Western Financial Corp CA Invests $2.27 Million in Tesla, Inc. (NASDAQ:TSLA)

Western Financial Corp CA acquired a new stake in shares of Tesla, Inc. (NASDAQ:TSLA) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 8,673 shares of the electric vehicle producer’s stock, valued at approximately $2,269,000. Tesla makes up 1.3% of Western Financial Corp CA’s holdings, making the stock its 13th biggest position.

A number of other hedge funds have also added to or reduced their stakes in TSLA. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of Tesla by 60.2% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 549,008 shares of the electric vehicle producer’s stock worth $108,638,000 after purchasing an additional 206,248 shares during the last quarter. Morse Asset Management Inc boosted its holdings in shares of Tesla by 138.1% in the 2nd quarter. Morse Asset Management Inc now owns 5,969 shares of the electric vehicle producer’s stock valued at $1,181,000 after buying an additional 3,462 shares in the last quarter. NewEdge Advisors LLC grew its position in shares of Tesla by 12.9% in the 2nd quarter. NewEdge Advisors LLC now owns 236,802 shares of the electric vehicle producer’s stock worth $46,858,000 after buying an additional 27,130 shares during the last quarter. Entropy Technologies LP bought a new position in shares of Tesla during the 1st quarter worth approximately $1,941,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in Tesla in the first quarter valued at approximately $79,000. 66.20% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the company. New Street Research lowered Tesla from a “buy” rating to a “neutral” rating and set a $225.00 price objective for the company. in a report on Wednesday, July 24th. Argus restated a “buy” rating and set a $286.00 price target on shares of Tesla in a research note on Friday, July 26th. Stifel Nicolaus assumed coverage on shares of Tesla in a research note on Tuesday, June 25th. They issued a “buy” rating and a $265.00 target price for the company. Guggenheim boosted their price target on Tesla from $134.00 to $153.00 and gave the company a “sell” rating in a research note on Friday, September 13th. Finally, Truist Financial lifted their price objective on shares of Tesla from $215.00 to $236.00 and gave the company a “hold” rating in a research note on Thursday, October 3rd. Nine analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $210.72.

Insider Buying and Selling

In other news, CFO Vaibhav Taneja sold 8,000 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total value of $2,000,000.00. Following the transaction, the chief financial officer now owns 105,032 shares of the company’s stock, valued at $26,258,000. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the sale, the director now directly owns 85,000 shares in the company, valued at $18,696,600. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at approximately $26,258,000. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 74,661 shares of company stock worth $16,663,291. Company insiders own 20.70% of the company’s stock.

Tesla Trading Down 1.4 %

Shares of TSLA traded down $3.07 during midday trading on Monday, reaching $217.63. The company had a trading volume of 40,215,930 shares, compared to its average volume of 94,099,898. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $271.00. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08. The firm has a 50 day simple moving average of $227.67 and a 200-day simple moving average of $205.65. The stock has a market cap of $695.25 billion, a PE ratio of 61.05, a price-to-earnings-growth ratio of 6.31 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last issued its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The firm had revenue of $25.50 billion for the quarter, compared to analysts’ expectations of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. Tesla’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period last year, the firm earned $0.78 earnings per share. Research analysts forecast that Tesla, Inc. will post 1.75 EPS for the current fiscal year.

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.