IMS Capital Management Purchases New Shares in Tesla, Inc. $TSLA

Key Points

• IMS Capital Management purchased 3,163 shares of Tesla, Inc. (NASDAQ: TSLA) valued at approximately $1,005,000 during the 2nd quarter.
• Despite an overall positive stock movement, Tesla reported earnings per share of $0.40, missing analysts' expectations of $0.43, and an 11.8% decrease in quarterly revenue year-over-year.
• Insider selling activity has been notable, with executives selling a total of 208,606 shares valued at around $77 million over the past three months.

IMS Capital Management bought a new position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 3,163 shares of the electric vehicle producer's stock, valued at approximately $1,005,000.

Other large investors have also modified their holdings of the company. Conrad Siegel Investment Advisors Inc. raised 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 valued at $310,000 after acquiring an additional 34 shares during the last quarter. Acorn Wealth Advisors LLC raised 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 valued at $493,000 after acquiring an additional 36 shares during the last quarter. Solutions 4 Wealth Ltd raised 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 valued at $470,000 after acquiring an additional 36 shares during the last quarter. ACT Wealth Management LLC raised its holdings in Tesla by 0.7% in the 2nd quarter. ACT Wealth Management LLC now owns 5,405 shares of the electric vehicle producer's stock valued at $1,717,000 after acquiring an additional 36 shares during the last quarter. Finally, Capital Management Associates Inc raised its holdings in Tesla by 3.4% in the 1st quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer's stock valued at $302,000 after acquiring an additional 38 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Stock Up 4.0%

Shares of NASDAQ:TSLA opened at $442.79 on Thursday. 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 firm has a market capitalization of $1.47 trillion, a PE ratio of 255.95, a price-to-earnings-growth ratio of 14.86 and a beta of 2.06. The firm's 50-day moving average is $347.75 and its two-hundred day moving average is $311.58. Tesla, Inc. has a 1 year low of $212.11 and a 1 year high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last released its 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 return on equity of 7.98% and a net margin of 6.54%.The firm had revenue of $22.50 billion for the quarter, compared to analysts' expectations of $23.18 billion. During the same quarter in the previous year, the company posted $0.52 earnings per share. The firm's quarterly revenue was down 11.8% on a year-over-year basis. Analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TSLA. Bank of America boosted their price target on shares of Tesla from $305.00 to $341.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Mizuho boosted their price target on shares of Tesla from $375.00 to $450.00 and gave the company an "outperform" rating in a research report on Tuesday. HSBC reissued a "reduce" rating and set a $120.00 price target on shares of Tesla in a research report on Thursday, July 3rd. The Goldman Sachs Group boosted their price target on shares of Tesla from $300.00 to $395.00 and gave the company a "neutral" rating in a research report on Thursday, September 18th. Finally, CICC Research boosted their price objective on shares of Tesla from $360.00 to $450.00 and gave the company an "outperform" rating in a report on Thursday, September 18th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, twelve have assigned a Hold rating and nine have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $326.74.

Insider Activity at Tesla

In related news, SVP Xiaotong Zhu sold 20,000 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the transaction, the senior vice president directly owned 47,600 shares of the company's stock, valued at $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of the company's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $292.89, for a total value of $1,171,560.00. Following the completion of the transaction, the chief financial officer directly owned 5,924 shares of the company's stock, valued at $1,735,080.36. This trade represents a 40.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 208,606 shares of company stock valued at $77,360,462 over the last three months. 19.90% of the stock is owned by corporate 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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