McLean Asset Management Corp Increases Stake in Tesla, Inc. (NASDAQ:TSLA)

McLean Asset Management Corp increased its holdings in Tesla, Inc. (NASDAQ:TSLA) by 144.5% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,342 shares of the electric vehicle producer’s stock after purchasing an additional 1,384 shares during the period. McLean Asset Management Corp’s holdings in Tesla were worth $607,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in TSLA. Norges Bank purchased a new stake in shares of Tesla in the 4th quarter valued at $14,420,248,000. FMR LLC boosted its stake in shares of Tesla by 40.1% in the 4th quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer’s stock valued at $13,997,660,000 after purchasing an additional 9,920,325 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of 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 purchasing an additional 9,776,607 shares in the last quarter. Strategic Financial Concepts LLC boosted its stake in shares of Tesla by 36,790.0% in the 4th quarter. Strategic Financial Concepts LLC now owns 8,660,672 shares of the electric vehicle producer’s stock valued at $3,497,526,000 after purchasing an additional 8,637,195 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Tesla by 4,963.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,834,707 shares of the electric vehicle producer’s stock valued at $2,356,288,000 after purchasing an additional 5,719,466 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Stock Performance

Shares of NASDAQ TSLA opened at $342.69 on Tuesday. The firm’s 50-day moving average price is $288.33 and its 200-day moving average price is $334.29. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. The company has a market cap of $1.10 trillion, a PE ratio of 167.99, a PEG ratio of 5.86 and a beta of 2.43. Tesla, Inc. has a 52-week low of $167.41 and a 52-week high of $488.54.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). The company had revenue of $19.34 billion for the quarter, compared to analysts’ expectations of $22.93 billion. Tesla had a net margin of 7.26% and a return on equity of 10.31%. During the same period in the previous year, the business earned $0.45 EPS. As a group, analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Activity

In related news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total value of $170,636,475.60. Following the transaction, the director now owns 855,394 shares of the company’s stock, valued at approximately $305,632,276.20. This trade represents a 35.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Vaibhav Taneja sold 2,672 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $268.73, for a total transaction of $718,046.56. Following the completion of the transaction, the chief financial officer now directly owns 26,950 shares in the company, valued at approximately $7,242,273.50. The trade was a 9.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 866,393 shares of company stock valued at $284,570,654 in the last 90 days. 20.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

TSLA has been the topic of a number of recent analyst reports. Truist Financial set a $280.00 price target on shares of Tesla in a report on Tuesday, April 22nd. Morgan Stanley reissued a “buy” rating and issued a $430.00 price target on shares of Tesla in a report on Tuesday, April 22nd. Needham & Company LLC reissued a “hold” rating on shares of Tesla in a report on Wednesday, April 23rd. Cantor Fitzgerald cut their price target on shares of Tesla from $425.00 to $355.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Finally, Barclays cut their price target on shares of Tesla from $325.00 to $275.00 and set an “equal weight” rating on the stock in a report on Monday, April 21st. Ten equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $293.97.

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.