Manchester Financial Inc. Raises Holdings in Tesla, Inc. $TSLA

Manchester Financial Inc. raised its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 8.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,737 shares of the electric vehicle producer’s stock after acquiring an additional 442 shares during the period. Manchester Financial Inc.’s holdings in Tesla were worth $1,822,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. First PREMIER Bank raised its stake in shares of Tesla by 79.2% in the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after acquiring an additional 42 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in Tesla in the 1st quarter valued at $27,000. Chelsea Counsel Co. lifted its stake in shares of Tesla by 59.7% during the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Evergreen Private Wealth LLC boosted its position in shares of Tesla by 270.0% in the second quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer’s stock worth $35,000 after buying an additional 81 shares during the period. Finally, Centennial Bank AR grew its stake in shares of Tesla by 833.3% in the first quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer’s stock valued at $29,000 after buying an additional 100 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Stock Performance

Shares of Tesla stock opened at $439.31 on Friday. 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, Inc. has a 1 year low of $212.11 and a 1 year high of $488.54. The firm’s 50-day simple moving average is $387.54 and its 200-day simple moving average is $333.60. The firm has a market cap of $1.46 trillion, a PE ratio of 253.94, a price-to-earnings-growth ratio of 15.79 and a beta of 2.08.

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

Insider Activity 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 transaction of $7,275,000.00. Following the transaction, the senior vice president directly owned 47,600 shares in the company, valued at $17,314,500. This trade represents a 29.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James R. Murdoch sold 60,000 shares of Tesla stock in a transaction on Monday, September 15th. The stock was sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the completion of the transaction, the director directly owned 637,031 shares of the company’s stock, valued at approximately $269,260,263.08. This represents a 8.61% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 202,606 shares of company stock valued at $75,588,902. Corporate insiders own 19.90% of the company’s stock.

Analyst Ratings Changes

TSLA has been the topic of several recent research reports. JPMorgan Chase & Co. boosted their price target on Tesla from $115.00 to $150.00 in a research report on Friday, October 3rd. Bank of America boosted their target price on shares of Tesla from $305.00 to $341.00 and gave the stock a “neutral” rating in a research report on Monday, July 21st. Barclays reaffirmed a “negative” rating and set a $350.00 price target (up previously from $275.00) on shares of Tesla in a research note on Thursday. Morgan Stanley reissued an “overweight” rating on shares of Tesla in a research report on Wednesday. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $355.00 target price on shares of Tesla in a research note on Friday, October 3rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have given a Hold rating and ten have issued a Sell rating to the stock. According to data from MarketBeat.com, Tesla currently has an average rating of “Hold” and an average target price of $363.54.

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.