Palumbo Wealth Management LLC Acquires 1,130 Shares of Tesla, Inc. (NASDAQ:TSLA)

Palumbo Wealth Management LLC raised its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 88.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,401 shares of the electric vehicle producer's stock after purchasing an additional 1,130 shares during the period. Palumbo Wealth Management LLC's holdings in Tesla were worth $622,000 as of its most recent SEC filing.

Several other large investors have 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 worth $25,000 after acquiring an additional 44 shares during the last quarter. First PREMIER Bank grew its position in Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after purchasing an additional 42 shares during the last quarter. Newton One Investments LLC increased its stake in Tesla by 250.0% during the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after purchasing an additional 75 shares in the last quarter. True Wealth Design LLC raised its holdings in Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock worth $28,000 after buying an additional 31 shares during the last quarter. Finally, Horrell Capital Management Inc. lifted its stake in shares of Tesla by 75.6% in the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer's stock worth $32,000 after buying an additional 34 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Stock Performance

NASDAQ TSLA opened at $348.68 on Tuesday. The company has a quick ratio of 1.54, a current ratio of 2.00 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a twelve month low of $182.00 and a twelve month high of $488.54. The business has a 50-day moving average price of $308.14 and a 200-day moving average price of $331.42. The firm has a market cap of $1.12 trillion, a price-to-earnings ratio of 191.58, a price-to-earnings-growth ratio of 12.05 and a beta of 2.47.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly 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). Tesla had a return on equity of 9.02% and a net margin of 6.66%. The business had revenue of $19.34 billion during the quarter, compared to the consensus estimate of $22.93 billion. During the same quarter in the previous year, the company earned $0.45 earnings per share. As a group, equities research analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Analysts Set New Price Targets

TSLA has been the subject of a number of recent analyst reports. Benchmark restated a "buy" rating and issued a $350.00 price objective on shares of Tesla in a report on Wednesday, April 23rd. Royal Bank Of Canada lowered their price target on Tesla from $314.00 to $307.00 and set an "outperform" rating on the stock in a report on Wednesday, April 23rd. Guggenheim reiterated a "sell" rating and issued a $175.00 price objective on shares of Tesla in a report on Monday. HSBC lowered their target price on shares of Tesla from $165.00 to $130.00 and set a "reduce" rating on the stock in a research note on Thursday, March 27th. Finally, Truist Financial set a $280.00 price target on shares of Tesla in a research note on Tuesday, April 22nd. Ten equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $294.58.

Insider Buying and Selling at Tesla

In other Tesla news, Director Ira Matthew Ehrenpreis sold 477,572 shares of Tesla stock in a transaction that occurred on 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 sale, the director now owns 855,394 shares of the company's stock, valued at $305,632,276.20. The trade was a 35.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 15,000 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were 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 now directly owns 67,600 shares of the company's stock, valued at approximately $21,889,556. This trade represents a 18.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 833,509 shares of company stock worth $278,648,925. Insiders own 20.70% of the company's stock.

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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