Wealth Management Associates Inc. Increases Stock Position in Tesla, Inc. $TSLA

Wealth Management Associates Inc. increased its position in Tesla, Inc. (NASDAQ:TSLA) by 42.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,297 shares of the electric vehicle producer’s stock after purchasing an additional 385 shares during the quarter. Wealth Management Associates Inc.’s holdings in Tesla were worth $336,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Goldman Sachs Group Inc. raised its holdings in Tesla by 322.1% in the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer’s stock valued at $6,891,201,000 after acquiring an additional 20,291,139 shares in the last quarter. Nuveen LLC acquired a new stake in Tesla in the first quarter valued at $3,247,619,000. GAMMA Investing LLC raised its holdings in Tesla by 27,378.6% in the first quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer’s stock valued at $2,542,960,000 after acquiring an additional 9,776,607 shares in the last quarter. Amundi raised its holdings in Tesla by 29.4% in the first quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer’s stock valued at $4,482,789,000 after acquiring an additional 3,814,610 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Tesla by 1.5% in the first quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer’s stock valued at $63,983,418,000 after acquiring an additional 3,694,524 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. HSBC reaffirmed a “reduce” rating and issued a $120.00 price target on shares of Tesla in a report on Thursday, July 3rd. UBS Group set a $290.00 target price on shares of Tesla in a report on Monday, June 30th. Bank of America increased their target price on shares of Tesla from $305.00 to $341.00 and gave the stock a “neutral” rating in a report on Monday, July 21st. Stifel Nicolaus set a $440.00 target price on shares of Tesla in a report on Friday, September 5th. Finally, Baird R W cut shares of Tesla from a “strong-buy” rating to a “hold” rating in a report on Monday, June 9th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fourteen have issued a Hold rating and nine have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $303.00.

Tesla Stock Up 0.2%

TSLA stock opened at $347.79 on Thursday. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54. The firm’s 50-day simple moving average is $326.14 and its 200 day simple moving average is $302.57. The stock has a market cap of $1.12 trillion, a PE ratio of 201.03, a price-to-earnings-growth ratio of 12.10 and a beta of 2.06.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data 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). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same period last year, the business earned $0.52 EPS. The firm’s revenue was down 11.8% on a year-over-year basis. As a group, sell-side analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Transactions at Tesla

In related news, Director James R. Murdoch sold 120,000 shares of the stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the sale, the director owned 697,031 shares of the company’s stock, valued at $244,162,988.99. This trade represents a 14.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction dated 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 in the company, valued at approximately $3,473,057.28. This trade represents a 20.91% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 128,606 shares of company stock worth $44,724,662. Corporate insiders own 20.70% of the company’s stock.

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.