Opes Wealth Management LLC Purchases Shares of 759 Tesla, Inc. $TSLA

Key Points

• Opes Wealth Management LLC has acquired a new stake in Tesla, Inc., purchasing 759 shares valued at approximately $241,000.
• During the same quarter, other institutional investors increased their stakes, with Avion Wealth lifting its stake by 75.4% and CAP Partners LLC increasing by 16.2%.
• Tesla reported a quarterly earnings per share (EPS) of $0.50, beating analysts' expectations, and its quarterly revenue rose 11.6% compared to the same period last year.

Opes Wealth Management LLC purchased a new stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 759 shares of the electric vehicle producer's stock, valued at approximately $241,000.

Several other institutional investors have also added to or reduced their stakes in the company. Guardian Asset Advisors LLC grew its holdings in Tesla by 3.8% during the 2nd quarter. Guardian Asset Advisors LLC now owns 5,159 shares of the electric vehicle producer's stock valued at $1,639,000 after buying an additional 187 shares in the last quarter. Cornerstone Management Inc. bought a new stake in shares of Tesla in the 2nd quarter valued at approximately $294,000. CAP Partners LLC lifted its stake in shares of Tesla by 16.2% in the 2nd quarter. CAP Partners LLC now owns 24,864 shares of the electric vehicle producer's stock valued at $7,898,000 after purchasing an additional 3,461 shares during the last quarter. Strata Wealth Advisors LLC lifted its stake in shares of Tesla by 36.0% in the 2nd quarter. Strata Wealth Advisors LLC now owns 1,831 shares of the electric vehicle producer's stock valued at $582,000 after purchasing an additional 485 shares during the last quarter. Finally, Avion Wealth lifted its stake in shares of Tesla by 75.4% in the 2nd quarter. Avion Wealth now owns 5,238 shares of the electric vehicle producer's stock valued at $1,663,000 after purchasing an additional 2,252 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Trading Up 2.3%

Shares of NASDAQ:TSLA opened at $448.98 on Friday. Tesla, Inc. has a 12-month low of $214.25 and a 12-month high of $488.54. The business's fifty day simple moving average is $396.00 and its 200-day simple moving average is $338.45. The company has a market capitalization of $1.49 trillion, a PE ratio of 299.32, a P/E/G ratio of 15.78 and a beta of 2.08. 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 (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.48 by $0.02. Tesla had a return on equity of 6.72% and a net margin of 5.51%.The business had revenue of $28.10 billion for the quarter, compared to the consensus estimate of $24.98 billion. During the same period last year, the business posted $0.72 EPS. The business's revenue was up 11.6% compared to the same quarter last year. As a group, equities research analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on TSLA shares. CICC Research raised their price objective on Tesla from $360.00 to $450.00 and gave the company an "outperform" rating in a research note on Thursday, September 18th. Mizuho raised their price objective on Tesla from $450.00 to $485.00 and gave the company an "outperform" rating in a research note on Thursday. Daiwa Capital Markets reaffirmed a "neutral" rating on shares of Tesla in a research note on Sunday, July 27th. HSBC raised their price target on Tesla from $120.00 to $127.00 in a research note on Monday, September 29th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Tesla in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, twelve have issued a Hold rating and eleven have given a Sell rating to the company's stock. According to MarketBeat, Tesla currently has a consensus rating of "Hold" and an average price target of $380.97.

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 2,606 shares of the company's 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 transaction, the chief financial officer directly owned 9,856 shares of the company's stock, valued at $3,473,057.28. This represents a 20.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director James R. Murdoch sold 120,000 shares of the company's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the transaction, the director directly owned 697,031 shares in the company, valued at $244,162,988.99. This represents a 14.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 202,606 shares of company stock valued at $75,588,902 in the last ninety days. Corporate insiders own 19.90% of the company's stock.

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.

Want to see what other hedge funds are holding TSLA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tesla, Inc. (NASDAQ:TSLA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.