Spartan Planning & Wealth Management Purchases 2,443 Shares of Tesla, Inc. $TSLA

Key Points

• Spartan Planning & Wealth Management increased its Tesla holdings by 76.3%, acquiring an additional 2,443 shares, bringing its total to 5,646 shares valued at approximately $1.79 million.
• In recent trading, Tesla shares opened at $444.72 and have a market cap of $1.48 trillion, with analysts predicting 2.56 EPS for the current year.
• Director James R. Murdoch sold 60,000 shares for over $25 million, indicating notable insider trading activity while insiders collectively sold stock worth $77.36 million in the last 90 days.

Spartan Planning & Wealth Management raised its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 76.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,646 shares of the electric vehicle producer's stock after acquiring an additional 2,443 shares during the quarter. Tesla makes up about 1.5% of Spartan Planning & Wealth Management's investment portfolio, making the stock its 16th biggest position. Spartan Planning & Wealth Management's holdings in Tesla were worth $1,794,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Cherry Tree Wealth Management LLC lifted its holdings in Tesla by 86.3% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after purchasing an additional 44 shares in the last quarter. First PREMIER Bank lifted its holdings in shares of Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 42 shares in the last quarter. Newton One Investments LLC boosted its position in shares of Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after acquiring an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new position in Tesla during the first quarter valued at $27,000. Finally, Chelsea Counsel Co. increased its holdings in Tesla by 59.7% in the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock valued at $28,000 after acquiring an additional 40 shares during the last quarter. Institutional investors own 66.20% of the company's stock.

Tesla Stock Up 0.3%

Shares of TSLA opened at $444.72 on Wednesday. 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 business has a fifty day moving average of $356.59 and a 200 day moving average of $317.64. The company has a market cap of $1.48 trillion, a PE ratio of 257.06, a P/E/G ratio of 15.46 and a beta of 2.06. Tesla, Inc. has a 52-week low of $212.11 and a 52-week high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing the consensus estimate 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 analysts' expectations of $23.18 billion. During the same period in the prior year, the company posted $0.52 EPS. The company's revenue was down 11.8% compared to the same quarter last year. On average, sell-side analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

Wall Street Analysts Forecast Growth

TSLA has been the subject of several research reports. Baird R W raised shares of Tesla from a "hold" rating to a "strong-buy" rating in a report on Friday, September 19th. Morgan Stanley reissued an "overweight" rating and set a $410.00 price target on shares of Tesla in a research note on Friday, September 5th. Royal Bank Of Canada reaffirmed a "buy" rating on shares of Tesla in a research note on Friday, September 26th. China Renaissance reaffirmed a "hold" rating and set a $349.00 price objective on shares of Tesla in a report on Friday, July 25th. Finally, The Goldman Sachs Group raised their target price on shares of Tesla from $300.00 to $395.00 and gave the company a "neutral" rating in a report on Thursday, September 18th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, twelve have given a Hold rating and nine have given a Sell rating to the company's stock. According to data from MarketBeat, Tesla presently has an average rating of "Hold" and a consensus target price of $337.15.

Insiders Place Their Bets

In related news, Director James R. Murdoch sold 60,000 shares of the business's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the completion of the transaction, the director owned 637,031 shares in the company, valued at $269,260,263.08. The trade was 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 company'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 completion of 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 position. The disclosure for this sale can be found here. Insiders sold a total of 208,606 shares of company stock valued at $77,360,462 over the last 90 days. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.