Palo Alto Wealth Advisors LLC Purchases 1,475 Shares of Tesla, Inc. $TSLA

Key Points

• Palo Alto Wealth Advisors LLC increased its holdings in Tesla by 144.0% in the first quarter, now owning 2,499 shares valued at $648,000.
• Institutional investors own 66.20% of Tesla's stock, indicating strong institutional interest in the company.
• Tesla reported $0.40 earnings per share for the last quarter, missing expectations and showing an 11.8% year-over-year revenue decline.

Palo Alto Wealth Advisors LLC raised its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 144.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,499 shares of the electric vehicle producer's stock after acquiring an additional 1,475 shares during the quarter. Tesla makes up approximately 0.3% of Palo Alto Wealth Advisors LLC's holdings, making the stock its 24th biggest position. Palo Alto Wealth Advisors LLC's holdings in Tesla were worth $648,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in TSLA. Cherry Tree Wealth Management LLC grew its stake in shares of Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after buying an additional 44 shares in the last quarter. First PREMIER Bank grew its stake in shares of Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after buying an additional 42 shares in the last quarter. Newton One Investments LLC grew its stake in shares of Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after buying an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI bought a new position in shares of Tesla in the first quarter valued at $27,000. Finally, Centennial Bank AR grew its stake in shares of Tesla by 833.3% in the first quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer's stock valued at $29,000 after buying an additional 100 shares in the last quarter. 66.20% of the stock is owned by institutional investors.

Insider Buying and Selling at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 15,000 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total value of $4,857,150.00. Following the completion of the transaction, the senior vice president owned 67,600 shares in the company, valued at $21,889,556. This represents a 18.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 6,000 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $341.02, for a total value of $2,046,120.00. Following the completion of the transaction, the chief financial officer owned 1,950 shares of the company's stock, valued at $664,989. This trade represents a 75.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold 150,564 shares of company stock worth $51,792,190 in the last quarter. 20.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

TSLA has been the subject of several analyst reports. Glj Research reissued a "sell" rating on shares of Tesla in a research note on Thursday, July 24th. Canaccord Genuity Group lifted their target price on Tesla from $303.00 to $333.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. The Goldman Sachs Group reissued a "neutral" rating on shares of Tesla in a report on Sunday, August 17th. Needham & Company LLC restated a "hold" rating on shares of Tesla in a research report on Thursday, July 24th. Finally, Robert W. Baird restated a "neutral" rating and issued a $320.00 price target on shares of Tesla in a research report on Monday, June 9th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fifteen have issued a Hold rating and nine have given a Sell rating to the company. According to data from MarketBeat, Tesla currently has an average rating of "Hold" and an average price target of $303.31.

Tesla Trading Down 3.5%

TSLA traded down $12.11 during trading on Friday, hitting $333.87. The company's stock had a trading volume of 80,898,652 shares, compared to its average volume of 76,110,896. Tesla, Inc. has a twelve month low of $205.97 and a twelve month high of $488.54. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The stock's fifty day moving average price is $323.59 and its 200-day moving average price is $303.15. The firm has a market capitalization of $1.08 trillion, a P/E ratio of 192.99, a PEG ratio of 11.61 and a beta of 2.33.

Tesla (NASDAQ:TSLA - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.03). The firm had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company's revenue was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.52 EPS. Analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current 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.