Waterfront Wealth Inc. Has $1.47 Million Stake in Tesla, Inc. $TSLA

Waterfront Wealth Inc. grew its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 5.0% in the 2nd quarter, Holdings Channel reports. The fund owned 4,640 shares of the electric vehicle producer’s stock after buying an additional 220 shares during the period. Waterfront Wealth Inc.’s holdings in Tesla were worth $1,474,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. First Merchants Corp increased its stake in shares of Tesla by 1.3% in the second quarter. First Merchants Corp now owns 2,413 shares of the electric vehicle producer’s stock valued at $767,000 after buying an additional 31 shares during the period. Alaska Wealth Advisors increased its stake in shares of Tesla by 3.4% in the second quarter. Alaska Wealth Advisors now owns 985 shares of the electric vehicle producer’s stock valued at $313,000 after buying an additional 32 shares during the period. KWB Wealth increased its stake in shares of Tesla by 2.4% in the second quarter. KWB Wealth now owns 1,381 shares of the electric vehicle producer’s stock valued at $439,000 after buying an additional 33 shares during the period. Conrad Siegel Investment Advisors Inc. increased its stake in shares of Tesla by 3.6% in the second quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer’s stock valued at $310,000 after buying an additional 34 shares during the period. Finally, Guyasuta Investment Advisors Inc. increased its stake in shares of Tesla by 0.7% in the second quarter. Guyasuta Investment Advisors Inc. now owns 5,107 shares of the electric vehicle producer’s stock valued at $1,622,000 after buying an additional 34 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on TSLA shares. TD Cowen upped their price objective on Tesla from $374.00 to $509.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. Guggenheim reaffirmed a “sell” rating and issued a $175.00 price objective on shares of Tesla in a research note on Wednesday, July 23rd. Wall Street Zen raised Tesla from a “sell” rating to a “hold” rating in a research note on Saturday. Robert W. Baird raised shares of Tesla from a “neutral” rating to an “outperform” rating and increased their target price for the company from $320.00 to $548.00 in a research report on Friday, September 19th. Finally, William Blair reissued a “market perform” rating on shares of Tesla in a research report on Friday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, twelve have issued a Hold rating and eleven have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Tesla currently has an average rating of “Hold” and an average price target of $381.00.

Insiders Place Their Bets

In other Tesla news, Director James R. Murdoch sold 120,000 shares of the stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the transaction, the director directly owned 697,031 shares in the company, valued at approximately $244,162,988.99. This represents a 14.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the transaction, the chief financial officer owned 9,856 shares in the company, valued at $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 202,606 shares of company stock worth $75,588,902. Corporate insiders own 19.90% of the company’s stock.

Tesla Stock Performance

NASDAQ:TSLA opened at $460.55 on Wednesday. The company has a market capitalization of $1.53 trillion, a PE ratio of 307.03, a P/E/G ratio of 16.51 and a beta of 2.08. The company has a 50 day simple moving average of $403.03 and a two-hundred day simple moving average of $343.93. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.67 and a current ratio of 2.07. Tesla, Inc. has a fifty-two week low of $214.25 and a fifty-two week high of $488.54.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. The firm had revenue of $28.10 billion for the quarter, compared to analysts’ expectations of $24.98 billion. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.72 EPS. Research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

Tesla 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.