Sfmg LLC Purchases 1,607 Shares of Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Sfmg LLC increased its stake in Tesla by 14.3%, acquiring an additional 1,607 shares, bringing its total holdings to 12,870 shares valued at approximately $3.3 million.
• Recent investment activity shows several large investors, such as True Wealth Design LLC and Cherry Tree Wealth Management LLC, significantly increasing their Tesla holdings.
• Analysts have lowered price targets for Tesla, with Goldman Sachs reducing its target from $315 to $285, indicating a cautious outlook with a consensus "Hold" rating.

Sfmg LLC grew its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 14.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,870 shares of the electric vehicle producer's stock after buying an additional 1,607 shares during the quarter. Sfmg LLC's holdings in Tesla were worth $3,335,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in TSLA. Rinkey Investments raised its position in Tesla by 3.5% during the fourth quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer's stock valued at $347,000 after acquiring an additional 29 shares in the last quarter. True Wealth Design LLC raised its position in shares of Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 31 shares during the period. Aldebaran Financial Inc. raised its position in shares of Tesla by 3.1% in the fourth quarter. Aldebaran Financial Inc. now owns 1,174 shares of the electric vehicle producer's stock valued at $490,000 after purchasing an additional 35 shares during the period. Acorn Wealth Advisors LLC grew its stake in shares of Tesla by 1.9% in the first quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock worth $493,000 after acquiring an additional 36 shares during the last quarter. Finally, Capital Management Associates Inc boosted its stake in Tesla by 3.4% during the first quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer's stock worth $302,000 after buying an additional 38 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TSLA. Cantor Fitzgerald decreased their price target on shares of Tesla from $425.00 to $355.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Robert W. Baird reaffirmed a "neutral" rating and issued a $320.00 price target on shares of Tesla in a report on Monday, June 9th. Baird R W cut Tesla from a "strong-buy" rating to a "hold" rating in a report on Monday, June 9th. Royal Bank Of Canada reissued an "overweight" rating on shares of Tesla in a report on Tuesday, July 29th. Finally, Guggenheim reaffirmed a "sell" rating and issued a $175.00 price target on shares of Tesla in a research note on Wednesday, July 23rd. Ten research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $303.31.

Tesla Price Performance

Tesla stock traded down $2.39 during midday trading on Tuesday, reaching $306.87. The company's stock had a trading volume of 26,279,431 shares, compared to its average volume of 107,149,445. Tesla, Inc. has a 52 week low of $191.48 and a 52 week high of $488.54. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The business has a 50-day moving average price of $321.62 and a 200-day moving average price of $309.49. The stock has a market cap of $989.81 billion, a PE ratio of 177.60, a price-to-earnings-growth ratio of 10.63 and a beta of 2.33.

Tesla (NASDAQ:TSLA - Get Free Report) last released its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (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 business had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. During the same quarter in the prior year, the firm earned $0.52 EPS. The business's revenue was down 11.8% on a year-over-year basis. On average, sell-side analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Transactions at Tesla

In other Tesla news, Director Kimbal Musk sold 91,588 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value of $32,732,635.32. Following the transaction, the director directly owned 1,463,220 shares of the company's stock, valued at approximately $522,940,195.80. The trade was a 5.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total value of $170,636,475.60. Following the completion of the transaction, the director directly owned 855,394 shares in the company, valued at approximately $305,632,276.20. This trade represents a 35.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 606,724 shares of company stock valued at $215,376,831. Company insiders own 20.70% of the company's stock.

Tesla 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.