Firestone Capital Management Invests $341,000 in Tesla, Inc. $TSLA

Firestone Capital Management bought a new position in shares of Tesla, Inc. (NASDAQ:TSLA) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 1,074 shares of the electric vehicle producer’s stock, valued at approximately $341,000.

Other hedge funds have also modified their holdings of the company. First Merchants Corp raised its stake in shares of Tesla by 1.3% during the 2nd quarter. First Merchants Corp now owns 2,413 shares of the electric vehicle producer’s stock worth $767,000 after buying an additional 31 shares during the last quarter. Alaska Wealth Advisors lifted its position in Tesla by 3.4% during the second quarter. Alaska Wealth Advisors now owns 985 shares of the electric vehicle producer’s stock worth $313,000 after buying an additional 32 shares during the period. KWB Wealth increased its position in Tesla by 2.4% during the second quarter. KWB Wealth now owns 1,381 shares of the electric vehicle producer’s stock worth $439,000 after purchasing an additional 33 shares during the last quarter. Conrad Siegel Investment Advisors Inc. raised its position in shares of Tesla by 3.6% in the 2nd quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer’s stock worth $310,000 after buying an additional 34 shares during the period. Finally, Guyasuta Investment Advisors Inc. grew its holdings in shares of Tesla by 0.7% during the 2nd quarter. Guyasuta Investment Advisors Inc. now owns 5,107 shares of the electric vehicle producer’s stock worth $1,622,000 after purchasing an additional 34 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on TSLA. Baird R W upgraded Tesla from a “hold” rating to a “strong-buy” rating in a report on Friday, September 19th. Robert W. Baird upgraded shares of Tesla from a “neutral” rating to an “outperform” rating and upped their target price for the company from $320.00 to $548.00 in a research note on Friday, September 19th. TD Cowen lifted their price target on shares of Tesla from $374.00 to $509.00 and gave the stock a “buy” rating in a research note on Thursday, October 9th. Evercore ISI upped their price objective on shares of Tesla from $235.00 to $300.00 and gave the company a “neutral” rating in a research report on Wednesday, October 29th. Finally, Truist Financial lifted their target price on Tesla from $280.00 to $406.00 and gave the stock a “hold” rating in a research report on Thursday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have issued a Hold rating and ten have given a Sell rating to the stock. Based on data from MarketBeat.com, Tesla has a consensus rating of “Hold” and a consensus price target of $393.61.

Tesla Stock Up 0.6%

NASDAQ:TSLA opened at $404.35 on Friday. The stock has a 50-day simple moving average of $429.67 and a 200 day simple moving average of $360.78. Tesla, Inc. has a one year low of $214.25 and a one year high of $488.54. The company has a market capitalization of $1.34 trillion, a price-to-earnings ratio of 269.57, a price-to-earnings-growth ratio of 16.84 and a beta of 2.06. 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 (NASDAQ:TSLA) last issued its quarterly earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. The business had revenue of $28.10 billion during the quarter, compared to the consensus estimate of $24.98 billion. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.72 EPS. Sell-side analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Activity at Tesla

In related news, SVP Xiaotong Zhu sold 20,000 shares of the business’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 completion of the sale, the senior vice president owned 47,600 shares of the company’s stock, valued at $17,314,500. This represents a 29.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James R. Murdoch sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $422.68, for a total value of $25,360,800.00. Following the transaction, the director directly owned 637,031 shares of the company’s stock, valued at $269,260,263.08. This trade represents a 8.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 202,606 shares of company stock valued at $75,588,902 in the last quarter. Insiders own 19.90% of the company’s stock.

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.