Smith Salley Wealth Management Acquires 1,418 Shares of Tesla, Inc. $TSLA

Key Points

• Smith Salley Wealth Management increased its Tesla holdings by 35.0% in Q2, acquiring 1,418 shares to reach a total of 5,474 shares valued at $1,739,000.
• A variety of institutional investors are increasing their stakes in Tesla, with Cherry Tree Wealth Management leading by raising holdings by 86.3% in Q1.
• Analyst ratings for Tesla vary significantly, with estimates ranging from a $175.00 sell rating by Guggenheim to a $500.00 price target by Piper Sandler, indicating a lack of consensus among investment firms.

Smith Salley Wealth Management increased its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 35.0% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,474 shares of the electric vehicle producer's stock after purchasing an additional 1,418 shares during the period. Smith Salley Wealth Management's holdings in Tesla were worth $1,739,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Cherry Tree Wealth Management LLC increased its holdings in shares of Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 44 shares during the period. First PREMIER Bank grew its position in Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after acquiring an additional 42 shares during the last quarter. Newton One Investments LLC increased its stake in Tesla by 250.0% in the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after purchasing an additional 75 shares during the period. Arcadia Investment Management Corp MI bought a new stake in Tesla in the first quarter valued at approximately $27,000. Finally, Chelsea Counsel Co. boosted its stake in shares of Tesla by 59.7% during the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 40 shares during the period. Hedge funds and other institutional investors own 66.20% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on TSLA. Royal Bank Of Canada reiterated a "buy" rating on shares of Tesla in a report on Friday. Morgan Stanley reaffirmed an "overweight" rating and set a $410.00 price objective on shares of Tesla in a research note on Friday, September 5th. Piper Sandler raised their target price on Tesla from $400.00 to $500.00 and gave the stock an "overweight" rating in a research note on Monday, September 22nd. Guggenheim reaffirmed a "sell" rating and set a $175.00 price target on shares of Tesla in a research report on Wednesday, July 23rd. Finally, UBS Group reiterated a "sell" rating on shares of Tesla in a research report on Monday, September 22nd. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, twelve have given a Hold rating and nine have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $332.33.

Insider Transactions at Tesla

In related news, SVP Xiaotong Zhu sold 20,000 shares of the company's stock in a transaction that occurred on 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 sale, the senior vice president owned 47,600 shares in the company, valued at $17,314,500. This represents a 29.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction on Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the transaction, the chief financial officer owned 9,856 shares of the company's stock, valued at $3,473,057.28. The trade was a 20.91% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 208,606 shares of company stock valued at $77,360,462 in the last ninety days. 19.90% of the stock is currently owned by corporate insiders.

Tesla Price Performance

Shares of TSLA stock opened at $443.21 on Tuesday. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The stock has a market cap of $1.47 trillion, a price-to-earnings ratio of 256.19, a PEG ratio of 15.36 and a beta of 2.06. The business's fifty day moving average is $354.34 and its 200 day moving average is $316.75. Tesla, Inc. has a twelve month low of $212.11 and a twelve month high of $488.54.

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 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 prior year, the company earned $0.52 earnings per share. The firm's quarterly revenue was down 11.8% compared to the same quarter last year. Research analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

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.

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