Griffin Asset Management Inc. Grows Holdings in Tesla, Inc. $TSLA

Griffin Asset Management Inc. grew its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 12.0% in the 2nd quarter, Holdings Channel.com reports. The fund owned 5,478 shares of the electric vehicle producer’s stock after purchasing an additional 586 shares during the quarter. Griffin Asset Management Inc.’s holdings in Tesla were worth $1,740,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its holdings in shares of Tesla by 11.8% in the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer’s stock valued at $35,509,000 after buying an additional 9,293 shares during the period. Revolve Wealth Partners LLC boosted its holdings in shares of Tesla by 21.2% in the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer’s stock valued at $2,147,000 after buying an additional 931 shares during the period. Bison Wealth LLC boosted its holdings in shares of Tesla by 52.2% in the 4th quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer’s stock valued at $4,187,000 after buying an additional 3,558 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Tesla by 6.0% in the 1st quarter. GAMMA Investing LLC now owns 37,862 shares of the electric vehicle producer’s stock valued at $9,812,000 after buying an additional 2,153 shares during the period. Finally, Aries Wealth Management boosted its holdings in shares of Tesla by 7.9% in the 1st quarter. Aries Wealth Management now owns 1,000 shares of the electric vehicle producer’s stock valued at $259,000 after buying an additional 73 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Stock Performance

Shares of TSLA opened at $435.90 on Tuesday. The company’s 50 day moving average price is $378.50 and its 200 day moving average price is $329.48. Tesla, Inc. has a 52 week low of $212.11 and a 52 week high of $488.54. The company has a market capitalization of $1.45 trillion, a PE ratio of 251.97, a PEG ratio of 14.92 and a beta of 2.08. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company had revenue of $22.50 billion for the quarter, compared to analysts’ expectations of $23.18 billion. During the same period in the previous year, the firm posted $0.52 earnings per share. The business’s revenue for the quarter was down 11.8% on a year-over-year basis. Research analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on TSLA shares. Dbs Bank lifted their price target on shares of Tesla from $300.00 to $450.00 in a report on Wednesday, September 17th. Benchmark reaffirmed a “buy” rating and set a $475.00 target price (up previously from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Robert W. Baird raised Tesla from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $320.00 to $548.00 in a research note on Friday, September 19th. Piper Sandler lifted their target price on Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a research note on Monday, September 22nd. Finally, Baird R W upgraded shares of Tesla from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 19th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, thirteen have given a Hold rating and eight have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $363.03.

Insider Buying and Selling at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the sale, the senior vice president directly owned 47,600 shares of the company’s stock, valued at $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders have sold 202,606 shares of company stock worth $75,588,902 over the last 90 days. 19.90% of the stock is currently owned by corporate insiders.

About Tesla

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.