Allegiance Financial Group Advisory Services LLC Invests $330,000 in Tesla, Inc. $TSLA

Allegiance Financial Group Advisory Services LLC purchased a new position in Tesla, Inc. (NASDAQ:TSLA) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,039 shares of the electric vehicle producer’s stock, valued at approximately $330,000.

A number of other institutional investors also recently bought and sold shares of TSLA. Cherry Tree Wealth Management LLC raised its stake in Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after buying an additional 44 shares in the last quarter. First PREMIER Bank raised its stake in Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after buying an additional 42 shares in the last quarter. Newton One Investments LLC raised its stake in Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock worth $27,000 after buying an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI bought a new position in Tesla in the first quarter worth about $27,000. Finally, Chelsea Counsel Co. raised its stake in Tesla by 59.7% in the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock worth $28,000 after buying an additional 40 shares in the last quarter. 66.20% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, SVP Xiaotong Zhu sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the sale, the senior vice president owned 47,600 shares in the company, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James R. Murdoch sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the completion of the sale, the director owned 637,031 shares in the company, valued at $269,260,263.08. This represents a 8.61% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 202,606 shares of company stock worth $75,588,902. 19.90% of the stock is owned by insiders.

Tesla Trading Down 0.7%

NASDAQ:TSLA opened at $435.54 on Friday. The company’s 50 day moving average price is $373.75 and its 200-day moving average price is $326.64. Tesla, Inc. has a 52 week low of $212.11 and a 52 week high of $488.54. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The stock has a market cap of $1.45 trillion, a price-to-earnings ratio of 251.76, a PEG ratio of 16.04 and a beta of 2.08.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm had revenue of $22.50 billion for the quarter, compared to analysts’ expectations of $23.18 billion. During the same quarter in the previous year, the company earned $0.52 EPS. The company’s quarterly revenue was down 11.8% compared to the same quarter last year. On average, equities research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

TSLA has been the subject of a number of analyst reports. Benchmark reaffirmed a “buy” rating and set a $475.00 target price (up previously from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Piper Sandler raised their target price on shares of Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a research note on Monday, September 22nd. Deutsche Bank Aktiengesellschaft raised their target price on shares of Tesla from $345.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, September 26th. The Goldman Sachs Group raised their target price on shares of Tesla from $395.00 to $425.00 and gave the company a “neutral” rating in a research note on Friday, October 3rd. Finally, Wedbush raised their target price on shares of Tesla from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Friday, September 26th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, thirteen have issued a Hold rating and eight have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $349.37.

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.