Tesla, Inc. (NASDAQ:TSLA) is 1776 Wealth LLC’s 9th Largest Position

1776 Wealth LLC lessened its position in Tesla, Inc. (NASDAQ:TSLA) by 0.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,448 shares of the electric vehicle producer’s stock after selling 117 shares during the period. Tesla comprises 1.9% of 1776 Wealth LLC’s portfolio, making the stock its 9th largest holding. 1776 Wealth LLC’s holdings in Tesla were worth $4,303,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Oppenheimer & Co. Inc. boosted its holdings in shares of Tesla by 1.2% during the third quarter. Oppenheimer & Co. Inc. now owns 144,482 shares of the electric vehicle producer’s stock worth $37,801,000 after purchasing an additional 1,741 shares during the last quarter. Tyler Stone Wealth Management boosted its stake in Tesla by 109.6% in the 3rd quarter. Tyler Stone Wealth Management now owns 9,425 shares of the electric vehicle producer’s stock worth $2,466,000 after buying an additional 4,929 shares during the last quarter. Savvy Advisors Inc. grew its holdings in Tesla by 24.2% in the 3rd quarter. Savvy Advisors Inc. now owns 7,527 shares of the electric vehicle producer’s stock valued at $1,969,000 after buying an additional 1,467 shares during the period. ICICI Prudential Asset Management Co Ltd lifted its holdings in shares of Tesla by 19.0% during the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 24,440 shares of the electric vehicle producer’s stock worth $6,394,000 after acquiring an additional 3,909 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of Tesla by 5.6% in the third quarter. Principal Financial Group Inc. now owns 3,650,393 shares of the electric vehicle producer’s stock worth $955,052,000 after acquiring an additional 194,796 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Buying and Selling at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 4,000 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $350.00, for a total transaction of $1,400,000.00. Following the completion of the transaction, the chief financial officer now owns 105,032 shares in the company, valued at approximately $36,761,200. The trade was a 3.67 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $346.02, for a total value of $34,602,000.00. Following the transaction, the director now directly owns 5,400 shares in the company, valued at $1,868,508. This trade represents a 94.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 188,797 shares of company stock worth $57,616,781. 20.70% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on TSLA shares. KGI Securities raised shares of Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 price target on the stock in a research note on Thursday, October 24th. The Goldman Sachs Group upped their price target on Tesla from $230.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 24th. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a report on Thursday, October 24th. Jefferies Financial Group raised their price target on shares of Tesla from $195.00 to $300.00 and gave the company a “hold” rating in a report on Thursday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Tesla from $130.00 to $135.00 and gave the stock an “underweight” rating in a research report on Thursday, October 24th. Nine research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Tesla currently has a consensus rating of “Hold” and a consensus price target of $230.18.

Tesla Stock Performance

Shares of NASDAQ TSLA traded up $9.54 during midday trading on Friday, hitting $320.72. The company’s stock had a trading volume of 114,440,286 shares, compared to its average volume of 96,026,047. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $358.64. The firm’s fifty day moving average price is $252.30 and its 200-day moving average price is $220.46. The firm has a market cap of $1.03 trillion, a P/E ratio of 87.87, a P/E/G ratio of 10.73 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. The company had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. Tesla’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.53 earnings per share. On average, sell-side analysts forecast that Tesla, Inc. will post 1.99 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.