Novare Capital Management LLC Has $3.51 Million Holdings in Tesla, Inc. $TSLA

Novare Capital Management LLC increased its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 5.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,042 shares of the electric vehicle producer’s stock after purchasing an additional 547 shares during the period. Novare Capital Management LLC’s holdings in Tesla were worth $3,508,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TSLA. Goldman Sachs Group Inc. boosted its position in shares of Tesla by 322.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer’s stock valued at $6,891,201,000 after acquiring an additional 20,291,139 shares in the last quarter. Nuveen LLC acquired a new stake in Tesla during the first quarter valued at approximately $3,247,619,000. Kingstone Capital Partners Texas LLC grew its stake in shares of Tesla by 581,880.5% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 6,436,704 shares of the electric vehicle producer’s stock valued at $2,044,683,000 after purchasing an additional 6,435,598 shares during the period. Amundi raised its holdings in shares of Tesla by 29.4% in the 1st quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer’s stock worth $4,482,789,000 after buying an additional 3,814,610 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Tesla by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer’s stock worth $63,983,418,000 after buying an additional 3,694,524 shares during the period. 66.20% of the stock is owned by institutional investors.

Tesla Stock Performance

Shares of Tesla stock opened at $439.31 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The firm has a 50 day simple moving average of $387.54 and a 200 day simple moving average of $333.60. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54. The firm has a market cap of $1.46 trillion, a P/E ratio of 253.94, a P/E/G ratio of 15.79 and a beta of 2.08.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data 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). The firm had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm’s quarterly revenue was down 11.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.52 earnings per share. Sell-side analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Mizuho lifted their price objective on Tesla from $375.00 to $450.00 and gave the company an “outperform” rating in a report on Tuesday, September 23rd. Wedbush lifted their price target on shares of Tesla from $500.00 to $600.00 and gave the company an “outperform” rating in a report on Friday, September 26th. Benchmark reaffirmed a “buy” rating and set a $475.00 price objective (up from $350.00) on shares of Tesla in a research note on Thursday, June 26th. JPMorgan Chase & Co. raised their price objective on shares of Tesla from $115.00 to $150.00 in a report on Friday, October 3rd. Finally, Barclays reissued a “negative” rating and issued a $350.00 target price (up from $275.00) on shares of Tesla in a report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have assigned a Hold rating and ten have given a Sell rating to the company’s stock. According to MarketBeat, Tesla currently has a consensus rating of “Hold” and a consensus target price of $363.54.

Insider Buying and Selling

In other news, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the sale, the senior vice president owned 47,600 shares in the company, valued at $17,314,500. The trade was a 29.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of the transaction, the chief financial officer owned 9,856 shares in the company, valued at $3,473,057.28. This represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 202,606 shares of company stock worth $75,588,902 over the last three months. 19.90% of the stock is currently owned by company insiders.

Tesla Company 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.