Tcfg Wealth Management LLC Has $1.29 Million Stock Position in Tesla, Inc. $TSLA

Key Points

• Tcfg Wealth Management LLC increased its stake in Tesla, Inc. by 51.0% during the second quarter, culminating in a total holding valued at approximately $1.29 million.
• Several hedge funds also adjusted their positions in Tesla, with 66.20% of the stock currently owned by institutional investors and hedge funds.
• Analyst ratings for Tesla are mixed, with two analysts giving it a Strong Buy rating, and a consensus average price target of $344.40.

Tcfg Wealth Management LLC grew its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 51.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,050 shares of the electric vehicle producer's stock after acquiring an additional 1,367 shares during the period. Tcfg Wealth Management LLC's holdings in Tesla were worth $1,286,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Country Club Bank lifted its position in Tesla by 0.7% during the second quarter. Country Club Bank now owns 10,540 shares of the electric vehicle producer's stock worth $3,411,000 after acquiring an additional 69 shares during the last quarter. Trueblood Wealth Management LLC lifted its position in Tesla by 5.1% during the second quarter. Trueblood Wealth Management LLC now owns 2,055 shares of the electric vehicle producer's stock worth $653,000 after acquiring an additional 100 shares during the last quarter. Seamount Financial Group Inc. acquired a new stake in Tesla during the second quarter worth approximately $319,000. Viewpoint Capital Management LLC lifted its position in Tesla by 1.0% during the second quarter. Viewpoint Capital Management LLC now owns 18,613 shares of the electric vehicle producer's stock worth $5,912,000 after acquiring an additional 176 shares during the last quarter. Finally, Drake & Associates LLC lifted its position in Tesla by 7.0% during the second quarter. Drake & Associates LLC now owns 897 shares of the electric vehicle producer's stock worth $285,000 after acquiring an additional 59 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

TSLA has been the subject of several research reports. Wedbush raised their price objective on shares of Tesla from $500.00 to $600.00 and gave the stock an "outperform" rating in a research report on Friday, September 26th. Stifel Nicolaus set a $440.00 price target on shares of Tesla in a research report on Friday, September 5th. Daiwa Capital Markets reiterated a "neutral" rating on shares of Tesla in a research report on Sunday, July 27th. Dbs Bank lifted their price target on shares of Tesla from $300.00 to $450.00 in a research report on Wednesday, September 17th. Finally, HSBC lifted their price target on shares of Tesla from $120.00 to $127.00 in a research report on Monday, September 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, thirteen have given a Hold rating and eight have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $344.40.

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction that occurred 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 directly owned 9,856 shares of the company's stock, valued at $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 202,606 shares of company stock valued at $75,588,902 over the last three months. 19.90% of the stock is owned by insiders.

Tesla Stock Performance

Shares of NASDAQ:TSLA opened at $433.09 on Wednesday. The company's 50 day simple moving average is $368.81 and its 200 day simple moving average is $324.77. The stock has a market capitalization of $1.44 trillion, a price-to-earnings ratio of 250.34, a price-to-earnings-growth ratio of 15.75 and a beta of 2.08. 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 $212.11 and a 1 year high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business's revenue was down 11.8% compared to the same quarter last year. During the same period last year, the business earned $0.52 earnings per share. As a group, research analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

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.

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