Tesla, Inc. $TSLA Shares Purchased by Modern Wealth Management LLC

Key Points

• Modern Wealth Management LLC increased its stake in Tesla by 58.6% during Q1, with holdings valued at approximately $3.9 million.
• Insider transactions revealed that CFO Vaibhav Taneja sold 4,000 shares, leading to a significant decrease of 40.31% in his holdings.
• Several analysts issued mixed ratings on Tesla, with a consensus price target of $303.00 and an average holding rating.

Modern Wealth Management LLC raised its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 58.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,043 shares of the electric vehicle producer's stock after purchasing an additional 5,557 shares during the quarter. Modern Wealth Management LLC's holdings in Tesla were worth $3,898,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Means Investment CO. Inc. increased its stake in Tesla by 37.7% during the first quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer's stock worth $5,984,000 after acquiring an additional 6,323 shares during the last quarter. Focus Financial Network Inc. grew its holdings in shares of Tesla by 3.1% during the 1st quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer's stock worth $5,823,000 after purchasing an additional 670 shares during the period. Siren L.L.C. acquired a new stake in Tesla during the 1st quarter worth approximately $2,332,000. Zuckerman Investment Group LLC raised its holdings in 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 during the period. Finally, Keystone Global Partners LLC acquired a new position in Tesla during the first quarter valued at approximately $594,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Tesla

In related news, CFO Vaibhav Taneja sold 4,000 shares of the business's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $292.89, for a total transaction of $1,171,560.00. Following the completion of the sale, the chief financial officer owned 5,924 shares of the company's stock, valued at $1,735,080.36. This represents a 40.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the 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. This trade represents a 29.59% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 148,606 shares of company stock worth $51,999,662. 20.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Argus reissued a "hold" rating on shares of Tesla in a research report on Monday, June 9th. Morgan Stanley reiterated an "overweight" rating and issued a $410.00 price target on shares of Tesla in a report on Friday, September 5th. Mizuho cut their price objective on Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 8th. Wedbush reissued an "outperform" rating and set a $500.00 price target on shares of Tesla in a research report on Monday, August 4th. Finally, Baird R W cut shares of Tesla from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fourteen have issued a Hold rating and nine have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $303.00.

Tesla Stock Up 7.4%

Shares of Tesla stock opened at $395.94 on Friday. The business has a 50-day moving average price of $328.89 and a 200 day moving average price of $303.48. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54. The firm has a market cap of $1.28 trillion, a P/E ratio of 228.87, a P/E/G ratio of 12.87 and a beta of 2.06. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07.

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

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