Wedbush Securities Inc. Acquires 8,045 Shares of Tesla, Inc. (NASDAQ:TSLA)

Wedbush Securities Inc. increased its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 11.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 76,337 shares of the electric vehicle producer's stock after buying an additional 8,045 shares during the quarter. Tesla accounts for about 0.7% of Wedbush Securities Inc.'s investment portfolio, making the stock its 16th largest position. Wedbush Securities Inc.'s holdings in Tesla were worth $19,783,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cherry Tree Wealth Management LLC lifted its holdings in Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after purchasing an additional 44 shares in the last quarter. First PREMIER Bank increased its position in 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 purchasing an additional 42 shares during the last quarter. Newton One Investments LLC boosted its stake in 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 buying an additional 75 shares during the period. Arcadia Investment Management Corp MI purchased a new stake in shares of Tesla during the first quarter valued at $27,000. Finally, True Wealth Design LLC boosted its stake in shares of Tesla by 79.5% during the fourth 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 period. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Stock Performance

Shares of TSLA stock traded up $10.76 during mid-day trading on Friday, reaching $316.06. The stock had a trading volume of 147,437,834 shares, compared to its average volume of 90,285,424. The firm's 50 day simple moving average is $324.70 and its 200 day simple moving average is $314.65. The company has a quick ratio of 1.54, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a one year low of $182.00 and a one year high of $488.54. The firm has a market cap of $1.02 trillion, a PE ratio of 182.69, a P/E/G ratio of 11.59 and a beta of 2.39.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its earnings results 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). Tesla had a return on equity of 7.98% and a net margin of 6.54%. The company had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same period in the previous year, the company posted $0.52 earnings per share. The company's quarterly revenue was down 11.8% on a year-over-year basis. On average, analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on TSLA shares. Truist Financial set a $280.00 price objective on shares of Tesla in a research note on Tuesday, April 22nd. Cfra Research downgraded shares of Tesla from a "moderate buy" rating to a "hold" rating in a report on Tuesday, April 22nd. Cantor Fitzgerald lowered their price objective on Tesla from $425.00 to $355.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Stifel Nicolaus set a $450.00 target price on Tesla and gave the company a "buy" rating in a research report on Thursday, April 24th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Tesla in a research note on Thursday. Ten analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Tesla currently has an average rating of "Hold" and an average price target of $302.75.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 2,000 shares of Tesla stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $300.00, for a total value of $600,000.00. Following the completion of the sale, the chief financial officer directly owned 5,924 shares of the company's stock, valued at approximately $1,777,200. This trade represents a 25.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kimbal Musk sold 91,588 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was 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 in the company, valued at $522,940,195.80. This represents a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 835,509 shares of company stock valued at $279,420,485. Company insiders own 20.70% of the company's stock.

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.