WealthPLAN Partners LLC Increases Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Key Points

• WealthPLAN Partners LLC increased its stock holdings in Tesla, Inc. by 11.1%, owning a total of 12,049 shares worth approximately $3.12 million at the end of the first quarter.
• Tesla's latest earnings report revealed $0.40 earnings per share, missing analyst expectations, along with a revenue decline of 11.8% year-over-year.
• Analysts have set varying price targets for Tesla, with Mizuho lowering their target from $390 to $375, while Piper Sandler and Morgan Stanley maintain target prices of $400 and $410, respectively.

WealthPLAN Partners LLC lifted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 11.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,049 shares of the electric vehicle producer's stock after buying an additional 1,201 shares during the quarter. WealthPLAN Partners LLC's holdings in Tesla were worth $3,122,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Accuvest Global Advisors bought a new stake in Tesla during the 1st quarter worth approximately $231,000. One Degree Advisors Inc increased its holdings in Tesla by 14.2% during the 1st quarter. One Degree Advisors Inc now owns 1,261 shares of the electric vehicle producer's stock worth $326,000 after acquiring an additional 157 shares during the period. Ironwood Investment Counsel LLC increased its holdings in Tesla by 4.1% during the 1st quarter. Ironwood Investment Counsel LLC now owns 9,817 shares of the electric vehicle producer's stock worth $2,544,000 after acquiring an additional 389 shares during the period. Solutions 4 Wealth Ltd increased its holdings in Tesla by 2.0% during the 1st quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock worth $470,000 after acquiring an additional 36 shares during the period. Finally, Headlands Technologies LLC bought a new stake in Tesla during the 1st quarter worth approximately $9,781,000. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Trading Up 3.6%

Shares of NASDAQ TSLA opened at $319.91 on Thursday. Tesla, Inc. has a 1 year low of $191.48 and a 1 year high of $488.54. The stock has a market cap of $1.03 trillion, a P/E ratio of 184.92, a price-to-earnings-growth ratio of 10.85 and a beta of 2.33. The firm has a 50-day moving average of $319.80 and a 200 day moving average of $309.56. 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 released 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). The firm had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.52 earnings per share. As a group, sell-side analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Mizuho decreased their target price on shares of Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a report on Tuesday, July 8th. Piper Sandler reissued an "overweight" rating and issued a $400.00 price target on shares of Tesla in a report on Tuesday, June 10th. Morgan Stanley reissued an "overweight" rating and issued a $410.00 price target on shares of Tesla in a report on Friday, June 6th. Cfra Research lowered shares of Tesla from a "moderate buy" rating to a "hold" rating in a report on Tuesday, April 22nd. Finally, Raymond James Financial lowered shares of Tesla to an "outperform" rating in a report on Tuesday, April 22nd. Ten investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Tesla currently has a consensus rating of "Hold" and an average target price of $303.31.

Insider Activity

In other news, SVP Xiaotong Zhu sold 15,000 shares of Tesla stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total value of $4,857,150.00. Following the completion of the sale, the senior vice president directly owned 67,600 shares in the company, valued at $21,889,556. The trade was a 18.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of Tesla stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the sale, the director owned 855,394 shares of the company's stock, valued at $305,632,276.20. This represents a 35.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 606,724 shares of company stock valued at $215,376,831 in the last quarter. 20.70% of the stock is owned by company insiders.

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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