Cornerstone Wealth Group LLC Raises Stock Holdings in Tesla, Inc. $TSLA

Cornerstone Wealth Group LLC boosted its holdings in Tesla, Inc. (NASDAQ:TSLA) by 17.0% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,493 shares of the electric vehicle producer’s stock after purchasing an additional 1,526 shares during the period. Cornerstone Wealth Group LLC’s holdings in Tesla were worth $3,333,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cherry Tree Wealth Management LLC boosted its holdings in Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after purchasing an additional 44 shares during the last quarter. First PREMIER Bank raised its stake in Tesla by 79.2% during the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after buying an additional 42 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in Tesla during the first quarter valued at approximately $27,000. Newton One Investments LLC raised its stake in Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock valued at $27,000 after buying an additional 75 shares in the last quarter. Finally, Chelsea Counsel Co. raised its stake in Tesla by 59.7% during the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after buying an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Stock Down 1.5%

TSLA opened at $429.24 on Wednesday. Tesla, Inc. has a 12 month low of $212.11 and a 12 month high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The stock has a market cap of $1.43 trillion, a P/E ratio of 248.12, a P/E/G ratio of 15.71 and a beta of 2.08. The stock’s 50 day moving average price is $380.91 and its 200 day moving average price is $330.17.

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 net margin of 6.54% and a return on equity of 7.98%. The business had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same quarter in the prior year, the business earned $0.52 earnings per share. The firm’s revenue was down 11.8% compared to the same quarter last year. As a group, research analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have issued reports on TSLA shares. Bank of America upped their price objective on Tesla from $305.00 to $341.00 and gave the company a “neutral” rating in a research note on Monday, July 21st. The Goldman Sachs Group upped their price objective on Tesla from $395.00 to $425.00 and gave the company a “neutral” rating in a research note on Friday, October 3rd. JPMorgan Chase & Co. upped their price objective on Tesla from $115.00 to $150.00 in a research note on Friday, October 3rd. Evercore ISI upped their price objective on Tesla from $235.00 to $300.00 and gave the company an “in-line” rating in a research note on Monday. Finally, William Blair reiterated a “market perform” rating on shares of Tesla in a research report on Friday, September 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, thirteen have assigned a Hold rating and eight have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $363.03.

Insider Activity at Tesla

In related news, Director James R. Murdoch sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $422.68, for a total value of $25,360,800.00. Following the sale, the director directly owned 637,031 shares in the company, valued at $269,260,263.08. This trade represents a 8.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the sale, the senior vice president owned 47,600 shares in the company, valued at approximately $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 202,606 shares of company stock worth $75,588,902 in the last three months. 19.90% of the stock is 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.