Patton Albertson Miller Group LLC Buys 677 Shares of Tesla, Inc. $TSLA

Key Points

• Patton Albertson Miller Group LLC increased its stake in Tesla, Inc. by 55.1% during Q2, now holding 1,906 shares valued at $605,000.
• Several hedge funds reported significant increases in their Tesla holdings, with Cherry Tree Wealth Management increasing its stake by 86.3% during the first quarter.
• Tesla's earnings fell short of analysts' expectations in Q2, reporting $0.40 earnings per share, which missed the consensus estimate of $0.43.

Patton Albertson Miller Group LLC increased its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 55.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,906 shares of the electric vehicle producer's stock after acquiring an additional 677 shares during the quarter. Patton Albertson Miller Group LLC's holdings in Tesla were worth $605,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cherry Tree Wealth Management LLC boosted its holdings in shares of Tesla by 86.3% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 44 shares during the last quarter. First PREMIER Bank lifted its holdings in Tesla by 79.2% during the first 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 lifted its holdings in Tesla by 250.0% during the first 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 during the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of Tesla in the first quarter worth about $27,000. Finally, Chelsea Counsel Co. lifted its holdings in shares of Tesla by 59.7% in the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock worth $28,000 after buying an additional 40 shares in the last quarter. Institutional investors own 66.20% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on TSLA shares. Benchmark restated a "buy" rating and issued a $475.00 price objective (up from $350.00) on shares of Tesla in a research report on Thursday, June 26th. Robert W. Baird raised Tesla from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $320.00 to $548.00 in a research note on Friday, September 19th. Daiwa Capital Markets reissued a "neutral" rating on shares of Tesla in a research note on Sunday, July 27th. Morgan Stanley reaffirmed an "overweight" rating and issued a $410.00 price target on shares of Tesla in a research note on Friday, September 5th. Finally, Royal Bank Of Canada reaffirmed a "buy" rating on shares of Tesla in a research note on Friday. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, twelve have given a Hold rating and nine have issued a Sell rating to the company. According to data from MarketBeat, Tesla currently has an average rating of "Hold" and a consensus target price of $332.33.

Tesla Price Performance

NASDAQ TSLA opened at $440.40 on Monday. Tesla, Inc. has a one year low of $212.11 and a one year high of $488.54. The stock has a 50-day moving average of $352.05 and a 200 day moving average of $315.40. The company has a market capitalization of $1.46 trillion, a price-to-earnings ratio of 254.57, a PEG ratio of 15.36 and a beta of 2.06. 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 (EPS) for the quarter, missing analysts' consensus estimates 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 for the quarter was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.52 earnings per share. On average, sell-side analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Activity

In other news, Director James R. Murdoch sold 120,000 shares of Tesla stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the transaction, the director directly owned 697,031 shares of the company's stock, valued at $244,162,988.99. The trade was a 14.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 completion of the transaction, the senior vice president directly owned 47,600 shares in the company, valued at approximately $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 208,606 shares of company stock valued at $77,360,462 in the last ninety days. Corporate insiders own 19.90% of the company's stock.

Tesla 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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