Tritonpoint Wealth LLC Grows Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Tritonpoint Wealth LLC raised its position in Tesla, Inc. (NASDAQ:TSLA) by 4.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,844 shares of the electric vehicle producer’s stock after acquiring an additional 321 shares during the quarter. Tritonpoint Wealth LLC’s holdings in Tesla were worth $1,774,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of TSLA. Susquehanna Fundamental Investments LLC bought a new stake in Tesla during the fourth quarter worth about $56,600,000. Focus Financial Network Inc. boosted its stake in Tesla by 3.1% during the first quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer’s stock worth $5,823,000 after acquiring an additional 670 shares in the last quarter. Strategic Family Wealth Counselors L.L.C. boosted its stake in Tesla by 133.7% during the fourth quarter. Strategic Family Wealth Counselors L.L.C. now owns 2,847 shares of the electric vehicle producer’s stock worth $1,150,000 after acquiring an additional 1,629 shares in the last quarter. Harvard Management Co. Inc. bought a new stake in Tesla during the fourth quarter worth about $8,158,000. Finally, Vontobel Holding Ltd. boosted its stake in Tesla by 23.0% during the fourth quarter. Vontobel Holding Ltd. now owns 322,300 shares of the electric vehicle producer’s stock worth $130,158,000 after acquiring an additional 60,342 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on TSLA shares. Canaccord Genuity Group dropped their target price on shares of Tesla from $404.00 to $303.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. BNP Paribas set a $137.00 price objective on shares of Tesla and gave the company an “underperform” rating in a report on Wednesday, April 16th. Glj Research reaffirmed a “sell” rating and set a $19.05 target price (down from $24.86) on shares of Tesla in a report on Monday, April 21st. Morgan Stanley reaffirmed an “overweight” rating and set a $410.00 target price on shares of Tesla in a report on Friday, June 6th. Finally, Piper Sandler reissued an “overweight” rating and issued a $400.00 price objective on shares of Tesla in a research note on Tuesday. Ten investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Tesla has a consensus rating of “Hold” and an average price target of $293.67.

Insider Buying and Selling at Tesla

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 sale, the director now owns 855,394 shares of the company’s stock, valued at $305,632,276.20. This trade represents a 35.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kimbal Musk sold 91,588 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the completion of the sale, the director now directly owns 1,463,220 shares in the company, valued at approximately $522,940,195.80. This trade represents a 5.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 818,509 shares of company stock valued at $273,791,775 over the last 90 days. 20.70% of the stock is owned by insiders.

Tesla Stock Up 1.9%

Shares of TSLA opened at $325.31 on Friday. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a 12 month low of $176.92 and a 12 month high of $488.54. The stock’s 50 day moving average is $299.39 and its two-hundred day moving average is $332.88. The firm has a market cap of $1.05 trillion, a P/E ratio of 159.47, a PEG ratio of 5.86 and a beta of 2.47.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). Tesla had a return on equity of 10.31% and a net margin of 7.26%. The company had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. During the same period last year, the firm posted $0.45 EPS. Analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Tesla 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.