New Harbor Financial Group LLC Grows Stock Position in Tesla, Inc. $TSLA

Key Points

• New Harbor Financial Group LLC increased its stake in Tesla, Inc. by 74.6% in Q1, owning 3,444 shares valued at approximately $893,000.
• Institutional investors now hold 66.20% of Tesla's stock, with several firms like GDS Wealth Management and Tradition Wealth Management also significantly increasing their holdings during the same period.
• Despite a consensus "Hold" rating and a price target of $303.31 from analysts, Tesla's stock has faced challenges, with recent earnings falling short of expectations.

New Harbor Financial Group LLC increased its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 74.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,444 shares of the electric vehicle producer's stock after acquiring an additional 1,471 shares during the quarter. Tesla makes up about 0.2% of New Harbor Financial Group LLC's portfolio, making the stock its 22nd biggest holding. New Harbor Financial Group LLC's holdings in Tesla were worth $893,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the business. Rinkey Investments grew its holdings in shares of Tesla by 3.5% during the fourth quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer's stock worth $347,000 after buying an additional 29 shares in the last quarter. True Wealth Design LLC boosted its position in shares of Tesla by 79.5% during the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after acquiring an additional 31 shares during the last quarter. Aldebaran Financial Inc. boosted its position in shares of Tesla by 3.1% during the 4th quarter. Aldebaran Financial Inc. now owns 1,174 shares of the electric vehicle producer's stock valued at $490,000 after acquiring an additional 35 shares during the last quarter. Acorn Wealth Advisors LLC boosted its position in shares of Tesla by 1.9% during the 1st quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock valued at $493,000 after acquiring an additional 36 shares during the last quarter. Finally, Solutions 4 Wealth Ltd boosted its position in shares of Tesla by 2.0% during the 1st quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock valued at $470,000 after acquiring an additional 36 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Robert W. Baird reissued a "neutral" rating and set a $320.00 price target on shares of Tesla in a research report on Monday, June 9th. Royal Bank Of Canada reaffirmed an "overweight" rating on shares of Tesla in a research report on Tuesday, July 29th. Guggenheim reaffirmed a "sell" rating and issued a $175.00 target price on shares of Tesla in a research report on Wednesday, July 23rd. Benchmark reissued a "buy" rating and set a $475.00 price target (up previously from $350.00) on shares of Tesla in a research report on Thursday, June 26th. Finally, Piper Sandler reissued an "overweight" rating and set a $400.00 price target on shares of Tesla in a research report on Tuesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fifteen have issued a Hold rating and nine have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $303.31.

Tesla Stock Performance

NASDAQ:TSLA traded up $19.90 during midday trading on Friday, reaching $340.01. The stock had a trading volume of 93,395,619 shares, compared to its average volume of 79,735,472. Tesla, Inc. has a 12-month low of $202.59 and a 12-month high of $488.54. 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 firm has a fifty day simple moving average of $321.27 and a two-hundred day simple moving average of $302.58. The stock has a market cap of $1.10 trillion, a P/E ratio of 196.54, a P/E/G ratio of 11.82 and a beta of 2.33.

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

Insider Buying and Selling

In related news, Director Kimbal Musk sold 91,588 shares of Tesla stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the completion of the sale, the director owned 1,463,220 shares in the company, valued at approximately $522,940,195.80. This trade represents a 5.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 2,000 shares of Tesla stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $300.00, for a total value of $600,000.00. Following the sale, the chief financial officer owned 5,924 shares of the company's stock, valued at approximately $1,777,200. This represents a 25.24% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 599,724 shares of company stock worth $213,126,501. 20.70% of the stock is 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.