Tesla, Inc. $TSLA Shares Bought by Palacios Wealth Management LLC

Key Points

• Palacios Wealth Management LLC increased its stake in Tesla, Inc. by 13.4% during Q2, owning 5,237 shares valued at approximately $1.66 million, making Tesla its 17th largest holding.
• During the first quarter, institutional investors like Goldman Sachs and GAMMA Investing LLC significantly boosted their stakes in Tesla, contributing to a total institutional ownership of 66.20%.
• Tesla's recent quarterly earnings missed analysts' expectations, reporting an EPS of $0.40 and revenue of $22.50 billion, down 11.8% year-over-year.

Palacios Wealth Management LLC grew its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 13.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,237 shares of the electric vehicle producer's stock after purchasing an additional 618 shares during the quarter. Tesla makes up approximately 1.4% of Palacios Wealth Management LLC's holdings, making the stock its 17th biggest holding. Palacios Wealth Management LLC's holdings in Tesla were worth $1,664,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Goldman Sachs Group Inc. raised its holdings in shares of Tesla by 322.1% during the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock worth $6,891,201,000 after purchasing an additional 20,291,139 shares during the period. Nuveen LLC acquired a new position in shares of Tesla during the first quarter worth approximately $3,247,619,000. GAMMA Investing LLC grew its stake in shares of Tesla by 27,378.6% in the first quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer's stock worth $2,542,960,000 after purchasing an additional 9,776,607 shares in the last quarter. Kingstone Capital Partners Texas LLC increased its stake in Tesla by 581,880.5% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 6,436,704 shares of the electric vehicle producer's stock valued at $2,044,683,000 after buying an additional 6,435,598 shares during the period. Finally, Amundi raised its holdings in Tesla by 29.4% during the first quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer's stock worth $4,482,789,000 after purchasing an additional 3,814,610 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Price Performance

NASDAQ TSLA opened at $426.07 on Friday. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54. The stock's 50-day moving average is $340.68 and its two-hundred day moving average is $308.35. The firm has a market cap of $1.42 trillion, a P/E ratio of 246.28, a price-to-earnings-growth ratio of 14.86 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.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same period in the prior year, the company posted $0.52 EPS. The business's revenue was down 11.8% on a year-over-year basis. On average, analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on TSLA shares. Piper Sandler reiterated an "overweight" rating and issued a $400.00 price target on shares of Tesla in a research report on Tuesday, June 10th. Canaccord Genuity Group boosted their target price on Tesla from $303.00 to $333.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Benchmark reaffirmed a "buy" rating and set a $475.00 target price (up from $350.00) on shares of Tesla in a report on Thursday, June 26th. Wedbush reissued an "outperform" rating and issued a $500.00 price target on shares of Tesla in a research note on Monday, September 15th. Finally, Baird R W raised shares of Tesla from a "hold" rating to a "strong-buy" rating in a research note on Friday. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have assigned a Hold rating and nine have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $317.70.

Insider Activity

In other news, Director James R. Murdoch sold 120,000 shares of Tesla stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the transaction, the director owned 697,031 shares of the company's stock, valued at $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the company's stock in a transaction on 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 directly owned 47,600 shares of the company's stock, valued at approximately $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 208,606 shares of company stock valued at $77,360,462 over the last 90 days. 20.70% of the stock is currently owned by company insiders.

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.

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