King Wealth Management Group Increases Stake in Tesla, Inc. $TSLA

King Wealth Management Group lifted its position in Tesla, Inc. (NASDAQ:TSLA) by 146.2% in the 2nd quarter, HoldingsChannel reports. The firm owned 2,051 shares of the electric vehicle producer’s stock after purchasing an additional 1,218 shares during the quarter. King Wealth Management Group’s holdings in Tesla were worth $652,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of TSLA. Vanguard Group Inc. lifted its holdings in Tesla by 1.5% during the first quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer’s stock valued at $63,983,418,000 after purchasing an additional 3,694,524 shares in the last quarter. Geode Capital Management LLC increased its stake in Tesla by 2.0% during the second quarter. Geode Capital Management LLC now owns 64,767,993 shares of the electric vehicle producer’s stock worth $20,480,477,000 after acquiring an additional 1,269,304 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Tesla by 322.1% during the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer’s stock worth $6,891,201,000 after buying an additional 20,291,139 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Tesla by 4.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 18,174,941 shares of the electric vehicle producer’s stock valued at $4,710,218,000 after buying an additional 849,091 shares during the period. Finally, Amundi lifted its holdings in Tesla by 29.4% during the 1st quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer’s stock worth $4,482,789,000 after buying an additional 3,814,610 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Activity

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction on Monday, September 8th. The shares were sold at an average price of $352.38, for a total transaction of $918,302.28. Following the transaction, the chief financial officer directly owned 9,856 shares of the company’s stock, valued at $3,473,057.28. This represents a 20.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of the company’s stock in a transaction dated 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 transaction, the senior vice president directly owned 47,600 shares of the company’s stock, valued at $17,314,500. This represents a 29.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 202,606 shares of company stock worth $75,588,902. 19.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on TSLA shares. Benchmark reaffirmed a “buy” rating on shares of Tesla in a research report on Thursday, October 23rd. Cantor Fitzgerald set a $510.00 price objective on Tesla and gave the stock an “overweight” rating in a research report on Thursday, October 23rd. Mizuho increased their target price on Tesla from $450.00 to $485.00 and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. Wedbush reiterated an “outperform” rating and set a $600.00 price target on shares of Tesla in a research report on Wednesday, November 5th. Finally, Canaccord Genuity Group reduced their price target on shares of Tesla from $490.00 to $482.00 and set a “buy” rating on the stock in a report on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have given a Hold rating and ten have issued a Sell rating to the company. According to data from MarketBeat.com, Tesla presently has an average rating of “Hold” and a consensus price target of $393.61.

Tesla Stock Performance

TSLA stock opened at $401.99 on Friday. The stock’s fifty day moving average is $428.60 and its two-hundred day moving average is $359.48. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.67 and a current ratio of 2.07. The stock has a market capitalization of $1.34 trillion, a price-to-earnings ratio of 267.99, a PEG ratio of 16.84 and a beta of 2.06. Tesla, Inc. has a 1 year low of $214.25 and a 1 year high of $488.54.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.02. The business had revenue of $28.10 billion during the quarter, compared to analyst estimates of $24.98 billion. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The company’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.72 earnings per share. On average, research analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

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.