Independent Wealth Network Inc. Grows Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Independent Wealth Network Inc. boosted its holdings in Tesla, Inc. (NASDAQ:TSLA) by 77.2% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 3,381 shares of the electric vehicle producer’s stock after buying an additional 1,473 shares during the period. Independent Wealth Network Inc.’s holdings in Tesla were worth $1,365,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in TSLA. Wesbanco Bank Inc. raised its stake in Tesla by 3.4% during the 4th quarter. Wesbanco Bank Inc. now owns 31,111 shares of the electric vehicle producer’s stock valued at $12,564,000 after purchasing an additional 1,037 shares during the period. GoalVest Advisory LLC raised its position in shares of Tesla by 30.1% during the fourth quarter. GoalVest Advisory LLC now owns 10,173 shares of the electric vehicle producer’s stock valued at $4,108,000 after buying an additional 2,352 shares during the last quarter. Eagle Capital Management LLC purchased a new position in shares of Tesla in the fourth quarter worth $331,000. Evolution Wealth Advisors LLC boosted its position in shares of Tesla by 48.1% during the fourth quarter. Evolution Wealth Advisors LLC now owns 7,061 shares of the electric vehicle producer’s stock worth $2,856,000 after acquiring an additional 2,293 shares during the last quarter. Finally, Paragon Financial Partners Inc. grew its stake in Tesla by 71.3% during the fourth quarter. Paragon Financial Partners Inc. now owns 2,313 shares of the electric vehicle producer’s stock valued at $934,000 after acquiring an additional 963 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on TSLA shares. Barclays increased their price objective on shares of Tesla from $270.00 to $325.00 and gave the company an “equal weight” rating in a report on Wednesday, January 15th. Morgan Stanley raised their price target on Tesla from $400.00 to $430.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Roth Capital raised Tesla from a “hold” rating to a “strong-buy” rating in a report on Monday, December 2nd. Truist Financial reissued a “hold” rating and issued a $360.00 target price on shares of Tesla in a report on Thursday, January 2nd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research report on Thursday, October 24th. Eight investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $313.84.

Tesla Price Performance

Shares of TSLA stock opened at $406.58 on Friday. The stock has a market capitalization of $1.31 trillion, a price-to-earnings ratio of 111.39, a P/E/G ratio of 8.42 and a beta of 2.30. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $488.54. The stock has a fifty day simple moving average of $398.82 and a two-hundred day simple moving average of $294.03.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The company had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. During the same period in the prior year, the business earned $0.53 EPS. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. On average, analysts predict that Tesla, Inc. will post 2.01 EPS for the current fiscal year.

Insider Activity

In other news, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $300.37, for a total value of $2,402,960.00. Following the transaction, the chief financial officer now owns 105,032 shares of the company’s stock, valued at $31,548,461.84. The trade was a 7.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kimbal Musk sold 60,500 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the sale, the director now directly owns 1,563,220 shares of the company’s stock, valued at $391,164,540.60. The trade was a 3.73 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 617,886 shares of company stock worth $212,451,751. Corporate 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.