TRU Independence Asset Management 2 LLC Buys Shares of 670 Tesla, Inc. $TSLA

Key Points

• TRU Independence Asset Management 2 LLC acquired 670 shares of Tesla, Inc. for approximately $213,000 in the second quarter, signifying continued interest from institutional investors.
• Analyst ratings for Tesla are varied, with Goldman Sachs and Piper Sandler increasing their target prices, while equities research analysts have issued two Strong Buy, nineteen Buy, and twelve Hold ratings for the stock.
• Insider transactions show significant selling activity, including CFO Vaibhav Taneja selling 2,606 shares and SVP Xiaotong Zhu selling 20,000 shares, highlighting a trend of insider selling amidst fluctuating stock performance.

TRU Independence Asset Management 2 LLC acquired a new stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 670 shares of the electric vehicle producer's stock, valued at approximately $213,000.

Other institutional investors have also recently modified their holdings of the company. Cherry Tree Wealth Management LLC grew its position in Tesla by 86.3% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after purchasing an additional 44 shares in the last quarter. First PREMIER Bank lifted its stake in Tesla by 79.2% in the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after purchasing an additional 42 shares in the last quarter. Newton One Investments LLC boosted its stake in shares of Tesla by 250.0% during the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after purchasing an additional 75 shares during the period. Arcadia Investment Management Corp MI purchased a new stake in shares of Tesla in the 1st quarter worth approximately $27,000. Finally, Chelsea Counsel Co. grew its position in Tesla by 59.7% during the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock worth $28,000 after purchasing an additional 40 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on TSLA shares. The Goldman Sachs Group increased their target price on Tesla from $300.00 to $395.00 and gave the stock a "neutral" rating in a research note on Thursday, September 18th. Robert W. Baird upgraded shares of Tesla from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $320.00 to $548.00 in a research report on Friday, September 19th. Glj Research reissued a "sell" rating on shares of Tesla in a research report on Thursday, July 24th. Wedbush increased their target price on Tesla from $500.00 to $600.00 and gave the company an "outperform" rating in a research note on Friday. Finally, Piper Sandler raised their price target on Tesla from $400.00 to $500.00 and gave the stock an "overweight" rating in a research report on Monday, September 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, twelve have given a Hold rating and nine have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $332.33.

Insider Transactions at Tesla

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

Tesla Trading Up 4.0%

TSLA opened at $440.40 on Friday. Tesla, Inc. has a 12 month low of $212.11 and a 12 month high of $488.54. The stock has a market capitalization of $1.46 trillion, a price-to-earnings ratio of 254.57, a PEG ratio of 15.36 and a beta of 2.06. The business has a fifty day moving average price of $352.05 and a 200 day moving average price of $314.88. 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 posted 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 the consensus estimate of $23.18 billion. During the same quarter last year, the company earned $0.52 earnings per share. The company's revenue was down 11.8% compared to the same quarter last year. Sell-side analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

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.

Want to see what other hedge funds are holding TSLA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tesla, Inc. (NASDAQ:TSLA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.