Exchange Traded Concepts LLC Acquires 363,022 Shares of Tesla, Inc. (NASDAQ:TSLA)

Exchange Traded Concepts LLC increased its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 402.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 453,214 shares of the electric vehicle producer's stock after purchasing an additional 363,022 shares during the period. Tesla makes up 2.0% of Exchange Traded Concepts LLC's portfolio, making the stock its 8th biggest position. Exchange Traded Concepts LLC's holdings in Tesla were worth $117,455,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. True Wealth Design LLC lifted its holdings in Tesla by 79.5% during the 4th 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 last quarter. Horrell Capital Management Inc. increased its holdings in shares of Tesla by 75.6% in the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer's stock valued at $32,000 after purchasing an additional 34 shares in the last quarter. GS Investments Inc. raised its position in Tesla by 193.3% in the 4th quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer's stock worth $36,000 after purchasing an additional 58 shares during the last quarter. Navigoe LLC acquired a new position in shares of Tesla during the fourth quarter valued at $37,000. Finally, CoreFirst Bank & Trust bought a new position in shares of Tesla in the 4th quarter valued at about $38,000. Institutional investors own 66.20% of the company's stock.

Tesla Trading Up 1.9%

Shares of NASDAQ TSLA traded up $6.20 during trading hours on Friday, hitting $325.31. 128,417,075 shares of the company traded hands, compared to its average volume of 100,836,055. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $1.05 trillion, a price-to-earnings ratio of 159.47, a price-to-earnings-growth ratio of 5.86 and a beta of 2.47. Tesla, Inc. has a 12 month low of $177.00 and a 12 month high of $488.54. The company's 50 day moving average price is $299.39 and its 200 day moving average price is $332.88.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a return on equity of 10.31% and a net margin of 7.26%. The company had revenue of $19.34 billion during the quarter, compared to analysts' expectations of $22.93 billion. During the same period in the prior year, the business earned $0.45 EPS. On average, equities research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

TSLA has been the topic of several analyst reports. UBS Group cut their target price on Tesla from $225.00 to $190.00 and set a "sell" rating on the stock in a research note on Thursday, April 10th. Piper Sandler restated an "overweight" rating and issued a $400.00 target price on shares of Tesla in a research note on Tuesday. Barclays reduced their target price on shares of Tesla from $325.00 to $275.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. JPMorgan Chase & Co. cut their price target 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, Canaccord Genuity Group decreased their price objective on Tesla from $404.00 to $303.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Ten research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $293.67.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 2,564 shares of Tesla stock in a transaction on Monday, June 9th. The shares were sold at an average price of $285.71, for a total transaction of $732,560.44. Following the completion of the sale, the chief financial officer now directly owns 5,924 shares in the company, valued at approximately $1,692,546.04. The trade was a 30.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joseph Gebbia acquired 4,000 shares of the business's stock in a transaction on Thursday, April 24th. The stock was purchased at an average cost of $256.31 per share, with a total value of $1,025,240.00. Following the acquisition, the director now directly owns 4,111 shares of the company's stock, valued at $1,053,690.41. This represents a 3,603.60% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 818,509 shares of company stock valued at $273,791,775. 20.70% of the stock is currently owned by 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.