Miracle Mile Advisors LLC Raises Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Miracle Mile Advisors LLC increased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 13.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,768 shares of the electric vehicle producer's stock after purchasing an additional 4,949 shares during the period. Miracle Mile Advisors LLC's holdings in Tesla were worth $10,825,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in TSLA. Norges Bank purchased a new position in shares of Tesla during the fourth quarter worth $14,420,248,000. FMR LLC raised its holdings in shares of Tesla by 40.1% during the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer's stock worth $13,997,660,000 after purchasing an additional 9,920,325 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Tesla by 27,378.6% during the first quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer's stock worth $2,542,960,000 after purchasing an additional 9,776,607 shares during the last quarter. Strategic Financial Concepts LLC increased its holdings in Tesla by 36,790.0% in the fourth quarter. Strategic Financial Concepts LLC now owns 8,660,672 shares of the electric vehicle producer's stock valued at $3,497,526,000 after buying an additional 8,637,195 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in Tesla by 4,963.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,834,707 shares of the electric vehicle producer's stock valued at $2,356,288,000 after buying an additional 5,719,466 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Insider Buying and Selling at Tesla

In related news, Director Kimbal Musk sold 91,588 shares of the company's stock in a transaction that occurred 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 sale, the director now directly owns 1,463,220 shares of the company's stock, valued at $522,940,195.80. This represents a 5.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of the company's stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the sale, the chief financial officer now directly owns 26,950 shares in the company, valued at approximately $6,737,500. The trade was a 12.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 870,721 shares of company stock worth $286,248,728 in the last ninety days. 20.70% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. BNP Paribas set a $137.00 price objective on shares of Tesla and gave the company an "underperform" rating in a report on Wednesday, April 16th. Benchmark reaffirmed a "buy" rating and issued a $350.00 price objective on shares of Tesla in a report on Wednesday, April 23rd. Oppenheimer reaffirmed a "mixed" rating on shares of Tesla in a report on Tuesday, March 18th. Guggenheim reaffirmed a "sell" rating and issued a $170.00 price objective on shares of Tesla in a report on Thursday, April 24th. Finally, Stifel Nicolaus set a $450.00 price objective on shares of Tesla and gave the company a "buy" rating in a report on Thursday, April 24th. Ten research analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $294.27.

Tesla Stock Performance

NASDAQ:TSLA opened at $295.14 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. The firm has a market capitalization of $950.63 billion, a price-to-earnings ratio of 144.68, a PEG ratio of 5.86 and a beta of 2.47. The company's 50-day moving average is $292.17 and its two-hundred day moving average is $333.56. Tesla, Inc. has a 1-year low of $167.41 and a 1-year high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.26). The firm had revenue of $19.34 billion during the quarter, compared to analyst estimates of $22.93 billion. Tesla had a net margin of 7.26% and a return on equity of 10.31%. During the same quarter in the previous year, the firm earned $0.45 earnings per share. Analysts forecast that Tesla, Inc. will post 2.56 EPS for the current 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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