Azzad Asset Management Inc. ADV Buys 1,504 Shares of Tesla, Inc. (NASDAQ:TSLA)

Azzad Asset Management Inc. ADV lifted its stake in Tesla, Inc. (NASDAQ:TSLA) by 4.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 39,186 shares of the electric vehicle producer’s stock after purchasing an additional 1,504 shares during the period. Tesla accounts for approximately 0.8% of Azzad Asset Management Inc. ADV’s holdings, making the stock its 15th largest holding. Azzad Asset Management Inc. ADV’s holdings in Tesla were worth $6,888,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Glenmede Trust Co. NA lifted its holdings in Tesla by 3.5% during the third quarter. Glenmede Trust Co. NA now owns 38,224 shares of the electric vehicle producer’s stock worth $9,564,000 after acquiring an additional 1,303 shares in the last quarter. AXQ Capital LP bought a new position in Tesla during the third quarter worth about $976,000. Ameriprise Financial Inc. lifted its holdings in Tesla by 1.0% during the third quarter. Ameriprise Financial Inc. now owns 5,720,635 shares of the electric vehicle producer’s stock worth $1,431,432,000 after acquiring an additional 58,184 shares in the last quarter. Alerus Financial NA lifted its holdings in Tesla by 75.0% during the third quarter. Alerus Financial NA now owns 36,255 shares of the electric vehicle producer’s stock worth $9,072,000 after acquiring an additional 15,537 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its holdings in Tesla by 2.4% during the third quarter. Adage Capital Partners GP L.L.C. now owns 2,658,100 shares of the electric vehicle producer’s stock worth $665,110,000 after acquiring an additional 61,900 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors.

Tesla Stock Performance

NASDAQ TSLA traded up $11.53 during trading on Wednesday, reaching $242.79. 101,017,242 shares of the company’s stock were exchanged, compared to its average volume of 96,557,383. The business has a 50 day moving average price of $180.89 and a 200-day moving average price of $190.93. The stock has a market capitalization of $774.31 billion, a P/E ratio of 62.14, a PEG ratio of 4.91 and a beta of 2.31. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.72 and a quick ratio of 1.17. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $299.29.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Tuesday, April 23rd. The electric vehicle producer reported $0.35 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.35. The firm had revenue of $21.30 billion for the quarter, compared to the consensus estimate of $22.15 billion. Tesla had a return on equity of 13.18% and a net margin of 14.37%. Sell-side analysts forecast that Tesla, Inc. will post 1.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Royal Bank of Canada reduced their target price on Tesla from $293.00 to $227.00 and set an “outperform” rating on the stock in a report on Thursday, June 20th. Truist Financial reiterated a “hold” rating and set a $162.00 target price on shares of Tesla in a report on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of Tesla in a research note on Wednesday, April 24th. HSBC dropped their price target on Tesla from $138.00 to $120.00 and set a “reduce” rating on the stock in a research note on Wednesday, April 24th. Finally, Robert W. Baird reissued an “outperform” rating and issued a $280.00 price target on shares of Tesla in a research note on Wednesday, April 17th. Seven investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $189.47.

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 650 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the completion of the sale, the senior vice president now owns 65,155 shares in the company, valued at $11,350,652.55. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, SVP Xiaotong Zhu sold 650 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the completion of the sale, the senior vice president now owns 65,155 shares in the company, valued at $11,350,652.55. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Robyn M. Denholm sold 93,705 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $184.86, for a total value of $17,322,306.30. Following the sale, the director now owns 15,000 shares of the company’s stock, valued at approximately $2,772,900. The disclosure for this sale can be found here. Corporate insiders own 20.90% 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.