Independence Financial Advisors LLC Acquires Shares of 941 Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Independence Financial Advisors LLC invested $244,000 in Tesla, acquiring 941 shares of the electric vehicle manufacturer during the first quarter.
• Multiple institutional investors, including Geode Capital Management and FMR LLC, increased their stakes in Tesla significantly during the fourth quarter.
• Tesla reported $0.40 earnings per share, missing analyst expectations, along with a revenue decline of 11.8% year-over-year for the most recent quarter.

Independence Financial Advisors LLC acquired a new stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 941 shares of the electric vehicle producer's stock, valued at approximately $244,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Harvest Fund Management Co. Ltd boosted its holdings in shares of Tesla by 85.1% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 333,271 shares of the electric vehicle producer's stock valued at $86,371,000 after buying an additional 153,226 shares during the last quarter. Banque Cantonale Vaudoise acquired a new stake in Tesla in the 1st quarter worth about $12,361,000. RD Finance Ltd acquired a new position in shares of Tesla during the 1st quarter worth approximately $625,000. FSA Advisors Inc. increased its holdings in shares of Tesla by 22.2% during the first quarter. FSA Advisors Inc. now owns 898 shares of the electric vehicle producer's stock worth $233,000 after purchasing an additional 163 shares during the period. Finally, Federated Hermes Inc. boosted its stake in shares of Tesla by 1.0% in the first quarter. Federated Hermes Inc. now owns 320,710 shares of the electric vehicle producer's stock valued at $83,115,000 after buying an additional 3,060 shares during the period. Institutional investors own 66.20% of the company's stock.

Tesla Stock Down 0.7%

Shares of TSLA stock traded down $2.16 during mid-day trading on Wednesday, reaching $319.04. 83,592,884 shares of the company were exchanged, compared to its average volume of 92,156,024. The company has a market capitalization of $1.03 trillion, a P/E ratio of 184.42, a P/E/G ratio of 11.28 and a beta of 2.39. The business's 50 day simple moving average is $323.61 and its 200 day simple moving average is $313.14. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. Tesla, Inc. has a fifty-two week low of $182.00 and a fifty-two week high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS 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 for the quarter, compared to analyst estimates of $23.18 billion. During the same quarter last year, the company posted $0.52 EPS. Tesla's revenue was down 11.8% on a year-over-year basis. Research analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Activity at Tesla

In related news, SVP Xiaotong Zhu sold 15,000 shares of the company's stock in a transaction dated 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 owned 67,600 shares of the company's stock, valued at $21,889,556. The trade was a 18.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kimbal Musk sold 91,588 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value of $32,732,635.32. Following the completion of the transaction, the director directly owned 1,463,220 shares in the company, valued at $522,940,195.80. The trade was a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 723,119 shares of company stock worth $247,324,149 over the last quarter. 20.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on TSLA. William Blair cut Tesla from an "outperform" rating to a "market perform" rating in a research note on Monday, July 7th. Morgan Stanley reissued an "overweight" rating and issued a $410.00 price objective on shares of Tesla in a research report on Friday, June 6th. Benchmark reissued a "buy" rating and issued a $475.00 price target (up from $350.00) on shares of Tesla in a report on Thursday, June 26th. JPMorgan Chase & Co. lowered their price target on shares of Tesla from $120.00 to $115.00 and set an "underweight" rating on the stock in a report on Wednesday, April 23rd. Finally, Daiwa Capital Markets restated a "neutral" rating on shares of Tesla in a research note on Sunday. Ten equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Tesla presently has a consensus rating of "Hold" and an average price target of $303.31.

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.