Parcion Private Wealth LLC Buys 592 Shares of Tesla, Inc. $TSLA

Key Points

• Parcion Private Wealth LLC increased its stake in Tesla by 8.7%, acquiring an additional 592 shares worth approximately $2,355,000 during the second quarter, bringing its total holdings to 7,414 shares.
• Insider selling has occurred, with Tesla's CFO selling 2,606 shares and a senior VP selling 20,000 shares, indicating a decrease in their ownership positions.
• Analysts have revised Tesla's price targets upward, with Canaccord Genuity and Piper Sandler raising their targets to $490.00 and $500.00, respectively, while the average price target is $363.54.

Parcion Private Wealth LLC lifted its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 8.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,414 shares of the electric vehicle producer's stock after purchasing an additional 592 shares during the period. Parcion Private Wealth LLC's holdings in Tesla were worth $2,355,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. First Merchants Corp boosted its position in shares of Tesla by 1.3% in the 2nd quarter. First Merchants Corp now owns 2,413 shares of the electric vehicle producer's stock worth $767,000 after purchasing an additional 31 shares during the last quarter. Alaska Wealth Advisors lifted its holdings in Tesla by 3.4% during the second quarter. Alaska Wealth Advisors now owns 985 shares of the electric vehicle producer's stock worth $313,000 after acquiring an additional 32 shares in the last quarter. KWB Wealth lifted its holdings in Tesla by 2.4% during the second quarter. KWB Wealth now owns 1,381 shares of the electric vehicle producer's stock worth $439,000 after acquiring an additional 33 shares in the last quarter. Conrad Siegel Investment Advisors Inc. lifted its holdings in Tesla by 3.6% during the second quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer's stock worth $310,000 after acquiring an additional 34 shares in the last quarter. Finally, Guyasuta Investment Advisors Inc. lifted its holdings in Tesla by 0.7% during the second quarter. Guyasuta Investment Advisors Inc. now owns 5,107 shares of the electric vehicle producer's stock worth $1,622,000 after acquiring an additional 34 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the business's stock in a transaction that occurred on 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 owned 9,856 shares of the company's stock, valued at $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the transaction, the senior vice president directly owned 47,600 shares in the company, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 202,606 shares of company stock valued at $75,588,902 over the last 90 days. 19.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on TSLA shares. Canaccord Genuity Group lifted their target price on Tesla from $333.00 to $490.00 and gave the stock a "buy" rating in a report on Tuesday, September 30th. Benchmark restated a "buy" rating and issued a $475.00 price target (up from $350.00) on shares of Tesla in a report on Thursday, June 26th. Piper Sandler boosted their price target on Tesla from $400.00 to $500.00 and gave the company an "overweight" rating in a report on Monday, September 22nd. Dbs Bank boosted their price target on Tesla from $300.00 to $450.00 in a report on Wednesday, September 17th. Finally, Baird R W upgraded Tesla from a "hold" rating to a "strong-buy" rating in a report on Friday, September 19th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have given a Hold rating and ten have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Tesla presently has an average rating of "Hold" and an average price target of $363.54.

Tesla Price Performance

NASDAQ:TSLA opened at $442.60 on Wednesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. The stock's 50-day simple moving average is $391.74 and its 200 day simple moving average is $336.26. The company has a market cap of $1.47 trillion, a P/E ratio of 255.84, a P/E/G ratio of 16.08 and a beta of 2.08. Tesla, Inc. has a 52-week low of $212.11 and a 52-week high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last released its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). The company had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. Tesla's revenue was down 11.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.52 EPS. As a group, sell-side analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal 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.

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.