Sax Wealth Advisors LLC Increases Stock Position in Tesla, Inc. $TSLA

Key Points

• Sax Wealth Advisors LLC increased its stake in Tesla, Inc. by 40.1%, owning 4,795 shares valued at $1,523,000 as of its latest SEC filing.
• Insider selling activity includes Director James R. Murdoch selling 60,000 shares, which represents an 8.61% decrease in his position.
• Tesla's stock has experienced fluctuations, opening at $438.69, with a 52-week high of $488.54 and a market cap of $1.46 trillion.

Sax Wealth Advisors LLC boosted its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 40.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,795 shares of the electric vehicle producer's stock after purchasing an additional 1,373 shares during the quarter. Sax Wealth Advisors LLC's holdings in Tesla were worth $1,523,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Venturi Wealth Management LLC raised its stake in Tesla by 31.1% in the second quarter. Venturi Wealth Management LLC now owns 17,306 shares of the electric vehicle producer's stock valued at $5,497,000 after purchasing an additional 4,105 shares in the last quarter. TPG Financial Advisors LLC grew its position in Tesla by 7.8% during the second quarter. TPG Financial Advisors LLC now owns 1,994 shares of the electric vehicle producer's stock valued at $633,000 after acquiring an additional 144 shares during the last quarter. First Financial Group Corp grew its position in Tesla by 5.0% during the second quarter. First Financial Group Corp now owns 2,081 shares of the electric vehicle producer's stock valued at $661,000 after acquiring an additional 100 shares during the last quarter. Canopy Partners LLC grew its position in Tesla by 6.9% during the second quarter. Canopy Partners LLC now owns 3,815 shares of the electric vehicle producer's stock valued at $1,212,000 after acquiring an additional 245 shares during the last quarter. Finally, High Note Wealth LLC grew its position in Tesla by 5.0% during the second quarter. High Note Wealth LLC now owns 1,180 shares of the electric vehicle producer's stock valued at $375,000 after acquiring an additional 56 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director James R. Murdoch sold 60,000 shares of the business's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the sale, the director owned 637,031 shares in the company, valued at approximately $269,260,263.08. The trade was a 8.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction dated 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 of the company's stock, valued at approximately $17,314,500. This represents a 29.59% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 202,606 shares of company stock worth $75,588,902. Corporate insiders own 19.90% of the company's stock.

Tesla Stock Performance

Shares of TSLA stock opened at $438.69 on Thursday. The stock has a fifty day moving average of $371.20 and a 200 day moving average of $325.56. Tesla, Inc. has a 52 week low of $212.11 and a 52 week high of $488.54. The firm has a market capitalization of $1.46 trillion, a price-to-earnings ratio of 253.58, a PEG ratio of 15.92 and a beta of 2.08. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly 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 return on equity of 7.98% and a net margin of 6.54%.The business had revenue of $22.50 billion during the quarter, compared to analysts' expectations of $23.18 billion. During the same period in the previous year, the business earned $0.52 EPS. The business's revenue was down 11.8% compared to the same quarter last year. As a group, research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on TSLA. Morgan Stanley reiterated an "overweight" rating and set a $410.00 price target on shares of Tesla in a research report on Thursday, October 2nd. Cantor Fitzgerald reiterated an "overweight" rating and set a $355.00 price target on shares of Tesla in a research report on Friday, October 3rd. Daiwa Capital Markets restated a "neutral" rating on shares of Tesla in a report on Sunday, July 27th. Weiss Ratings restated a "hold (c)" rating on shares of Tesla in a report on Wednesday. Finally, CICC Research raised their target price on shares of Tesla from $360.00 to $450.00 and gave the stock an "outperform" rating in a report on Thursday, September 18th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, thirteen have given a Hold rating and eight have given a Sell rating to the stock. Based on data from MarketBeat.com, Tesla presently has an average rating of "Hold" and a consensus price target of $345.70.

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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