Conway Capital Management Inc. Buys 2,640 Shares of Tesla, Inc. (NASDAQ:TSLA)

Conway Capital Management Inc. grew its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 21.0% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 15,215 shares of the electric vehicle producer’s stock after acquiring an additional 2,640 shares during the quarter. Tesla makes up 2.0% of Conway Capital Management Inc.’s holdings, making the stock its 13th largest holding. Conway Capital Management Inc.’s holdings in Tesla were worth $3,943,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Traphagen Investment Advisors LLC increased its holdings in Tesla by 1.8% in the 1st quarter. Traphagen Investment Advisors LLC now owns 3,515 shares of the electric vehicle producer’s stock worth $911,000 after acquiring an additional 62 shares in the last quarter. Keystone Wealth Services LLC increased its holdings in Tesla by 2.7% in the 1st quarter. Keystone Wealth Services LLC now owns 6,910 shares of the electric vehicle producer’s stock worth $1,791,000 after acquiring an additional 184 shares in the last quarter. Stewardship Advisors LLC increased its holdings in Tesla by 3.5% in the 1st quarter. Stewardship Advisors LLC now owns 1,601 shares of the electric vehicle producer’s stock worth $415,000 after acquiring an additional 54 shares in the last quarter. Acropolis Investment Management LLC increased its holdings in Tesla by 3.6% in the 1st quarter. Acropolis Investment Management LLC now owns 2,915 shares of the electric vehicle producer’s stock worth $755,000 after acquiring an additional 101 shares in the last quarter. Finally, Abound Wealth Management increased its holdings in Tesla by 10.5% in the 1st quarter. Abound Wealth Management now owns 19,342 shares of the electric vehicle producer’s stock worth $5,013,000 after acquiring an additional 1,845 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Stock Up 1.9%

NASDAQ:TSLA opened at $325.31 on Monday. Tesla, Inc. has a twelve month low of $177.00 and a twelve month high of $488.54. The company has a market cap of $1.05 trillion, a price-to-earnings ratio of 159.47, a price-to-earnings-growth ratio of 5.86 and a beta of 2.47. The stock has a fifty day simple moving average of $299.39 and a 200-day simple moving average of $332.88. 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 (NASDAQ:TSLA) last released its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a return on equity of 10.31% and a net margin of 7.26%. The business had revenue of $19.34 billion for the quarter, compared to the consensus estimate of $22.93 billion. During the same quarter last year, the business posted $0.45 earnings per share. Analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current year.

Wall Street Analysts Forecast Growth

TSLA has been the subject of a number of research analyst reports. Stifel Nicolaus set a $450.00 price objective on shares of Tesla and gave the company a “buy” rating in a report on Thursday, April 24th. TD Cowen raised shares of Tesla from a “hold” rating to a “buy” rating and increased their price objective for the company from $180.00 to $388.00 in a report on Friday, March 7th. Oppenheimer reaffirmed a “mixed” rating on shares of Tesla in a report on Tuesday, March 18th. Truist Financial set a $280.00 price objective on shares of Tesla in a report on Tuesday, April 22nd. Finally, UBS Group cut their price objective on shares of Tesla from $225.00 to $190.00 and set a “sell” rating for the company in a report on Thursday, April 10th. Ten research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Tesla has an average rating of “Hold” and an average price target of $293.67.

Insider Transactions at Tesla

In other news, CFO Vaibhav Taneja sold 2,564 shares of Tesla stock in a transaction on Monday, June 9th. The stock was sold at an average price of $285.71, for a total transaction of $732,560.44. Following the completion of the sale, the chief financial officer now directly owns 5,924 shares in the company, valued at approximately $1,692,546.04. This trade represents a 30.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph Gebbia bought 4,000 shares of the firm’s stock in a transaction dated Thursday, April 24th. The shares were acquired at an average price of $256.31 per share, with a total value of $1,025,240.00. Following the completion of the transaction, the director now owns 4,111 shares of the company’s stock, valued at approximately $1,053,690.41. The trade was a 3,603.60% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 818,509 shares of company stock worth $273,791,775. 20.70% of the stock is currently owned by insiders.

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.