Segment Wealth Management LLC Raises Holdings in Tesla, Inc. $TSLA

Segment Wealth Management LLC grew its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 27.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,924 shares of the electric vehicle producer's stock after purchasing an additional 2,347 shares during the period. Segment Wealth Management LLC's holdings in Tesla were worth $3,470,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Life Planning Partners Inc lifted its stake in shares of Tesla by 1.8% in the 2nd quarter. Life Planning Partners Inc now owns 3,145 shares of the electric vehicle producer's stock valued at $999,000 after purchasing an additional 56 shares in the last quarter. Fairvoy Private Wealth LLC raised its holdings in Tesla by 5.5% in the second quarter. Fairvoy Private Wealth LLC now owns 2,023 shares of the electric vehicle producer's stock valued at $643,000 after buying an additional 105 shares during the period. Curran Financial Partners LLC raised its stake in shares of Tesla by 10.4% in the 2nd quarter. Curran Financial Partners LLC now owns 1,599 shares of the electric vehicle producer's stock valued at $508,000 after acquiring an additional 150 shares during the period. Stock Yards Bank & Trust Co. raised its stake in shares of Tesla by 6.2% in the 2nd quarter. Stock Yards Bank & Trust Co. now owns 9,782 shares of the electric vehicle producer's stock valued at $3,107,000 after acquiring an additional 573 shares during the period. Finally, Montz Harcus Wealth Management LLC raised its stake in shares of Tesla by 9.4% in the 2nd quarter. Montz Harcus Wealth Management LLC now owns 2,423 shares of the electric vehicle producer's stock valued at $770,000 after acquiring an additional 209 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on TSLA shares. Morgan Stanley reissued an "overweight" rating and issued a $410.00 price objective on shares of Tesla in a research report on Thursday. Canaccord Genuity Group raised their target price on Tesla from $333.00 to $490.00 and gave the company a "buy" rating in a report on Tuesday, September 30th. Piper Sandler lifted their price objective on shares of Tesla from $400.00 to $500.00 and gave the company an "overweight" rating in a research note on Monday, September 22nd. Benchmark reiterated a "buy" rating and set a $475.00 price objective (up previously from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Finally, Stifel Nicolaus set a $440.00 price target on shares of Tesla in a research note on Friday, September 5th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, thirteen have assigned a Hold rating and eight have assigned a Sell rating to the company. Based on data from MarketBeat, Tesla currently has a consensus rating of "Hold" and an average target price of $343.43.

Tesla Stock Down 1.4%

Tesla stock opened at $429.83 on Friday. The company has a 50-day simple moving average of $364.02 and a 200-day simple moving average of $321.99. The firm has a market capitalization of $1.43 trillion, a P/E ratio of 248.46, a P/E/G ratio of 14.93 and a beta of 2.08. 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, Inc. has a one year low of $212.11 and a one year high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. During the same quarter in the prior year, the company posted $0.52 EPS. The firm's revenue was down 11.8% on a year-over-year basis. As a group, equities analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Activity at Tesla

In related news, Director James R. Murdoch sold 60,000 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $422.68, for a total value of $25,360,800.00. Following the sale, the director directly owned 637,031 shares in the company, valued at $269,260,263.08. This trade represents a 8.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the firm's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the transaction, the senior vice president directly owned 47,600 shares in the company, valued at $17,314,500. This trade 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 worth $77,360,462 in the last three months. 19.90% of the stock is owned by company insiders.

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.

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