Jessup Wealth Management Inc Increases Stake in Tesla, Inc. $TSLA

Jessup Wealth Management Inc lifted its holdings in Tesla, Inc. (NASDAQ:TSLA) by 6.6% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 24,944 shares of the electric vehicle producer’s stock after acquiring an additional 1,535 shares during the quarter. Tesla accounts for about 3.2% of Jessup Wealth Management Inc’s holdings, making the stock its 10th biggest holding. Jessup Wealth Management Inc’s holdings in Tesla were worth $7,924,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Arcadia Investment Management Corp MI purchased a new stake in Tesla in the 1st quarter worth approximately $27,000. Chelsea Counsel Co. boosted its holdings in shares of Tesla by 59.7% during the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after buying an additional 40 shares in the last quarter. Centennial Bank AR increased its stake in shares of Tesla by 833.3% in the 1st quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer’s stock worth $29,000 after acquiring an additional 100 shares in the last quarter. LGT Financial Advisors LLC bought a new stake in Tesla during the second quarter worth about $29,000. Finally, Compass Wealth Management LLC increased its stake in shares of Tesla by 360.0% during the first quarter. Compass Wealth Management LLC now owns 115 shares of the electric vehicle producer’s stock valued at $30,000 after purchasing an additional 90 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.

Insider Buying and Selling at Tesla

In related news, SVP Xiaotong Zhu sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the transaction, the senior vice president directly owned 47,600 shares of the company’s stock, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James R. Murdoch sold 60,000 shares of the business’s stock in a transaction dated 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 sale, the director directly owned 637,031 shares of the company’s stock, valued at $269,260,263.08. This represents a 8.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 202,606 shares of company stock valued at $75,588,902. Insiders own 19.90% of the company’s stock.

Tesla Price Performance

NASDAQ TSLA opened at $456.56 on Friday. The stock has a market capitalization of $1.52 trillion, a price-to-earnings ratio of 304.37, a PEG ratio of 16.84 and a beta of 2.08. Tesla, Inc. has a 1-year low of $214.25 and a 1-year high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.07 and a quick ratio of 1.67. The business’s fifty day moving average price is $410.52 and its 200-day moving average price is $348.12.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. The company had revenue of $28.10 billion for 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%.Tesla’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.72 earnings per share. On average, equities analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on TSLA shares. Morgan Stanley reiterated an “overweight” rating on shares of Tesla in a research note on Wednesday, October 15th. Weiss Ratings restated a “hold (c-)” rating on shares of Tesla in a research note on Thursday. Truist Financial upped their target price on shares of Tesla from $280.00 to $406.00 and gave the stock a “hold” rating in a research note on Thursday, October 23rd. Roth Capital set a $505.00 price target on shares of Tesla and gave the company a “buy” rating in a research report on Thursday, October 23rd. Finally, Benchmark reaffirmed a “buy” rating on shares of Tesla in a research report on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have assigned a Hold rating and eleven have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $390.27.

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.