Tesla, Inc. (NASDAQ:TSLA) Stake Raised by Sovran Advisors LLC

by · The Markets Daily

Sovran Advisors LLC raised its holdings in shares of Tesla, Inc. (NASDAQ:TSLA – Free Report) by 29.7% during the 1st quarter, HoldingsChannel reports. The fund owned 16,391 shares of the electric vehicle producer’s stock after purchasing an additional 3,752 shares during the period. Sovran Advisors LLC’s holdings in Tesla were worth $3,956,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Joel Isaacson & Co. LLC grew its holdings in shares of Tesla by 24.9% during the 1st quarter. Joel Isaacson & Co. LLC now owns 4,601 shares of the electric vehicle producer’s stock valued at $1,192,000 after acquiring an additional 918 shares in the last quarter. TBH Global Asset Management LLC grew its stake in shares of Tesla by 43.5% in the 1st quarter. TBH Global Asset Management LLC now owns 4,977 shares of the electric vehicle producer’s stock valued at $1,290,000 after buying an additional 1,508 shares in the last quarter. Aljian Capital Management LLC raised its position in Tesla by 6.4% during the first quarter. Aljian Capital Management LLC now owns 1,043 shares of the electric vehicle producer’s stock valued at $270,000 after acquiring an additional 63 shares in the last quarter. Convergence Financial LLC lifted its stake in Tesla by 17.3% in the first quarter. Convergence Financial LLC now owns 33,863 shares of the electric vehicle producer’s stock valued at $8,776,000 after acquiring an additional 4,998 shares during the last quarter. Finally, Sicart Associates LLC grew its position in Tesla by 44.8% in the first quarter. Sicart Associates LLC now owns 37,793 shares of the electric vehicle producer’s stock worth $9,794,000 after acquiring an additional 11,694 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Insider Buying and Selling

In related news, Director Kimbal Musk sold 91,588 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the completion of the sale, the director now owns 1,463,220 shares in the company, valued at $522,940,195.80. This trade represents a 5.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of the business’s stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the chief financial officer now owns 26,950 shares in the company, valued at approximately $6,737,500. This trade represents a 12.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 833,509 shares of company stock worth $278,648,925 in the last 90 days. 20.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on TSLA shares. Robert W. Baird restated a “neutral” rating and set a $320.00 price target on shares of Tesla in a report on Monday, June 9th. Wedbush restated an “outperform” rating and set a $500.00 target price on shares of Tesla in a report on Friday, June 20th. Benchmark reiterated a “buy” rating and set a $475.00 price target (up previously from $350.00) on shares of Tesla in a research note on Thursday. Deutsche Bank Aktiengesellschaft reduced their target price on Tesla from $420.00 to $345.00 and set a “buy” rating for the company in a report on Friday, March 28th. Finally, Raymond James Financial cut Tesla to an “outperform” rating in a research report on Tuesday, April 22nd. Ten research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Tesla currently has a consensus rating of “Hold” and an average target price of $298.37.

Check Out Our Latest Stock Analysis on TSLA

Tesla Trading Down 0.7%

Shares of TSLA stock opened at $323.63 on Monday. The firm has a fifty day moving average of $314.93 and a 200-day moving average of $329.21. The stock has a market cap of $1.04 trillion, a price-to-earnings ratio of 177.82, a P/E/G ratio of 12.20 and a beta of 2.47. Tesla, Inc. has a 52-week low of $182.00 and a 52-week high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.54 and a current ratio of 2.00.

Tesla (NASDAQ:TSLA – Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). The business had revenue of $19.34 billion for the quarter, compared to the consensus estimate of $22.93 billion. Tesla had a return on equity of 9.02% and a net margin of 6.66%. During the same quarter in the prior year, the business earned $0.45 EPS. On average, equities research analysts forecast that Tesla, Inc. will post 2.56 earnings per share 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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