Balentine LLC Raises Stock Holdings in Tesla, Inc. $TSLA

Balentine LLC raised its position in Tesla, Inc. (NASDAQ:TSLA) by 89.6% in the second quarter, Holdings Channel.com reports. The institutional investor owned 2,571 shares of the electric vehicle producer’s stock after purchasing an additional 1,215 shares during the period. Balentine LLC’s holdings in Tesla were worth $817,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Arcadia Investment Management Corp MI purchased a new stake in Tesla in the first quarter valued at approximately $27,000. Chelsea Counsel Co. lifted its stake in Tesla by 59.7% in 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 during the last quarter. Centennial Bank AR lifted its stake in Tesla by 833.3% in the first quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer’s stock valued at $29,000 after buying an additional 100 shares during the last quarter. LGT Financial Advisors LLC purchased a new stake in Tesla in the second quarter valued at approximately $29,000. Finally, Compass Wealth Management LLC raised its stake in shares of Tesla by 360.0% during the first quarter. Compass Wealth Management LLC now owns 115 shares of the electric vehicle producer’s stock worth $30,000 after purchasing an additional 90 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Trading Up 3.7%

Shares of TSLA stock opened at $456.56 on Friday. The business’s fifty day moving average price is $410.52 and its 200 day moving average price is $347.47. Tesla, Inc. has a 1-year low of $214.25 and a 1-year high of $488.54. The firm has a market capitalization of $1.52 trillion, a PE ratio of 304.37, a P/E/G ratio of 16.84 and a beta of 2.08. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.07 and a quick ratio of 1.67.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The firm had revenue of $28.10 billion for the quarter, compared to analyst estimates of $24.98 billion. During the same quarter in the prior year, the company posted $0.72 earnings per share. Tesla’s quarterly revenue was up 11.6% on a year-over-year basis. As a group, sell-side analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Analysts Set New Price Targets

TSLA has been the subject of several analyst reports. Mizuho upped their price target on Tesla from $450.00 to $485.00 and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. President Capital upped their price target on Tesla from $373.00 to $529.00 and gave the stock a “buy” rating in a research note on Wednesday. Bank of America upped their price target on Tesla from $341.00 to $471.00 and gave the stock a “neutral” rating in a research note on Wednesday. William Blair restated a “market perform” rating on shares of Tesla in a research note on Friday, September 5th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $500.00 price target on shares of Tesla in a research note on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have given a Hold rating and eleven have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $388.51.

Insider Buying and Selling

In other Tesla news, Director James R. Murdoch sold 120,000 shares of the company’s stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction on Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the sale, the chief financial officer directly owned 9,856 shares in the company, valued at $3,473,057.28. This trade represents a 20.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 202,606 shares of company stock valued at $75,588,902 over the last quarter. Company insiders own 19.90% of the company’s stock.

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.