Laffer Tengler Investments Inc. Increases Stock Position in Tesla, Inc. $TSLA

Key Points

• Laffer Tengler Investments Inc. increased its stake in Tesla by 20%, acquiring a total of 13,970 shares valued at $3.62 million as of the latest reporting period.
• Institutional investors and hedge funds own 66.20% of Tesla's stock, with notable increases in holdings from firms like Goldman Sachs and Vanguard Group.
• Tesla's recent earnings report showed an EPS of $0.40, missing estimates, with revenues of $22.50 billion, down 11.8% year-over-year.

Laffer Tengler Investments Inc. grew its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 20.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,970 shares of the electric vehicle producer's stock after purchasing an additional 2,331 shares during the period. Laffer Tengler Investments Inc.'s holdings in Tesla were worth $3,620,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Goldman Sachs Group Inc. grew its holdings in Tesla by 322.1% in the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock valued at $6,891,201,000 after purchasing an additional 20,291,139 shares during the last quarter. Nuveen LLC purchased a new stake in Tesla during the 1st quarter worth $3,247,619,000. GAMMA Investing LLC boosted its holdings in Tesla by 27,378.6% in the 1st quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer's stock worth $2,542,960,000 after acquiring an additional 9,776,607 shares during the period. Northern Trust Corp increased its stake in Tesla by 21.6% during the 4th quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock worth $11,541,592,000 after buying an additional 5,075,418 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Tesla by 1.5% during the first 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 during the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 15,000 shares of Tesla stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the sale, the senior vice president owned 67,600 shares in the company, valued at $21,889,556. The trade was a 18.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kimbal Musk sold 91,588 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the completion of the sale, the director directly owned 1,463,220 shares in the company, valued at $522,940,195.80. This trade represents a 5.89% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 599,724 shares of company stock valued at $213,126,501. Company insiders own 20.70% of the company's stock.

Tesla Trading Down 1.2%

Shares of NASDAQ:TSLA opened at $320.11 on Friday. Tesla, Inc. has a 52-week low of $202.59 and a 52-week high of $488.54. The company has a market cap of $1.03 trillion, a P/E ratio of 185.03, a P/E/G ratio of 11.26 and a beta of 2.33. The stock's 50-day moving average is $320.98 and its 200-day moving average is $303.96. 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 (NASDAQ:TSLA - Get Free Report) last posted 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). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The company had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same quarter in the prior year, the business earned $0.52 earnings per share. The business's revenue for the quarter was down 11.8% on a year-over-year basis. Equities research analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on TSLA. Royal Bank Of Canada reaffirmed an "overweight" rating on shares of Tesla in a research report on Tuesday, July 29th. Morgan Stanley reiterated an "overweight" rating and set a $410.00 price target on shares of Tesla in a research report on Friday, June 6th. Mizuho lowered their price objective on shares of Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 8th. Canaccord Genuity Group raised their price objective on shares of Tesla from $303.00 to $333.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, HSBC reaffirmed a "reduce" rating and set a $120.00 target price on shares of Tesla in a research report on Thursday, July 3rd. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, fifteen have assigned a Hold rating and nine have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Tesla presently has an average rating of "Hold" and a consensus target price of $303.31.

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.

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