47,021 Shares in Tesla, Inc. (NASDAQ:TSLA) Acquired by Granite Bay Wealth Management LLC

Granite Bay Wealth Management LLC bought a new position in shares of Tesla, Inc. (NASDAQ:TSLA) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 47,021 shares of the electric vehicle producer’s stock, valued at approximately $9,305,000. Tesla comprises 0.3% of Granite Bay Wealth Management LLC’s investment portfolio, making the stock its 21st biggest holding.

Several other institutional investors have also recently added to or reduced their stakes in the business. Clean Energy Transition LLP lifted its stake in Tesla by 347.7% in the second quarter. Clean Energy Transition LLP now owns 4,818,600 shares of the electric vehicle producer’s stock valued at $953,505,000 after buying an additional 6,764,300 shares during the last quarter. Strategic Financial Concepts LLC lifted its stake in Tesla by 21,816.0% in the second quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock valued at $1,167,970,000 after buying an additional 5,875,484 shares during the last quarter. Vanguard Group Inc. lifted its stake in Tesla by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock valued at $57,102,287,000 after buying an additional 3,866,361 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Tesla by 2,101.1% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,469,190 shares of the electric vehicle producer’s stock valued at $365,064,000 after purchasing an additional 1,402,443 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Tesla by 12.9% in the first 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 purchasing an additional 1,125,329 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Activity

In other news, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 105,032 shares in the company, valued at $26,258,000. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Tesla news, 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 sale, the senior vice president now owns 67,491 shares in the company, valued at approximately $14,967,479.07. The sale was disclosed in a legal filing with the SEC, which is available through 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 value of $2,000,000.00. Following the sale, the chief financial officer now owns 105,032 shares of the company’s stock, valued at approximately $26,258,000. The disclosure for this sale can be found here. Over the last quarter, insiders sold 74,661 shares of company stock worth $16,663,291. 25.10% of the stock is currently owned by corporate insiders.

Tesla Stock Performance

Shares of NASDAQ:TSLA opened at $261.63 on Tuesday. The firm has a market capitalization of $835.81 billion, a PE ratio of 66.74, a P/E/G ratio of 7.08 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. The business has a 50-day moving average of $222.10 and a two-hundred day moving average of $199.58. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $271.00.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 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 firm had revenue of $25.50 billion for the quarter, compared to analyst estimates of $24.38 billion. During the same quarter in the prior year, the company earned $0.78 earnings per share. The business’s revenue was up 2.3% compared to the same quarter last year. As a group, research analysts forecast that Tesla, Inc. will post 1.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on TSLA shares. Citigroup dropped their price objective on Tesla from $274.00 to $258.00 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. William Blair began coverage on Tesla in a report on Thursday, August 29th. They issued an “outperform” rating on the stock. Wedbush reissued an “outperform” rating and issued a $300.00 target price on shares of Tesla in a report on Wednesday, July 24th. UBS Group lowered Tesla from a “neutral” rating to a “sell” rating and upped their target price for the company from $147.00 to $197.00 in a report on Friday, July 12th. Finally, Piper Sandler upped their target price on Tesla from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Wednesday, September 25th. Nine investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $209.90.

About Tesla

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.