Edge Capital Group LLC Acquires New Holdings in Tesla, Inc. (NASDAQ:TSLA)

Edge Capital Group LLC bought a new stake in Tesla, Inc. (NASDAQ:TSLA) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,637 shares of the electric vehicle producer’s stock, valued at approximately $522,000.

Other large investors have also recently bought and sold shares of the company. Integris Wealth Management LLC increased its holdings in Tesla by 1.0% during the 2nd quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock valued at $804,000 after purchasing an additional 42 shares in the last quarter. Echo Wealth Management LLC increased its stake in shares of Tesla by 0.7% in the second quarter. Echo Wealth Management LLC now owns 6,474 shares of the electric vehicle producer’s stock valued at $1,281,000 after buying an additional 44 shares in the last quarter. WASHINGTON TRUST Co raised its holdings in shares of Tesla by 3.2% in the second quarter. WASHINGTON TRUST Co now owns 1,433 shares of the electric vehicle producer’s stock valued at $284,000 after buying an additional 45 shares during the last quarter. Bellevue Asset Management LLC lifted its position in Tesla by 1.6% during the 2nd quarter. Bellevue Asset Management LLC now owns 2,868 shares of the electric vehicle producer’s stock worth $568,000 after buying an additional 45 shares in the last quarter. Finally, Cypress Capital Group grew its holdings in Tesla by 1.7% during the 2nd quarter. Cypress Capital Group now owns 2,806 shares of the electric vehicle producer’s stock worth $555,000 after acquiring an additional 47 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on TSLA. William Blair initiated coverage on Tesla in a research note on Thursday, August 29th. They issued an “outperform” rating for the company. Argus restated a “buy” rating and set a $286.00 target price on shares of Tesla in a report on Friday, July 26th. Robert W. Baird reiterated an “outperform” rating and issued a $280.00 target price on shares of Tesla in a report on Tuesday, August 20th. Citigroup lowered their price target on Tesla from $274.00 to $258.00 and set a “neutral” rating for the company in a report on Wednesday, July 24th. Finally, TD Cowen lifted their price objective on Tesla from $160.00 to $180.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Nine investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Tesla has an average rating of “Hold” and an average price target of $209.60.

Insiders Place Their Bets

In other news, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction 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 owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the firm’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 sale, the director now owns 85,000 shares in the company, valued at $18,696,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction 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 transaction, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. The disclosure for this sale can be found here. Corporate insiders own 25.10% of the company’s stock.

Tesla Stock Performance

TSLA opened at $238.25 on Monday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $271.00. The firm has a market cap of $759.83 billion, a P/E ratio of 60.78, a price-to-earnings-growth ratio of 6.00 and a beta of 2.29. The business’s fifty day moving average is $221.30 and its 200-day moving average is $196.08.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share 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 the consensus estimate of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The business’s revenue was up 2.3% on a year-over-year basis. During the same period last year, the company posted $0.78 EPS. Sell-side analysts expect 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.