Kanen Wealth Management LLC Takes $243,000 Position in Tesla, Inc. $TSLA

Key Points

• Kanen Wealth Management LLC has acquired a new position in Tesla, Inc. with a $243,000 investment, purchasing 766 shares, which represents about 0.1% of its investment portfolio.
• Several major hedge funds, including Vanguard Group and Goldman Sachs, significantly increased their stakes in Tesla during the 1st quarter, indicating continued institutional interest in the company.
• Analysts have mixed ratings for Tesla, with a consensus rating of "Hold" and an average price target of $324.53 amidst volatility in the stock's performance.

Kanen Wealth Management LLC purchased a new stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 766 shares of the electric vehicle producer's stock, valued at approximately $243,000. Tesla accounts for about 0.1% of Kanen Wealth Management LLC's investment portfolio, making the stock its 27th biggest position.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Tesla by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock worth $63,983,418,000 after acquiring an additional 3,694,524 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Tesla by 322.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock worth $6,891,201,000 after acquiring an additional 20,291,139 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Tesla by 4.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 18,174,941 shares of the electric vehicle producer's stock worth $4,710,218,000 after acquiring an additional 849,091 shares in the last quarter. Amundi boosted its stake in shares of Tesla by 29.4% during the 1st quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer's stock worth $4,482,789,000 after acquiring an additional 3,814,610 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Tesla by 17.6% during the 1st quarter. Invesco Ltd. now owns 14,786,414 shares of the electric vehicle producer's stock worth $3,832,047,000 after acquiring an additional 2,211,300 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on TSLA shares. Mizuho reduced their price objective on Tesla from $390.00 to $375.00 and set an "outperform" rating for the company in a research note on Tuesday, July 8th. Dbs Bank increased their target price on Tesla from $300.00 to $450.00 in a report on Wednesday, September 17th. The Goldman Sachs Group increased their target price on Tesla from $300.00 to $395.00 and gave the company a "neutral" rating in a report on Thursday, September 18th. Canaccord Genuity Group increased their target price on Tesla from $303.00 to $333.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Finally, Argus restated a "hold" rating on shares of Tesla in a report on Monday, June 9th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, twelve have assigned a Hold rating and nine have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $324.53.

Insider Activity

In other news, Director James R. Murdoch sold 60,000 shares of the firm's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $422.68, for a total value of $25,360,800.00. Following the sale, the director directly owned 637,031 shares of the company's stock, valued at approximately $269,260,263.08. This trade represents a 8.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the firm's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the sale, the chief financial officer directly owned 9,856 shares in the company, valued at approximately $3,473,057.28. This represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 208,606 shares of company stock valued at $77,360,462. 19.90% of the stock is owned by insiders.

Tesla Price Performance

NASDAQ TSLA opened at $434.21 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 50-day moving average is $343.03 and its two-hundred day moving average is $309.87. 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 cap of $1.44 trillion, a P/E ratio of 250.99, a price-to-earnings-growth ratio of 14.86 and a beta of 2.06.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). The business had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.52 earnings per share. On average, analysts anticipate that Tesla, Inc. will post 2.56 earnings per share 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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