JGP Wealth Management LLC Grows Position in Tesla, Inc. $TSLA

by · The Cerbat Gem

JGP Wealth Management LLC raised its holdings in shares of Tesla, Inc. (NASDAQ:TSLA – Free Report) by 14.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,838 shares of the electric vehicle producer’s stock after purchasing an additional 488 shares during the quarter. JGP Wealth Management LLC’s holdings in Tesla were worth $1,219,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Cherry Tree Wealth Management LLC lifted its holdings in Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after purchasing an additional 44 shares during the last quarter. First PREMIER Bank lifted its holdings in shares of Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after buying an additional 42 shares in the last quarter. Newton One Investments LLC lifted its holdings in shares of Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock worth $27,000 after buying an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of Tesla in the first quarter worth about $27,000. Finally, Chelsea Counsel Co. lifted its holdings in shares of Tesla by 59.7% in the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock worth $28,000 after buying an additional 40 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. UBS Group set a $247.00 price target on shares of Tesla in a report on Monday, October 6th. Melius Research set a $520.00 price target on shares of Tesla and gave the stock a “buy” rating in a report on Monday. Piper Sandler increased their price target on shares of Tesla from $400.00 to $500.00 and gave the stock an “overweight” rating in a report on Monday, September 22nd. Industrial Alliance Securities set a $300.00 price target on shares of Tesla in a report on Monday. Finally, Needham & Company LLC restated a “hold” rating on shares of Tesla in a research report on Thursday, July 24th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, thirteen have issued a Hold rating and eight have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $363.03.

Get Our Latest Report on Tesla

Insider Buying and Selling at Tesla

In other Tesla news, Director James R. Murdoch sold 120,000 shares of the stock in a transaction that occurred 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 directly owned 697,031 shares in the company, valued at $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the transaction, the senior vice president owned 47,600 shares in the company, valued at $17,314,500. The trade was a 29.59% 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 ninety days. Insiders own 19.90% of the company’s stock.

Tesla Stock Up 1.4%

Shares of NASDAQ TSLA opened at $435.15 on Thursday. Tesla, Inc. has a one year low of $212.11 and a one year high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The firm’s 50 day simple moving average is $383.21 and its two-hundred day simple moving average is $330.90. The stock has a market capitalization of $1.45 trillion, a P/E ratio of 251.53, a PEG ratio of 15.47 and a beta of 2.08.

Tesla (NASDAQ:TSLA – Get Free Report) last issued its quarterly earnings results 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 business had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. During the same quarter in the previous year, the business earned $0.52 earnings per share. The firm’s revenue was down 11.8% on a year-over-year basis. As a group, analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

About Tesla

(Free Report)

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.

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