Summit Financial LLC Grows Holdings in Tesla, Inc. $TSLA

Key Points

• Summit Financial LLC increased its Tesla holdings by 8.0% in Q1, bringing their total to 28,282 shares valued at $7.33 million.
• Other institutional investors also raised their stakes in Tesla, with United Asset Strategies increasing theirs by 19.7% and PGIM Custom Harvest LLC by 66.7%.
• Tesla recently reported earnings per share of $0.40, missing estimates, and experienced a year-over-year revenue decline of 11.8%.

Summit Financial LLC boosted its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 8.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,282 shares of the electric vehicle producer's stock after purchasing an additional 2,087 shares during the quarter. Summit Financial LLC's holdings in Tesla were worth $7,330,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. United Asset Strategies Inc. increased its stake in shares of Tesla by 19.7% during the first quarter. United Asset Strategies Inc. now owns 13,711 shares of the electric vehicle producer's stock worth $3,553,000 after acquiring an additional 2,257 shares during the period. PGIM Custom Harvest LLC increased its stake in shares of Tesla by 66.7% during the first quarter. PGIM Custom Harvest LLC now owns 8,212 shares of the electric vehicle producer's stock worth $2,128,000 after acquiring an additional 3,287 shares during the period. Candriam S.C.A. increased its stake in shares of Tesla by 9.6% during the first quarter. Candriam S.C.A. now owns 515,989 shares of the electric vehicle producer's stock worth $133,724,000 after acquiring an additional 44,998 shares during the period. Osterweis Capital Management Inc. increased its stake in shares of Tesla by 57.0% during the first quarter. Osterweis Capital Management Inc. now owns 785 shares of the electric vehicle producer's stock worth $203,000 after acquiring an additional 285 shares during the period. Finally, Luts & Greenleigh Group Inc. increased its stake in shares of Tesla by 9.1% during the first quarter. Luts & Greenleigh Group Inc. now owns 2,261 shares of the electric vehicle producer's stock worth $586,000 after acquiring an additional 188 shares during the period. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Trading Down 1.6%

Shares of Tesla stock opened at $323.90 on Thursday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. Tesla, Inc. has a 1 year low of $202.59 and a 1 year high of $488.54. The company has a market capitalization of $1.04 trillion, a P/E ratio of 187.23, a P/E/G ratio of 11.45 and a beta of 2.33. The business has a 50 day moving average price of $320.96 and a 200 day moving average price of $304.40.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (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 company had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same quarter in the prior year, the firm earned $0.52 earnings per share. The company's revenue for the quarter was down 11.8% on a year-over-year basis. Sell-side analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Wall Street Analyst Weigh In

TSLA has been the topic of a number of recent analyst reports. Piper Sandler reiterated an "overweight" rating and set a $400.00 price target on shares of Tesla in a research note on Tuesday, June 10th. Mizuho dropped their price target on shares of Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 8th. Benchmark restated a "buy" rating and set a $475.00 target price (up from $350.00) on shares of Tesla in a research report on Thursday, June 26th. JPMorgan Chase & Co. lowered their target price on shares of Tesla from $120.00 to $115.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 23rd. Finally, UBS Group set a $290.00 target price on shares of Tesla in a research report on Monday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fifteen have issued a Hold rating and nine have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $303.31.

Insider Buying and Selling

In related news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the company'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 transaction of $170,636,475.60. Following the transaction, the director owned 855,394 shares of the company's stock, valued at approximately $305,632,276.20. This represents a 35.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kimbal Musk sold 91,588 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the transaction, the director directly owned 1,463,220 shares in the company, valued at $522,940,195.80. The trade was a 5.89% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 599,724 shares of company stock valued at $213,126,501. 20.70% of the stock is currently owned by company insiders.

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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