Perryman Financial Advisory Inc. AD Boosts Stock Position in Tesla, Inc. $TSLA

Key Points

• Perryman Financial Advisory more than doubled its Tesla position in the second quarter, increasing holdings by 109.6% to 3,984 shares valued at approximately $1.68 million. Institutional investors and hedge funds collectively own 66.2% of Tesla.
• Tesla’s latest quarter showed revenue growth of 25.5% year over year to $28.24 billion, but adjusted earnings of $0.33 per share missed analysts’ $0.50 estimate. The stock opened at $345.82, with a consensus analyst rating of “Hold” and an average price target of $401.74.
• Recent developments support Tesla’s autonomous-driving and product-expansion strategies: Nevada raised the permitted Las Vegas robotaxi fleet from 10 to 5,000 vehicles, while Elon Musk teased a larger vehicle that could address the family-vehicle market.

Perryman Financial Advisory Inc. AD increased its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 109.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,984 shares of the electric vehicle producer's stock after acquiring an additional 2,083 shares during the period. Perryman Financial Advisory Inc. AD's holdings in Tesla were worth $1,676,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC boosted its stake in shares of Tesla by 11.8% in the fourth quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock valued at $35,509,000 after purchasing an additional 9,293 shares during the period. Revolve Wealth Partners LLC grew its holdings in shares of Tesla by 21.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock valued at $2,147,000 after purchasing an additional 931 shares in the last quarter. Bison Wealth LLC increased its stake in Tesla by 52.2% during the 4th quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer's stock worth $4,187,000 after buying an additional 3,558 shares during the period. Sivia Capital Partners LLC lifted its holdings in Tesla by 9.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 12,135 shares of the electric vehicle producer's stock worth $3,855,000 after buying an additional 1,011 shares in the last quarter. Finally, AGP Franklin LLC lifted its holdings in Tesla by 21.2% during the 2nd quarter. AGP Franklin LLC now owns 4,861 shares of the electric vehicle producer's stock worth $1,544,000 after buying an additional 851 shares in the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Price Performance

Tesla stock opened at $345.82 on Thursday. The company has a current ratio of 1.94, a quick ratio of 1.55 and a debt-to-equity ratio of 0.09. The company has a fifty day simple moving average of $362.28 and a 200-day simple moving average of $385.80. The stock has a market cap of $1.37 trillion, a P/E ratio of 320.21, a price-to-earnings-growth ratio of 17.68 and a beta of 1.83. Tesla, Inc. has a 12-month low of $297.38 and a 12-month high of $498.83.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The electric vehicle producer reported $0.33 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.17). Tesla had a net margin of 3.67% and a return on equity of 3.82%. The business had revenue of $28.24 billion during the quarter, compared to analysts' expectations of $26.42 billion. During the same period last year, the company earned $0.33 EPS. The business's quarterly revenue was up 25.5% compared to the same quarter last year. Equities analysts expect that Tesla, Inc. will post 0.88 EPS for the current fiscal year.

Insider Activity

In other news, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $402.20, for a total value of $1,048,133.20. Following the transaction, the chief financial officer owned 22,039 shares in the company, valued at approximately $8,864,085.80. This represents a 10.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 19.90% of the company's stock.

Key Headlines Impacting Tesla

Here are the key news stories impacting Tesla this week:

• Positive Sentiment: Nevada increased Tesla’s permitted Las Vegas robotaxi fleet from 10 vehicles to 5,000, providing regulatory support for the company’s autonomous-driving strategy. However, Tesla still must deploy and operate the expanded fleet successfully. Nevada robotaxi approval
• Positive Sentiment: Elon Musk teased a larger Tesla vehicle, potentially an SUV or Robovan, addressing a product gap in family-oriented vehicles and potentially expanding the company’s addressable market. Tesla Robovan teaser

Wall Street Analysts Forecast Growth

Several equities analysts have commented on TSLA shares. Canaccord Genuity Group set a $410.00 price target on shares of Tesla and gave the stock a "buy" rating in a research note on Thursday, July 23rd. Guggenheim assumed coverage on Tesla in a research note on Monday, June 29th. They issued a "neutral" rating on the stock. HSBC reiterated a "hold" rating on shares of Tesla in a report on Monday, June 15th. Stifel Nicolaus set a $491.00 price target on Tesla and gave the stock a "buy" rating in a report on Monday, August 3rd. Finally, Phillip Securities reduced their price target on Tesla from $220.00 to $215.00 and set a "sell" rating on the stock in a research report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, nineteen have issued a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $401.74.

About Tesla

Tesla, Inc NASDAQ: TSLA is an American company that designs, manufactures and sells electric vehicles, energy generation and energy storage products. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla grew into a vertically integrated mobility and clean‑energy company with Elon Musk serving as its chief executive officer. The company's stated mission is to accelerate the world's transition to sustainable energy, reflected in its combined focus on electric drivetrains, battery technology, renewable energy products and software.

Tesla's automotive business includes a lineup of battery‑electric vehicles and related services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source