Tesla, Inc. (NASDAQ:TSLA) Shares Purchased by Sierra Summit Advisors LLC

Key Points

• Sierra Summit Advisors LLC increased its stake in Tesla by 2.0% in Q1, owning 47,312 shares worth $12.26 million, making Tesla its 7th largest investment.
• Tesla's stock price opened at $329.61, with a market cap of $1.06 trillion and a P/E ratio of 190.53, showing significant fluctuations over the past year.
• In its recent earnings report, Tesla missed earnings estimates with $0.40 EPS and $22.50 billion in revenue, reflecting an 11.8% decline year-over-year.

Sierra Summit Advisors LLC boosted its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 2.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 47,312 shares of the electric vehicle producer's stock after buying an additional 913 shares during the quarter. Tesla makes up 2.7% of Sierra Summit Advisors LLC's holdings, making the stock its 7th biggest position. Sierra Summit Advisors LLC's holdings in Tesla were worth $12,261,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Eagle Capital Management LLC purchased a new stake in Tesla during the 4th quarter valued at about $331,000. Brighton Jones LLC grew its position in shares of Tesla by 11.8% in the fourth quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock valued at $35,509,000 after purchasing an additional 9,293 shares in the last quarter. Revolve Wealth Partners LLC increased its holdings in shares of Tesla by 21.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock valued at $2,147,000 after purchasing an additional 931 shares during the last quarter. Mascagni Wealth Management Inc. purchased a new position in Tesla during the fourth quarter worth approximately $346,000. Finally, Highview Capital Management LLC DE acquired a new position in Tesla during the fourth quarter worth $2,367,000. Institutional investors and hedge funds own 66.20% of the company's stock.

Insider Buying and Selling

In other news, Director Kimbal Musk sold 91,588 shares of the business'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 value of $32,732,635.32. Following the completion of the transaction, the director owned 1,463,220 shares of the company's stock, valued at $522,940,195.80. The trade was a 5.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 2,000 shares of the business's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total value of $600,000.00. Following the completion of the transaction, the chief financial officer owned 5,924 shares of the company's stock, valued at $1,777,200. This trade represents a 25.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 602,724 shares of company stock worth $214,176,831. 20.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have commented on TSLA. Robert W. Baird reaffirmed a "neutral" rating and set a $320.00 target price on shares of Tesla in a research note on Monday, June 9th. Daiwa Capital Markets reissued a "neutral" rating on shares of Tesla in a research note on Sunday, July 27th. Guggenheim reaffirmed a "sell" rating and set a $175.00 price objective on shares of Tesla in a research report on Wednesday, July 23rd. Truist Financial set a $280.00 target price on Tesla in a research report on Tuesday, April 22nd. Finally, Barclays dropped their price objective on Tesla from $325.00 to $275.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Ten investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Tesla presently has an average rating of "Hold" and an average price target of $303.31.

Tesla Price Performance

Shares of TSLA stock traded up $7.34 during mid-day trading on Friday, reaching $329.61. The stock had a trading volume of 90,979,625 shares, compared to its average volume of 89,568,456. Tesla, Inc. has a 12-month low of $194.67 and a 12-month high of $488.54. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The business has a 50-day simple moving average of $318.68 and a 200 day simple moving average of $307.45. The company has a market cap of $1.06 trillion, a P/E ratio of 190.53, a price-to-earnings-growth ratio of 11.58 and a beta of 2.33.

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 for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). The business had revenue of $22.50 billion for the quarter, compared to analysts' expectations of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%. The company's revenue for the quarter was down 11.8% on a year-over-year basis. During the same period last year, the business earned $0.52 earnings per share. On average, sell-side analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

Tesla Company 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.