Sound Income Strategies LLC Grows Stake in Tesla, Inc. $TSLA

Sound Income Strategies LLC boosted its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 9.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,450 shares of the electric vehicle producer’s stock after buying an additional 1,695 shares during the period. Sound Income Strategies LLC’s holdings in Tesla were worth $6,179,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Investment Research & Advisory Group Inc. lifted its stake in shares of Tesla by 948.0% in the second quarter. Investment Research & Advisory Group Inc. now owns 262 shares of the electric vehicle producer’s stock worth $83,000 after buying an additional 237 shares in the last quarter. Global Trust Asset Management LLC grew its stake in shares of Tesla by 7.8% in the 2nd quarter. Global Trust Asset Management LLC now owns 1,844 shares of the electric vehicle producer’s stock valued at $586,000 after buying an additional 134 shares during the period. Walker Asset Management LLC increased its stake in Tesla by 0.8% during the second quarter. Walker Asset Management LLC now owns 11,080 shares of the electric vehicle producer’s stock worth $3,520,000 after acquiring an additional 87 shares during the last quarter. Smith Salley Wealth Management raised its holdings in Tesla by 35.0% in the 2nd quarter. Smith Salley Wealth Management now owns 5,474 shares of the electric vehicle producer’s stock valued at $1,739,000 after buying an additional 1,418 shares during the period. Finally, City Holding Co. increased its holdings in Tesla by 16.9% in the 2nd quarter. City Holding Co. now owns 1,735 shares of the electric vehicle producer’s stock valued at $551,000 after purchasing an additional 251 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Stock Performance

NASDAQ TSLA opened at $443.21 on Tuesday. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54. The business has a fifty day moving average of $354.34 and a 200-day moving average of $316.75. The stock has a market cap of $1.47 trillion, a price-to-earnings ratio of 256.19, a price-to-earnings-growth ratio of 15.36 and a beta of 2.06.

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 firm had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same quarter last year, the business posted $0.52 EPS. The firm’s revenue was down 11.8% compared to the same quarter last year. As a group, analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TSLA. Dbs Bank boosted their price target on shares of Tesla from $300.00 to $450.00 in a research note on Wednesday, September 17th. Wedbush increased their price objective on Tesla from $500.00 to $600.00 and gave the company an “outperform” rating in a report on Friday. HSBC reiterated a “reduce” rating and set a $120.00 target price on shares of Tesla in a research report on Thursday, July 3rd. China Renaissance reiterated a “hold” rating and set a $349.00 price target on shares of Tesla in a research note on Friday, July 25th. Finally, Baird R W upgraded 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 assigned a Buy rating, twelve have given a Hold rating and nine have assigned a Sell rating to the company. According to data from MarketBeat.com, Tesla has an average rating of “Hold” and an average target price of $332.33.

Insider Buying and Selling

In other news, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the transaction, the senior vice president directly owned 47,600 shares of the company’s stock, valued at $17,314,500. The trade was a 29.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $292.89, for a total transaction of $1,171,560.00. Following the transaction, the chief financial officer directly owned 5,924 shares in the company, valued at approximately $1,735,080.36. This trade represents a 40.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 208,606 shares of company stock valued at $77,360,462. 19.90% of the stock is currently owned by company 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.