Index Fund Advisors Inc. Acquires 2,356 Shares of Tesla, Inc. $TSLA

Key Points

• Index Fund Advisors Inc. increased its holdings in Tesla by 215.4%, acquiring an additional 2,356 shares worth approximately $1,096,000.
• Wall Street analysts have raised their price targets for Tesla, with Piper Sandler increasing its target from $400 to $500 and Canaccord Genuity from $333 to $490.
• Recent insider transactions include SVP Xiaotong Zhu selling 20,000 shares valued at $7.28 million, and Director James R. Murdoch selling 120,000 shares for approximately $42 million.

Index Fund Advisors Inc. raised its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 215.4% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,450 shares of the electric vehicle producer's stock after buying an additional 2,356 shares during the period. Index Fund Advisors Inc.'s holdings in Tesla were worth $1,096,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cherry Tree Wealth Management LLC increased its holdings in shares of Tesla by 86.3% in 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 during the last quarter. First PREMIER Bank boosted its holdings in shares of Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 42 shares during the period. Newton One Investments LLC grew its stake in Tesla by 250.0% in the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after buying an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI bought a new position in Tesla in the 1st quarter valued at about $27,000. Finally, Chelsea Counsel Co. lifted its position in Tesla by 59.7% during the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock worth $28,000 after acquiring an additional 40 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on TSLA. Piper Sandler increased their target price on Tesla from $400.00 to $500.00 and gave the stock an "overweight" rating in a research note on Monday, September 22nd. The Goldman Sachs Group increased their price objective on Tesla from $395.00 to $425.00 and gave the stock a "neutral" rating in a research report on Friday, October 3rd. Baird R W raised shares of Tesla from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 19th. Canaccord Genuity Group upped their price target on shares of Tesla from $333.00 to $490.00 and gave the company a "buy" rating in a research note on Tuesday, September 30th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Tesla in a research note on Thursday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, thirteen have assigned a Hold rating and eight have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $363.03.

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 20,000 shares of the firm's stock in a transaction that occurred 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 directly owned 47,600 shares in the company, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James R. Murdoch sold 120,000 shares of Tesla stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the sale, the director directly owned 697,031 shares in the company, valued at $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 202,606 shares of company stock valued at $75,588,902. 19.90% of the stock is currently owned by insiders.

Tesla Trading Up 5.4%

Shares of TSLA stock opened at $435.90 on Tuesday. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54. The stock's fifty day moving average price is $378.50 and its two-hundred day moving average price is $329.48. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. The company has a market cap of $1.45 trillion, a PE ratio of 251.97, a P/E/G ratio of 14.92 and a beta of 2.08.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $23.18 billion. During the same quarter in the prior year, the company earned $0.52 earnings per share. Tesla's quarterly revenue was down 11.8% compared to the same quarter last year. Equities analysts predict 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.

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