Tesla, Inc. (NASDAQ:TSLA) Position Lifted by Wealthspire Advisors LLC

Key Points

• Wealthspire Advisors LLC increased its stake in Tesla, Inc. by 2.4% in Q1, owning 35,090 shares valued at approximately $9.09 million after acquiring an additional 832 shares.
• Tesla reported earnings of $0.40 EPS for the quarter, missing estimates of $0.43, while revenue dropped to $22.5 billion, down 11.8% year-over-year.
• Insider selling activity includes Kimbal Musk and Ira Matthew Ehrenpreis each selling significant shares, contributing to a total of 606,724 shares sold worth over $215 million in the last ninety days.

Wealthspire Advisors LLC increased its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 2.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 35,090 shares of the electric vehicle producer's stock after purchasing an additional 832 shares during the period. Wealthspire Advisors LLC's holdings in Tesla were worth $9,094,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in TSLA. GAMMA Investing LLC boosted its position in Tesla by 27,378.6% in the 1st quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer's stock valued at $2,542,960,000 after buying an additional 9,776,607 shares during the period. Northern Trust Corp boosted its position in Tesla by 21.6% in the 4th quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock valued at $11,541,592,000 after buying an additional 5,075,418 shares during the period. Assenagon Asset Management S.A. boosted its position in Tesla by 54.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 8,464,765 shares of the electric vehicle producer's stock valued at $2,193,728,000 after buying an additional 2,978,026 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in Tesla by 65.5% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 5,937,475 shares of the electric vehicle producer's stock valued at $2,397,790,000 after buying an additional 2,350,065 shares during the period. Finally, Nuveen Asset Management LLC boosted its position in Tesla by 19.8% in the 4th quarter. Nuveen Asset Management LLC now owns 13,109,178 shares of the electric vehicle producer's stock valued at $5,294,010,000 after buying an additional 2,170,449 shares during the period. Hedge funds and other institutional investors own 66.20% of the company's stock.

Insider Buying and Selling at Tesla

In related news, CFO Vaibhav Taneja sold 2,000 shares of the firm's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total transaction of $600,000.00. Following the completion of the sale, the chief financial officer directly owned 5,924 shares of the company's stock, valued at approximately $1,777,200. This trade represents a 25.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kimbal Musk sold 91,588 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the sale, the director directly owned 1,463,220 shares of the company's stock, valued at approximately $522,940,195.80. The trade was a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 606,724 shares of company stock worth $215,376,831 over the last three months. 20.70% of the stock is currently owned by insiders.

Tesla Trading Up 3.6%

NASDAQ:TSLA traded up $11.19 during trading hours on Wednesday, reaching $319.91. 78,040,129 shares of the company were exchanged, compared to its average volume of 91,306,952. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The firm has a market cap of $1.03 trillion, a price-to-earnings ratio of 184.92, a PEG ratio of 10.85 and a beta of 2.33. Tesla, Inc. has a 52-week low of $191.48 and a 52-week high of $488.54. The stock has a 50 day simple moving average of $319.80 and a 200 day simple moving average of $309.56.

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 (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%. The business had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same period in the previous year, the company earned $0.52 EPS. Tesla's revenue was down 11.8% on a year-over-year basis. As a group, analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Analyst Upgrades and Downgrades

TSLA has been the subject of several recent research reports. Truist Financial set a $280.00 price target on shares of Tesla in a research report on Tuesday, April 22nd. Roth Mkm reduced their price objective on shares of Tesla from $450.00 to $395.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Cfra Research lowered shares of Tesla from a "moderate buy" rating to a "hold" rating in a report on Tuesday, April 22nd. Argus reiterated a "hold" rating on shares of Tesla in a research note on Monday, June 9th. Finally, Stifel Nicolaus set a $450.00 price target on shares of Tesla and gave the stock a "buy" rating in a research note on Thursday, April 24th. Ten research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $303.31.

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.