Venturi Wealth Management LLC Boosts Holdings in Tesla, Inc. $TSLA

Key Points

• Venturi Wealth Management LLC increased its holdings in Tesla by 31.1% during Q2, owning 17,306 shares valued at approximately $5.5 million.
• Analysts are optimistic about Tesla's future with several firms raising their price targets, with Bank of America and others increasing targets to as high as $450.
• Insider trading activity includes significant share sales by Tesla's director and senior vice president, with over 202,606 shares sold by insiders in the past ninety days.

Venturi Wealth Management LLC lifted its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 31.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,306 shares of the electric vehicle producer's stock after buying an additional 4,105 shares during the quarter. Venturi Wealth Management LLC's holdings in Tesla were worth $5,497,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of TSLA. Cherry Tree Wealth Management LLC lifted its position in Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after buying an additional 44 shares during the period. First PREMIER Bank lifted its position in Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 42 shares during the period. Newton One Investments LLC boosted its stake in Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after acquiring an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new stake in Tesla in the first quarter worth about $27,000. Finally, Chelsea Counsel Co. grew its holdings in Tesla by 59.7% in the first 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 period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Bank of America upped their price objective on shares of Tesla from $305.00 to $341.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. CICC Research upped their price objective on shares of Tesla from $360.00 to $450.00 and gave the stock an "outperform" rating in a report on Thursday, September 18th. Mizuho upped their price objective on shares of Tesla from $375.00 to $450.00 and gave the stock an "outperform" rating in a report on Tuesday, September 23rd. JPMorgan Chase & Co. raised their price objective on shares of Tesla from $115.00 to $150.00 in a research note on Friday, October 3rd. Finally, Piper Sandler upped their target price on shares of Tesla from $400.00 to $500.00 and gave the stock an "overweight" rating in a research note on Monday, September 22nd. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, thirteen have assigned a Hold rating and eight have given a Sell rating to the company's stock. Based on data from MarketBeat, Tesla currently has a consensus rating of "Hold" and an average price target of $345.70.

Insider Buying and Selling at Tesla

In other Tesla news, Director James R. Murdoch sold 60,000 shares of the company's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the completion of the sale, the director directly owned 637,031 shares of the company's stock, valued at approximately $269,260,263.08. This represents a 8.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The shares were 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. Over the last ninety days, insiders sold 202,606 shares of company stock valued at $75,588,902. Insiders own 19.90% of the company's stock.

Tesla Stock Up 1.3%

TSLA opened at $438.69 on Thursday. 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 50 day moving average price of $371.20 and a 200-day moving average price of $325.56. Tesla, Inc. has a twelve month low of $212.11 and a twelve month high of $488.54. The stock has a market capitalization of $1.46 trillion, a price-to-earnings ratio of 253.58, a PEG ratio of 15.92 and a beta of 2.08.

Tesla (NASDAQ:TSLA - Get Free Report) last announced 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). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business had revenue of $22.50 billion for the quarter, compared to analysts' expectations of $23.18 billion. During the same period in the prior year, the company posted $0.52 earnings per share. The firm's quarterly revenue was down 11.8% on a year-over-year basis. Equities research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current 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.

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