Manhattan West Asset Management LLC Raises Stake in Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Manhattan West Asset Management LLC increased its stake in Tesla, Inc. by 152.4% during the first quarter, now holding 2,307 shares valued at approximately $598,000.
• Insiders have sold over 602,724 shares of Tesla stock worth around $214 million in the last 90 days, contributing to a 18.16% decrease in SVP Xiaotong Zhu's position.
• Tesla reported earnings of $0.40 per share in its most recent quarter, missing analyst estimates, with revenue down 11.8% year-over-year at $22.50 billion.

Manhattan West Asset Management LLC lifted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 152.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,307 shares of the electric vehicle producer's stock after purchasing an additional 1,393 shares during the quarter. Manhattan West Asset Management LLC's holdings in Tesla were worth $598,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of TSLA. Eagle Capital Management LLC acquired a new position in Tesla during the 4th quarter worth about $331,000. Brighton Jones LLC lifted its stake in Tesla by 11.8% during the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock worth $35,509,000 after acquiring an additional 9,293 shares in the last quarter. Revolve Wealth Partners LLC raised its position in Tesla by 21.2% in the 4th 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. acquired a new stake in Tesla in the 4th quarter valued at about $346,000. Finally, Highview Capital Management LLC DE acquired a new stake in Tesla in the 4th quarter valued at about $2,367,000. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Tesla news, SVP Xiaotong Zhu sold 15,000 shares of the 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. This represents a 18.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total value of $170,636,475.60. Following the transaction, the director owned 855,394 shares of the company's stock, valued at approximately $305,632,276.20. This trade represents a 35.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 602,724 shares of company stock worth $214,176,831 in the last 90 days. Corporate insiders own 20.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on TSLA shares. Benchmark reaffirmed a "buy" rating and issued a $475.00 price target (up previously from $350.00) on shares of Tesla in a research report on Thursday, June 26th. China Renaissance reiterated a "hold" rating and issued a $349.00 price objective on shares of Tesla in a report on Friday, July 25th. Royal Bank Of Canada reiterated an "overweight" rating on shares of Tesla in a report on Tuesday, July 29th. Argus reiterated a "hold" rating on shares of Tesla in a report on Monday, June 9th. Finally, Stifel Nicolaus set a $450.00 price objective on Tesla and gave the company a "buy" rating in a report on Thursday, April 24th. Ten analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Tesla currently has a consensus rating of "Hold" and an average target price of $303.31.

Tesla Stock Up 2.3%

NASDAQ TSLA opened at $329.61 on Friday. The stock's 50 day moving average is $318.68 and its two-hundred day moving average is $308.19. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 1-year low of $194.67 and a 1-year high of $488.54. The company has a market capitalization of $1.06 trillion, a price-to-earnings ratio of 190.53, a PEG ratio of 11.32 and a beta of 2.33.

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 for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). The company 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 business's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period last year, the company earned $0.52 EPS. Equities analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

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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