Tesla, Inc. $TSLA Shares Bought by Covenant Asset Management LLC

Key Points

• Covenant Asset Management LLC increased its holdings in Tesla, Inc. by 79.3% in the 2nd quarter, now owning 6,948 shares worth approximately $2.2 million.
• Tesla's quarterly earnings showed a miss on EPS estimates, reporting $0.40 compared to the anticipated $0.43, with revenue also falling short at $22.5 billion.
• Analysts have mixed ratings for Tesla, with two strong buy, nineteen buy, and twelve hold ratings, while the average target price is set at $332.33.

Covenant Asset Management LLC boosted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 79.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,948 shares of the electric vehicle producer's stock after acquiring an additional 3,072 shares during the quarter. Covenant Asset Management LLC's holdings in Tesla were worth $2,207,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TSLA. Means Investment CO. Inc. grew its stake in shares of Tesla by 37.7% in the first quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer's stock valued at $5,984,000 after buying an additional 6,323 shares in the last quarter. Focus Financial Network Inc. grew its stake in shares of Tesla by 3.1% in the first quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer's stock valued at $5,823,000 after buying an additional 670 shares in the last quarter. Siren L.L.C. acquired a new stake in shares of Tesla in the first quarter valued at $2,332,000. Zuckerman Investment Group LLC grew its stake in shares of Tesla by 6.9% in the first quarter. Zuckerman Investment Group LLC now owns 12,748 shares of the electric vehicle producer's stock valued at $3,304,000 after buying an additional 826 shares in the last quarter. Finally, Keystone Global Partners LLC acquired a new stake in shares of Tesla in the first quarter valued at $594,000. Institutional investors and hedge funds own 66.20% of the company's stock.

Tesla Stock Up 0.6%

Shares of NASDAQ TSLA opened at $443.21 on Tuesday. The company has a market capitalization of $1.47 trillion, a price-to-earnings ratio of 256.19, a price-to-earnings-growth ratio of 15.36 and a beta of 2.06. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The business has a 50-day moving average of $354.34 and a two-hundred day moving average of $316.75. 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 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). 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 firm's quarterly revenue was down 11.8% on a year-over-year basis. During the same period last year, the firm earned $0.52 earnings per share. On average, analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the sale, the senior vice president owned 47,600 shares in the company, valued at approximately $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the sale, the chief financial officer owned 9,856 shares in the company, valued at $3,473,057.28. This trade represents a 20.91% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 208,606 shares of company stock worth $77,360,462. Corporate insiders own 19.90% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group lifted their price objective on Tesla from $300.00 to $395.00 and gave the company a "neutral" rating in a research note on Thursday, September 18th. Glj Research reiterated a "sell" rating on shares of Tesla in a report on Thursday, July 24th. Baird R W upgraded Tesla from a "hold" rating to a "strong-buy" rating in a report on Friday, September 19th. Robert W. Baird upgraded Tesla from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $320.00 to $548.00 in a report on Friday, September 19th. Finally, Dbs Bank lifted their target price on Tesla from $300.00 to $450.00 in a report on Wednesday, September 17th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, twelve have given a Hold rating and nine have issued a Sell rating to the company. Based on data from MarketBeat, Tesla presently has an average rating of "Hold" and a consensus price target of $332.33.

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.

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