Tesla, Inc. $TSLA Shares Acquired by Modern Wealth Management LLC

Modern Wealth Management LLC lifted its holdings in Tesla, Inc. (NASDAQ:TSLA) by 58.6% in the 1st quarter, HoldingsChannel reports. The firm owned 15,043 shares of the electric vehicle producer’s stock after purchasing an additional 5,557 shares during the quarter. Modern Wealth Management LLC’s holdings in Tesla were worth $3,898,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Goldman Sachs Group Inc. boosted its stake in Tesla by 322.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer’s stock valued at $6,891,201,000 after purchasing an additional 20,291,139 shares in the last quarter. Nuveen LLC bought a new position in Tesla during the first quarter valued at about $3,247,619,000. GAMMA Investing LLC grew its holdings in Tesla by 27,378.6% during the first quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer’s stock worth $2,542,960,000 after acquiring an additional 9,776,607 shares during the period. Amundi raised its position in Tesla by 29.4% in the first quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer’s stock worth $4,482,789,000 after acquiring an additional 3,814,610 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Tesla by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer’s stock valued at $63,983,418,000 after acquiring an additional 3,694,524 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Trading Up 7.4%

Shares of NASDAQ TSLA opened at $395.94 on Friday. The business has a 50 day simple moving average of $328.89 and a 200 day simple moving average of $303.48. Tesla, Inc. has a 52 week low of $212.11 and a 52 week high of $488.54. The stock has a market cap of $1.28 trillion, a price-to-earnings ratio of 228.87, a PEG ratio of 12.87 and a beta of 2.06. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). The business had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. Tesla’s revenue was down 11.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.52 earnings per share. On average, research analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TSLA. Guggenheim reaffirmed a “sell” rating and issued a $175.00 price objective on shares of Tesla in a research note on Wednesday, July 23rd. Bank of America increased their target price on Tesla from $305.00 to $341.00 and gave the company a “neutral” rating in a report on Monday, July 21st. The Goldman Sachs Group reissued a “neutral” rating on shares of Tesla in a research report on Sunday, August 17th. Robert W. Baird restated a “neutral” rating and set a $320.00 price objective on shares of Tesla in a research report on Monday, June 9th. Finally, Benchmark reiterated a “buy” rating and issued a $475.00 target price (up previously from $350.00) on shares of Tesla in a report on Thursday, June 26th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fourteen have issued a Hold rating and nine have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Tesla presently has an average rating of “Hold” and a consensus target price of $303.00.

Insider Transactions at Tesla

In other news, Director James R. Murdoch sold 120,000 shares of the 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 transaction, the director owned 697,031 shares of the company’s stock, valued at approximately $244,162,988.99. This represents a 14.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the transaction, the senior vice president directly owned 47,600 shares in the company, valued at approximately $17,314,500. This represents a 29.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 148,606 shares of company stock worth $51,999,662. 20.70% of the stock is owned by corporate 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.