last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of Tesla during the first quarter valued at approximately $27,000. Newton One Investments LLC boosted its position in shares of Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after purchasing an additional 75 shares in the last quarter. Finally, Chelsea Counsel Co. boosted its position in shares of Tesla by 59.7% during the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on TSLA shares. Argus restated a "hold" rating on shares of Tesla in a research report on Monday, June 9th. Mizuho boosted their target price on Tesla from $375.00 to $450.00 and gave the stock an "outperform" rating in a report on Tuesday. Wedbush reissued an "outperform" rating and issued a $500.00 target price on shares of Tesla in a report on Monday, September 15th. Benchmark reissued a "buy" rating and issued a $475.00 target price (up from $350.00) on shares of Tesla in a report on Thursday, June 26th. Finally, Morgan Stanley reissued an "overweight" rating and issued a $410.00 target price on shares of Tesla in a report on Friday, September 5th. Two 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 assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $326.74.

Tesla Stock Up 4.0%

TSLA stock opened at $442.79 on Thursday. Tesla, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54. The business has a fifty day moving average price of $347.75 and a 200-day moving average price of $311.58. 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 stock has a market capitalization of $1.47 trillion, a P/E ratio of 255.95, 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 results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share 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 business had revenue of $22.50 billion during the quarter, compared to analysts' expectations of $23.18 billion. During the same quarter in the prior year, the firm earned $0.52 EPS. The firm's revenue for the quarter was down 11.8% compared to the same quarter last year. Equities analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Activity at Tesla

In related 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 completion of the sale, the director owned 637,031 shares in the company, 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, SVP Xiaotong Zhu sold 20,000 shares of the company's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the sale, the senior vice president owned 47,600 shares of the company's stock, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 208,606 shares of company stock worth $77,360,462. 19.90% of the stock is owned by insiders.

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.

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