Moran Wealth Management LLC Takes Position in Tesla, Inc. $TSLA

Key Points

• Moran Wealth Management LLC has acquired 1,271 shares of Tesla, valued at approximately $404,000, marking their first position in the company's stock according to a recent SEC filing.
• Major hedge funds, such as Vanguard Group Inc. and Goldman Sachs Group Inc., have significantly increased their holdings in Tesla, reflecting a strong institutional interest in the company, which now sees 66.20% of its stock owned by institutional investors.
• Insider transactions include significant share sales by SVP Xiaotong Zhu and CFO Vaibhav Taneja, indicating a substantial decrease in their ownership stakes, further raising attention on insider movements within the company.

Moran Wealth Management LLC purchased a new stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 1,271 shares of the electric vehicle producer's stock, valued at approximately $404,000.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Tesla by 1.5% in 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 in the last quarter. Goldman Sachs Group Inc. grew its position 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 worth $6,891,201,000 after acquiring an additional 20,291,139 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Tesla by 4.9% in the first 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 grew its position in Tesla by 29.4% in the first 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. grew its position in Tesla by 17.6% in the first 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 hedge funds and other institutional investors.

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 20,000 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the sale, the senior vice president directly owned 47,600 shares in the company, valued at approximately $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the sale, the chief financial officer owned 9,856 shares of the company's stock, 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 sold 202,606 shares of company stock worth $75,588,902. Company insiders own 19.90% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TSLA. Daiwa Capital Markets reiterated a "neutral" rating on shares of Tesla in a research report on Sunday, July 27th. Bank of America upped their target price on shares of Tesla from $305.00 to $341.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Canaccord Genuity Group upped their price target on shares of Tesla from $333.00 to $490.00 and gave the company a "buy" rating in a research report on Tuesday, September 30th. China Renaissance restated a "hold" rating and set a $349.00 price target on shares of Tesla in a research report on Friday, July 25th. Finally, William Blair restated a "market perform" rating on shares of Tesla in a research report on Friday, September 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have issued a Hold rating and ten have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $363.54.

Tesla Stock Performance

Tesla stock opened at $428.75 on Friday. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The firm has a 50-day moving average of $385.34 and a 200-day moving average of $332.07. The firm has a market cap of $1.43 trillion, a P/E ratio of 247.83, a P/E/G ratio of 15.64 and a beta of 2.08. Tesla, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its 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 firm had revenue of $22.50 billion for the quarter, compared to analysts' expectations of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The business's revenue for the quarter was down 11.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.52 earnings per share. Sell-side analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

Tesla 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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