Jessup Wealth Management Inc Buys Shares of 23,409 Tesla, Inc. (NASDAQ:TSLA)

Jessup Wealth Management Inc bought a new stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 23,409 shares of the electric vehicle producer's stock, valued at approximately $6,067,000. Tesla comprises approximately 2.5% of Jessup Wealth Management Inc's investment portfolio, making the stock its 15th largest position.

Several other institutional investors and hedge funds also recently made changes to their positions in TSLA. Eagle Capital Management LLC bought a new position in Tesla in the 4th quarter worth about $331,000. Brighton Jones LLC raised its stake in Tesla by 11.8% in the fourth quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock valued at $35,509,000 after purchasing an additional 9,293 shares in the last quarter. Revolve Wealth Partners LLC raised its stake in Tesla by 21.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock valued at $2,147,000 after purchasing an additional 931 shares in the last quarter. Mascagni Wealth Management Inc. bought a new stake in shares of Tesla during the 4th quarter worth $346,000. Finally, Highview Capital Management LLC DE bought a new stake in shares of Tesla during the 4th quarter worth $2,367,000. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Stock Up 4.7%

Shares of TSLA stock traded up $13.99 during mid-day trading on Thursday, reaching $309.87. 103,742,838 shares of the company's stock traded hands, compared to its average volume of 100,501,704. Tesla, Inc. has a 12 month low of $182.00 and a 12 month high of $488.54. The company has a market cap of $998.08 billion, a P/E ratio of 170.26, a P/E/G ratio of 8.86 and a beta of 2.39. The company has a quick ratio of 1.54, a current ratio of 2.00 and a debt-to-equity ratio of 0.07. The company's 50-day moving average price is $321.49 and its 200-day moving average price is $323.10.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing analysts' consensus estimates of $0.53 by ($0.26). Tesla had a net margin of 6.66% and a return on equity of 9.02%. The business had revenue of $19.34 billion for the quarter, compared to the consensus estimate of $22.93 billion. During the same quarter last year, the firm posted $0.45 EPS. On average, equities analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on TSLA. Stifel Nicolaus set a $450.00 price objective on shares of Tesla and gave the stock a "buy" rating in a report on Thursday, April 24th. Oppenheimer reaffirmed a "mixed" rating on shares of Tesla in a report on Tuesday, March 18th. Morgan Stanley reaffirmed an "overweight" rating and set a $410.00 price objective on shares of Tesla in a report on Friday, June 6th. Cantor Fitzgerald lowered their price objective on shares of Tesla from $425.00 to $355.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Finally, Argus restated a "hold" rating on shares of Tesla in a report on Monday, June 9th. Ten analysts have rated the stock with a sell rating, fourteen have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Tesla currently has an average rating of "Hold" and a consensus price target of $301.13.

Insider Buying and Selling

In related news, Director Kimbal Musk sold 91,588 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total value of $32,732,635.32. Following the transaction, the director owned 1,463,220 shares in the company, valued at $522,940,195.80. The trade was a 5.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Xiaotong Zhu sold 15,000 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the completion of the transaction, the senior vice president owned 67,600 shares in the company, valued at approximately $21,889,556. The trade was a 18.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 835,509 shares of company stock worth $279,420,485 over the last quarter. 20.70% 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.