ProVise Management Group LLC Increases Position in Tesla, Inc. (NASDAQ:TSLA)

ProVise Management Group LLC increased its holdings in Tesla, Inc. (NASDAQ:TSLA) by 12.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,190 shares of the electric vehicle producer’s stock after acquiring an additional 588 shares during the quarter. ProVise Management Group LLC’s holdings in Tesla were worth $1,027,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TSLA. Vanguard Group Inc. boosted its stake in shares of Tesla by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock valued at $41,064,917,000 after buying an additional 3,795,748 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Tesla by 12.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock valued at $1,731,430,000 after acquiring an additional 1,125,329 shares during the last quarter. Strategic Financial Concepts LLC grew its holdings in Tesla by 21,816.0% during the 2nd quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock worth $1,167,970,000 after acquiring an additional 5,875,484 shares in the last quarter. ARK Investment Management LLC increased its position in shares of Tesla by 2.6% in the 2nd quarter. ARK Investment Management LLC now owns 5,314,395 shares of the electric vehicle producer’s stock worth $1,051,613,000 after purchasing an additional 135,966 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Tesla by 9.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,959,699 shares of the electric vehicle producer’s stock valued at $981,443,000 after purchasing an additional 412,872 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on TSLA shares. Roth Mkm reiterated a “neutral” rating and issued a $85.00 price target on shares of Tesla in a research note on Wednesday, July 24th. Royal Bank of Canada decreased their target price on Tesla from $227.00 to $224.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Wolfe Research assumed coverage on Tesla in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Stifel Nicolaus started coverage on shares of Tesla in a report on Tuesday, June 25th. They issued a “buy” rating and a $265.00 price objective for the company. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $245.00 target price on shares of Tesla in a report on Monday. Nine research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $209.60.

Tesla Price Performance

NASDAQ:TSLA opened at $243.92 on Friday. 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 business’s 50-day moving average price is $221.50 and its 200 day moving average price is $195.49. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $273.93. The firm has a market cap of $779.24 billion, a P/E ratio of 62.22, a PEG ratio of 6.00 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.10). Tesla had a return on equity of 10.41% and a net margin of 13.00%. The business had revenue of $25.50 billion during the quarter, compared to analyst estimates of $24.38 billion. During the same period in the prior year, the firm earned $0.78 EPS. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, sell-side analysts predict that Tesla, Inc. will post 1.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In related news, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares in the company, valued at approximately $14,967,479.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at approximately $18,696,600. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. The disclosure for this sale can be found here. 25.10% of the stock is owned by corporate insiders.

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.