Tesla, Inc. $TSLA Shares Acquired by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC increased its position in Tesla by 1.4%, now holding 1,195,545 shares valued at approximately $309.8 million, making Tesla its 13th biggest holding.
• Other institutional investors, such as Goldman Sachs and Vanguard Group, have significantly increased their stakes in Tesla, showcasing heightened interest in the company.
• Tesla's latest quarterly earnings missed analysts' expectations, reporting $0.40 EPS against a forecast of $0.43, and a revenue of $22.50 billion, lower than analyst estimates of $23.18 billion.

Fred Alger Management LLC raised its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 1.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,195,545 shares of the electric vehicle producer's stock after purchasing an additional 16,252 shares during the period. Tesla accounts for approximately 1.8% of Fred Alger Management LLC's holdings, making the stock its 13th biggest position. Fred Alger Management LLC's holdings in Tesla were worth $309,837,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cherry Tree Wealth Management LLC lifted its holdings in shares of Tesla by 86.3% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 44 shares during the last quarter. First PREMIER Bank lifted its stake 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. Pacific Center for Financial Services lifted its stake in Tesla by 1,616.7% in the fourth quarter. Pacific Center for Financial Services now owns 103 shares of the electric vehicle producer's stock worth $42,000 after purchasing an additional 97 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new position in shares of Tesla during the first quarter worth approximately $27,000. Finally, Newton One Investments LLC increased its position in shares of 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 acquiring an additional 75 shares during the period. Institutional investors own 66.20% of the company's stock.

Insiders Place Their Bets

In other Tesla news, Director James R. Murdoch sold 120,000 shares of the stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the sale, the director directly owned 697,031 shares in the company, valued at $244,162,988.99. This represents a 14.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the sale, the chief financial officer owned 9,856 shares in the company, valued at approximately $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 143,606 shares of company stock worth $49,581,812 in the last ninety days. 20.70% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Guggenheim reissued a "sell" rating and set a $175.00 price objective on shares of Tesla in a report on Wednesday, July 23rd. Baird R W downgraded shares of Tesla from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 9th. Royal Bank Of Canada restated an "overweight" rating on shares of Tesla in a research report on Tuesday, July 29th. Argus restated a "hold" rating on shares of Tesla in a research report on Monday, June 9th. Finally, Canaccord Genuity Group lifted their price objective on shares of Tesla from $303.00 to $333.00 and gave the company a "buy" rating in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fourteen have given a Hold rating and nine have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $303.00.

Tesla Trading Up 0.2%

NASDAQ:TSLA traded up $0.82 on Wednesday, hitting $347.79. The stock had a trading volume of 71,648,221 shares, compared to its average volume of 102,792,906. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The stock has a market cap of $1.12 trillion, a price-to-earnings ratio of 201.03, a PEG ratio of 12.08 and a beta of 2.06. The company has a fifty day moving average price of $325.50 and a two-hundred day moving average price of $302.26. 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 posted its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same quarter in the previous year, the firm earned $0.52 earnings per share. The business's revenue for the quarter was down 11.8% compared to the same quarter last year. Equities research analysts expect that Tesla, Inc. will post 2.56 earnings per share 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.