Parallel Advisors LLC Raises Stake in Tesla, Inc. $TSLA

Key Points

• Parallel Advisors LLC increased its stake in Tesla, Inc. by 7.9% in the second quarter, owning 74,830 shares valued at approximately $23.77 million.
• Tesla reported a net margin of 6.54% with quarterly earnings of $0.40 per share, missing estimates by $0.03 and showing a 11.8% decline in revenue year-over-year.
• Insiders, including a senior VP and CFO, sold a significant amount of stock recently, leading to 20.70% of shares being held by corporate insiders.

Parallel Advisors LLC increased its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 7.9% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 74,830 shares of the electric vehicle producer's stock after purchasing an additional 5,492 shares during the period. Parallel Advisors LLC's holdings in Tesla were worth $23,770,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Cherry Tree Wealth Management LLC boosted its position in shares of Tesla by 86.3% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 44 shares during the last quarter. First PREMIER Bank boosted its position in shares of 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 acquiring an additional 42 shares during the last quarter. Newton One Investments LLC boosted its position in shares of 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 acquiring an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new position in shares of Tesla during the 1st quarter valued at about $27,000. Finally, Chelsea Counsel Co. raised its holdings in shares of Tesla by 59.7% during the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock valued at $28,000 after buying an additional 40 shares in the last quarter. Institutional investors own 66.20% of the company's stock.

Tesla Price Performance

Shares of TSLA stock opened at $395.94 on Monday. The firm has a market cap of $1.28 trillion, a P/E ratio of 228.87, a P/E/G ratio of 13.81 and a beta of 2.06. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54. The business's 50 day moving average price is $328.89 and its 200-day moving average price is $303.72. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04.

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

Insider Activity at Tesla

In related news, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the sale, the senior vice president directly owned 47,600 shares in the company, valued at $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the business's stock in a transaction on Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the sale, the chief financial officer directly owned 9,856 shares in the company, valued at $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 148,606 shares of company stock worth $51,999,662 over the last ninety days. 20.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. William Blair reissued a "market perform" rating on shares of Tesla in a report on Friday, September 5th. Daiwa Capital Markets reissued a "neutral" rating on shares of Tesla in a report on Sunday, July 27th. Baird R W cut Tesla from a "strong-buy" rating to a "hold" rating in a report on Monday, June 9th. Benchmark reissued a "buy" rating and set a $475.00 price objective (up from $350.00) on shares of Tesla in a report on Thursday, June 26th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $400.00 price target on shares of Tesla in a research note on Tuesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, fourteen have assigned a Hold rating and nine have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $303.00.

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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