RMG Wealth Management LLC Acquires New Shares in Tesla, Inc. $TSLA

RMG Wealth Management LLC acquired a new stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 659 shares of the electric vehicle producer's stock, valued at approximately $216,000.

Several other hedge funds also recently modified their holdings of the company. KWB Wealth boosted its holdings in shares of Tesla by 2.4% during the 2nd quarter. KWB Wealth now owns 1,381 shares of the electric vehicle producer's stock valued at $439,000 after acquiring an additional 33 shares in the last quarter. Conrad Siegel Investment Advisors Inc. boosted its holdings in shares of Tesla by 3.6% during the 2nd quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer's stock valued at $310,000 after acquiring an additional 34 shares in the last quarter. Guyasuta Investment Advisors Inc. boosted its holdings in shares of Tesla by 0.7% during the 2nd quarter. Guyasuta Investment Advisors Inc. now owns 5,107 shares of the electric vehicle producer's stock valued at $1,622,000 after acquiring an additional 34 shares in the last quarter. Kelly Financial Services LLC boosted its holdings in shares of Tesla by 2.7% during the 2nd quarter. Kelly Financial Services LLC now owns 1,331 shares of the electric vehicle producer's stock valued at $423,000 after acquiring an additional 35 shares in the last quarter. Finally, Acorn Wealth Advisors LLC boosted its holdings in shares of Tesla by 1.9% during the 1st quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock valued at $493,000 after acquiring an additional 36 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Tesla Stock Performance

TSLA stock opened at $433.09 on Wednesday. Tesla, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54. The firm has a market cap of $1.44 trillion, a PE ratio of 250.34, a price-to-earnings-growth ratio of 15.75 and a beta of 2.08. The stock has a 50-day moving average price of $368.81 and a 200-day moving average price of $324.77. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $23.18 billion. During the same period in the previous year, the firm earned $0.52 earnings per share. The business's quarterly revenue was down 11.8% on a year-over-year basis. As a group, equities research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. China Renaissance reaffirmed a "hold" rating and set a $349.00 target price on shares of Tesla in a research report on Friday, July 25th. Guggenheim reaffirmed a "sell" rating and set a $175.00 target price on shares of Tesla in a research report on Wednesday, July 23rd. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $355.00 target price on shares of Tesla in a research report on Friday, October 3rd. Needham & Company LLC reaffirmed a "hold" rating on shares of Tesla in a research report on Thursday, July 24th. Finally, Mizuho raised their target price on Tesla from $375.00 to $450.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 23rd. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, thirteen have given a Hold rating and eight have assigned a Sell rating to the company. According to data from MarketBeat.com, Tesla currently has a consensus rating of "Hold" and a consensus price target of $344.40.

Insider Buying and Selling at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the company's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $352.38, for a total transaction 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 represents a 20.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the sale, the senior vice president owned 47,600 shares of the company's stock, valued at approximately $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 202,606 shares of company stock worth $75,588,902 over the last three months. Company insiders own 19.90% of the company's stock.

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.

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