Edge Wealth Management LLC Has $280,000 Stake in Tesla, Inc. (NASDAQ:TSLA)

Edge Wealth Management LLC increased its stake in Tesla, Inc. (NASDAQ:TSLA) by 4.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,079 shares of the electric vehicle producer’s stock after purchasing an additional 46 shares during the quarter. Edge Wealth Management LLC’s holdings in Tesla were worth $280,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Susquehanna Fundamental Investments LLC bought a new stake in Tesla in the fourth quarter valued at $56,600,000. Stephens Consulting LLC lifted its stake in shares of Tesla by 126.7% during the fourth quarter. Stephens Consulting LLC now owns 1,594 shares of the electric vehicle producer’s stock valued at $644,000 after acquiring an additional 891 shares during the period. Strategic Family Wealth Counselors L.L.C. lifted its stake in Tesla by 133.7% in the fourth quarter. Strategic Family Wealth Counselors L.L.C. now owns 2,847 shares of the electric vehicle producer’s stock valued at $1,150,000 after buying an additional 1,629 shares during the period. Harvard Management Co. Inc. acquired a new position in Tesla in the fourth quarter valued at about $8,158,000. Finally, Vontobel Holding Ltd. lifted its stake in Tesla by 23.0% in the fourth quarter. Vontobel Holding Ltd. now owns 322,300 shares of the electric vehicle producer’s stock valued at $130,158,000 after buying an additional 60,342 shares during the period. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TSLA has been the subject of several recent analyst reports. JPMorgan Chase & Co. lowered their price target on Tesla from $120.00 to $115.00 and set an “underweight” rating for the company in a report on Wednesday, April 23rd. Piper Sandler set a $400.00 price target on Tesla in a research note on Tuesday, May 6th. Cantor Fitzgerald decreased their price target on Tesla from $425.00 to $355.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Raymond James cut Tesla to an “outperform” rating in a research report on Tuesday, April 22nd. Finally, Glj Research reaffirmed a “sell” rating and issued a $19.05 price objective (down from $24.86) on shares of Tesla in a research report on Monday, April 21st. Ten analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Tesla presently has an average rating of “Hold” and a consensus price target of $293.97.

Tesla Trading Down 14.3%

Shares of TSLA stock opened at $284.68 on Friday. The firm has a market capitalization of $916.94 billion, a P/E ratio of 139.55, a P/E/G ratio of 5.86 and a beta of 2.47. Tesla, Inc. has a twelve month low of $167.41 and a twelve month high of $488.54. The stock’s fifty day simple moving average is $291.63 and its 200 day simple moving average is $333.97. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). The business had revenue of $19.34 billion during the quarter, compared to analyst estimates of $22.93 billion. Tesla had a net margin of 7.26% and a return on equity of 10.31%. During the same period in the prior year, the firm earned $0.45 earnings per share. As a group, sell-side analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Activity

In related news, Director Robyn M. Denholm sold 112,390 shares of the firm’s stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $285.58, for a total transaction of $32,096,336.20. Following the transaction, the director now directly owns 85,000 shares of the company’s stock, valued at $24,274,300. This trade represents a 56.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Taneja sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $250.00, for a total value of $1,000,000.00. Following the completion of the transaction, the chief financial officer now directly owns 26,950 shares of the company’s stock, valued at approximately $6,737,500. This represents a 12.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 870,721 shares of company stock valued at $286,248,728 in the last ninety days. 20.70% of the stock is owned by company insiders.

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.