Centric Wealth Management Purchases 3,333 Shares of Tesla, Inc. $TSLA

Centric Wealth Management raised its position in Tesla, Inc. (NASDAQ:TSLA) by 84.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,270 shares of the electric vehicle producer’s stock after purchasing an additional 3,333 shares during the quarter. Centric Wealth Management’s holdings in Tesla were worth $1,884,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Acorn Wealth Advisors LLC grew its stake in Tesla by 1.9% during the first quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer’s stock worth $493,000 after purchasing an additional 36 shares during the period. Solutions 4 Wealth Ltd lifted its holdings in shares of Tesla by 2.0% in the first quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer’s stock valued at $470,000 after purchasing an additional 36 shares in the last quarter. Capital Management Associates Inc lifted its holdings in shares of Tesla by 3.4% in the first quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer’s stock valued at $302,000 after purchasing an additional 38 shares in the last quarter. Graney & King LLC lifted its holdings in shares of Tesla by 18.4% in the first quarter. Graney & King LLC now owns 245 shares of the electric vehicle producer’s stock valued at $63,000 after purchasing an additional 38 shares in the last quarter. Finally, Mraz Amerine & Associates Inc. lifted its holdings in Tesla by 3.8% during the first quarter. Mraz Amerine & Associates Inc. now owns 1,054 shares of the electric vehicle producer’s stock worth $278,000 after acquiring an additional 39 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Price Performance

Tesla stock opened at $333.87 on Friday. Tesla, Inc. has a 52 week low of $205.97 and a 52 week high of $488.54. The business has a 50-day simple moving average of $323.59 and a 200 day simple moving average of $303.15. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The stock has a market cap of $1.08 trillion, a price-to-earnings ratio of 192.99, a PEG ratio of 12.03 and a beta of 2.33.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 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 for the quarter, compared to analysts’ expectations of $23.18 billion. During the same quarter in the previous year, the firm earned $0.52 earnings per share. Tesla’s quarterly revenue was down 11.8% compared to the same quarter last year. On average, research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director James R. Murdoch sold 120,000 shares of the business’s stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the transaction, the director directly owned 697,031 shares in the company, valued at $244,162,988.99. The trade was a 14.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 6,000 shares of the business’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $341.02, for a total value of $2,046,120.00. Following the transaction, the chief financial officer owned 1,950 shares of the company’s stock, valued at approximately $664,989. The trade was a 75.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 150,564 shares of company stock worth $51,792,190 over the last ninety days. 20.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on TSLA shares. Piper Sandler reiterated an “overweight” rating and set a $400.00 price target on shares of Tesla in a report on Tuesday, June 10th. Royal Bank Of Canada reiterated an “overweight” rating on shares of Tesla in a report on Tuesday, July 29th. UBS Group set a $290.00 target price on Tesla in a research note on Monday, June 30th. Argus restated a “hold” rating on shares of Tesla in a research note on Monday, June 9th. Finally, Benchmark restated a “buy” rating and issued a $475.00 target price (up from $350.00) on shares of Tesla in a research note on Thursday, June 26th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, fifteen have assigned a Hold rating and nine have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $303.31.

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.