Proffitt & Goodson Inc. Raises Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Proffitt & Goodson Inc. increased its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 13,568.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,187 shares of the electric vehicle producer's stock after purchasing an additional 2,171 shares during the quarter. Proffitt & Goodson Inc.'s holdings in Tesla were worth $567,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TSLA. Whelan Financial lifted its position in shares of Tesla by 37.6% during the first quarter. Whelan Financial now owns 2,307 shares of the electric vehicle producer's stock valued at $598,000 after purchasing an additional 630 shares in the last quarter. Sutton Place Investors LLC raised its position in Tesla by 22.1% in the first quarter. Sutton Place Investors LLC now owns 2,867 shares of the electric vehicle producer's stock worth $743,000 after acquiring an additional 519 shares during the period. Novare Capital Management LLC raised its position in Tesla by 335.7% in the first quarter. Novare Capital Management LLC now owns 10,495 shares of the electric vehicle producer's stock worth $2,720,000 after acquiring an additional 8,086 shares during the period. Adell Harriman & Carpenter Inc. raised its position in shares of Tesla by 7.6% in the first quarter. Adell Harriman & Carpenter Inc. now owns 9,204 shares of the electric vehicle producer's stock valued at $2,385,000 after purchasing an additional 654 shares during the period. Finally, Simmons Bank raised its position in shares of Tesla by 2.1% in the first quarter. Simmons Bank now owns 13,538 shares of the electric vehicle producer's stock valued at $3,509,000 after purchasing an additional 275 shares during the period. Institutional investors own 66.20% of the company's stock.

Tesla Stock Down 0.7%

TSLA stock traded down $1.97 during trading on Wednesday, hitting $295.84. 74,338,144 shares of the company's stock were exchanged, compared to its average volume of 100,724,285. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 52-week low of $182.00 and a 52-week high of $488.54. The business has a 50-day moving average price of $321.21 and a two-hundred day moving average price of $323.29. The stock has a market capitalization of $952.89 billion, a price-to-earnings ratio of 162.55, a PEG ratio of 8.57 and a beta of 2.39.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing analysts' consensus estimates of $0.53 by ($0.26). Tesla had a net margin of 6.66% and a return on equity of 9.02%. The firm had revenue of $19.34 billion during the quarter, compared to analysts' expectations of $22.93 billion. During the same quarter in the prior year, the firm posted $0.45 EPS. As a group, equities research analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently commented on TSLA shares. Barclays reduced their price objective on shares of Tesla from $325.00 to $275.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Piper Sandler reissued an "overweight" rating and issued a $400.00 price target on shares of Tesla in a research note on Tuesday, June 10th. Raymond James Financial cut shares of Tesla to an "outperform" rating in a research note on Tuesday, April 22nd. Needham & Company LLC reissued a "hold" rating on shares of Tesla in a research note on Wednesday, April 23rd. Finally, Canaccord Genuity Group reissued a "buy" rating and issued a $303.00 price target on shares of Tesla in a research note on Monday, June 30th. Ten equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Tesla has a consensus rating of "Hold" and a consensus price target of $301.13.

Insider Buying and Selling

In other news, Director Robyn M. Denholm sold 112,395 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $274.12, for a total transaction of $30,809,717.40. Following the completion of the sale, the director owned 85,000 shares in the company, valued at $23,300,200. This represents a 56.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Vaibhav Taneja sold 2,564 shares of the company's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $285.71, for a total value of $732,560.44. Following the transaction, the chief financial officer directly owned 5,924 shares in the company, valued at $1,692,546.04. This represents a 30.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 829,509 shares of company stock valued at $277,648,925 in the last 90 days. Company insiders own 20.70% of the company's stock.

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.