LMG Wealth Partners LLC Purchases 1,789 Shares of Tesla, Inc. (NASDAQ:TSLA)

LMG Wealth Partners LLC raised its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 18.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,664 shares of the electric vehicle producer’s stock after acquiring an additional 1,789 shares during the period. LMG Wealth Partners LLC’s holdings in Tesla were worth $3,023,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. True Wealth Design LLC increased its holdings in shares of Tesla by 79.5% during the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock worth $28,000 after buying an additional 31 shares in the last quarter. Horrell Capital Management Inc. increased its holdings in Tesla by 75.6% in the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock valued at $32,000 after purchasing an additional 34 shares during the period. GS Investments Inc. boosted its position in Tesla by 193.3% during the fourth quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer’s stock valued at $36,000 after acquiring an additional 58 shares during the last quarter. Navigoe LLC bought a new stake in Tesla during the fourth quarter valued at $37,000. Finally, CoreFirst Bank & Trust bought a new stake in Tesla during the fourth quarter valued at $38,000. 66.20% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. HSBC restated a “reduce” rating and issued a $120.00 target price on shares of Tesla in a report on Thursday, July 3rd. Cfra Research cut Tesla from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, April 22nd. Mizuho dropped their price objective on Tesla from $390.00 to $375.00 and set an “outperform” rating for the company in a research note on Tuesday, July 8th. Argus reissued 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 Tesla and gave the stock a “buy” rating in a research note on Thursday, April 24th. Ten equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $300.19.

Insider Buying and Selling

In other news, Director Kimbal Musk sold 91,588 shares of the company’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the transaction, the director directly owned 1,463,220 shares of the company’s stock, valued at approximately $522,940,195.80. This represents a 5.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the company’s stock in a transaction 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 completion of the transaction, the director directly owned 855,394 shares in the company, valued at approximately $305,632,276.20. The trade was a 35.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 835,509 shares of company stock worth $279,420,485 in the last three months. Corporate insiders own 20.70% of the company’s stock.

Tesla Trading Up 1.6%

TSLA opened at $315.66 on Wednesday. The firm has a market cap of $1.02 trillion, a P/E ratio of 172.35, a P/E/G ratio of 9.43 and a beta of 2.39. Tesla, Inc. has a 12 month low of $182.00 and a 12 month high of $488.54. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07. The stock has a 50-day moving average of $324.04 and a 200 day moving average of $318.47.

Tesla (NASDAQ:TSLA) last announced its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.26). The business had revenue of $19.34 billion for the quarter, compared to analysts’ expectations of $22.93 billion. Tesla had a net margin of 6.66% and a return on equity of 9.02%. During the same quarter last year, the firm earned $0.45 EPS. As a group, research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

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.