Townsend Asset Management Corp NC ADV Makes New $200,000 Investment in Tesla, Inc. $TSLA

Key Points

• Townsend Asset Management Corp NC ADV has made a new investment in Tesla, Inc., purchasing 631 shares valued at approximately $200,000 in the second quarter.
• Several institutional investors have recently increased their stakes in Tesla, resulting in institutional ownership now at 66.20% of the company's stock.
• Tesla's shares have seen a significant price movement, opening at $440.40, with analysts adjusting price targets, some boosting it to as high as $500.00.

Townsend Asset Management Corp NC ADV purchased a new stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 631 shares of the electric vehicle producer's stock, valued at approximately $200,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Brighton Jones LLC increased its holdings in Tesla by 11.8% during the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock worth $35,509,000 after acquiring an additional 9,293 shares during the period. Revolve Wealth Partners LLC increased its position in shares of Tesla by 21.2% in the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock valued at $2,147,000 after purchasing an additional 931 shares during the last quarter. Bison Wealth LLC lifted its stake in Tesla by 52.2% in the 4th quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer's stock valued at $4,187,000 after buying an additional 3,558 shares in the last quarter. Legacy Private Trust Co. grew its holdings in Tesla by 10.4% during the 1st quarter. Legacy Private Trust Co. now owns 6,477 shares of the electric vehicle producer's stock worth $1,679,000 after acquiring an additional 610 shares in the last quarter. Finally, Farmers Trust Co. raised its holdings in Tesla by 10.8% during the 1st quarter. Farmers Trust Co. now owns 1,249 shares of the electric vehicle producer's stock worth $324,000 after buying an additional 122 shares during the period. Institutional investors and hedge funds own 66.20% of the company's stock.

Tesla Stock Up 4.0%

Shares of TSLA stock opened at $440.40 on Friday. The company has a 50 day simple moving average of $352.05 and a two-hundred day simple moving average of $314.88. Tesla, Inc. has a 12 month low of $212.11 and a 12 month high of $488.54. The stock has a market cap of $1.46 trillion, a P/E ratio of 254.57, a P/E/G ratio of 15.36 and a beta of 2.06. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share 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 firm had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same period in the prior year, the company posted $0.52 earnings per share. The firm's revenue for the quarter was down 11.8% on a year-over-year basis. On average, research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have weighed in on TSLA. CICC Research boosted their price target on Tesla from $360.00 to $450.00 and gave the stock an "outperform" rating in a research report on Thursday, September 18th. Daiwa Capital Markets reiterated a "neutral" rating on shares of Tesla in a report on Sunday, July 27th. Morgan Stanley reissued an "overweight" rating and set a $410.00 target price on shares of Tesla in a report on Friday, September 5th. Argus reaffirmed a "hold" rating on shares of Tesla in a report on Monday, June 9th. Finally, Piper Sandler increased their target price on Tesla from $400.00 to $500.00 and gave the stock an "overweight" rating in a research report on Monday, September 22nd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, twelve have assigned a Hold rating and nine have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $332.33.

Insider Transactions at Tesla

In related news, Director James R. Murdoch sold 60,000 shares of the business's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $422.68, for a total value of $25,360,800.00. Following the transaction, the director owned 637,031 shares in the company, valued at $269,260,263.08. The trade was a 8.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the company's stock in a transaction on Monday, September 8th. The shares were sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of the sale, the chief financial officer directly owned 9,856 shares of the company's stock, 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. In the last quarter, insiders sold 208,606 shares of company stock worth $77,360,462. 19.90% of the stock is owned by corporate insiders.

Tesla 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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