Patton Fund Management Inc. Makes New Investment in Tesla, Inc. $TSLA

Patton Fund Management Inc. bought a new position in shares of Tesla, Inc. (NASDAQ:TSLA) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 772 shares of the electric vehicle producer’s stock, valued at approximately $245,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Conrad Siegel Investment Advisors Inc. lifted its position in Tesla by 3.6% during the 2nd quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer’s stock worth $310,000 after acquiring an additional 34 shares during the last quarter. Acorn Wealth Advisors LLC lifted its position in Tesla by 1.9% during the 1st quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer’s stock worth $493,000 after acquiring an additional 36 shares during the last quarter. Solutions 4 Wealth Ltd increased its holdings in shares of Tesla by 2.0% during the 1st quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer’s stock worth $470,000 after purchasing an additional 36 shares during the period. ACT Wealth Management LLC increased its holdings in shares of Tesla by 0.7% during the 2nd quarter. ACT Wealth Management LLC now owns 5,405 shares of the electric vehicle producer’s stock worth $1,717,000 after purchasing an additional 36 shares during the period. Finally, Capital Management Associates Inc increased its holdings in shares of Tesla by 3.4% during the 1st quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer’s stock worth $302,000 after purchasing an additional 38 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

Insider Transactions at Tesla

In related news, CFO Vaibhav Taneja sold 4,000 shares of the stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $292.89, for a total value of $1,171,560.00. Following the transaction, the chief financial officer directly owned 5,924 shares in the company, valued at $1,735,080.36. This represents a 40.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James R. Murdoch sold 120,000 shares of the stock in a transaction that occurred on Tuesday, August 26th. The shares were 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 owned 697,031 shares in the company, valued at $244,162,988.99. This represents a 14.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 208,606 shares of company stock worth $77,360,462. Corporate insiders own 19.90% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on TSLA shares. China Renaissance restated a “hold” rating and set a $349.00 price objective on shares of Tesla in a report on Friday, July 25th. Guggenheim restated a “sell” rating and set a $175.00 price objective on shares of Tesla in a report on Wednesday, July 23rd. Royal Bank Of Canada restated a “buy” rating on shares of Tesla in a report on Friday. Piper Sandler upped their target price on shares of Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a research note on Monday, September 22nd. Finally, Baird R W raised shares of Tesla from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 19th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, twelve have issued a Hold rating and nine have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $332.33.

Tesla Price Performance

Shares of TSLA stock opened at $440.40 on Friday. Tesla, Inc. has a 1 year low of $212.11 and a 1 year high of $488.54. The firm’s 50 day moving average is $352.05 and its 200-day moving average is $314.88. The firm has a market capitalization of $1.46 trillion, a price-to-earnings ratio of 254.57, a PEG ratio of 15.36 and a beta of 2.06. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last announced 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). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The company had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same quarter in the previous year, the company posted $0.52 earnings per share. Tesla’s revenue for the quarter was down 11.8% on a year-over-year basis. Sell-side analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

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.