Tesla, Inc. $TSLA Stake Lifted by Nova Wealth Management Inc.

Nova Wealth Management Inc. lifted its position in Tesla, Inc. (NASDAQ:TSLA) by 15.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,384 shares of the electric vehicle producer’s stock after buying an additional 185 shares during the period. Nova Wealth Management Inc.’s holdings in Tesla were worth $440,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of TSLA. OMNI 360 Wealth Inc. boosted its holdings in Tesla by 20.6% during the second quarter. OMNI 360 Wealth Inc. now owns 3,472 shares of the electric vehicle producer’s stock worth $1,103,000 after buying an additional 594 shares in the last quarter. Bangor Savings Bank increased its stake in Tesla by 5.9% in the 2nd quarter. Bangor Savings Bank now owns 985 shares of the electric vehicle producer’s stock worth $313,000 after purchasing an additional 55 shares in the last quarter. Abner Herrman & Brock LLC purchased a new stake in Tesla during the second quarter valued at about $17,753,000. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of Tesla by 761.7% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 16,916 shares of the electric vehicle producer’s stock worth $5,373,000 after buying an additional 14,953 shares during the period. Finally, Salem Investment Counselors Inc. increased its position in shares of Tesla by 6.4% in the second quarter. Salem Investment Counselors Inc. now owns 9,112 shares of the electric vehicle producer’s stock worth $2,895,000 after acquiring an additional 545 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.

Tesla Price Performance

NASDAQ TSLA opened at $395.94 on Friday. Tesla, Inc. has a 1 year low of $212.11 and a 1 year high of $488.54. The company has a fifty day simple moving average of $328.89 and a 200 day simple moving average of $303.57. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.28 trillion, a P/E ratio of 228.87, a P/E/G ratio of 12.87 and a beta of 2.06.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). The firm had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm’s revenue was down 11.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.52 EPS. On average, sell-side analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on TSLA. The Goldman Sachs Group reiterated a “neutral” rating on shares of Tesla in a research report on Sunday, August 17th. Benchmark reissued a “buy” rating and issued a $475.00 price target (up from $350.00) on shares of Tesla in a research report on Thursday, June 26th. Stifel Nicolaus set a $440.00 price objective on shares of Tesla in a research report on Friday, September 5th. Piper Sandler reiterated an “overweight” rating and issued a $400.00 target price on shares of Tesla in a research report on Tuesday, June 10th. Finally, Royal Bank Of Canada restated an “overweight” rating on shares of Tesla in a research note on Tuesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fourteen have given a Hold rating and nine have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Tesla currently has an average rating of “Hold” and a consensus target price of $303.00.

Insider Transactions at Tesla

In related news, Director James R. Murdoch sold 120,000 shares of the business’s stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the transaction, the director owned 697,031 shares of the company’s stock, valued at approximately $244,162,988.99. The trade was a 14.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the firm’s stock in a transaction 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 owned 9,856 shares in the company, 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. Over the last quarter, insiders have sold 148,606 shares of company stock worth $51,999,662. Insiders own 20.70% 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.