LMG Wealth Partners LLC Increases Stake in Tesla, Inc. $TSLA

LMG Wealth Partners LLC increased its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 6.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,448 shares of the electric vehicle producer’s stock after purchasing an additional 784 shares during the period. LMG Wealth Partners LLC’s holdings in Tesla were worth $3,954,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First PREMIER Bank grew its position in Tesla by 79.2% in the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after acquiring an additional 42 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of Tesla during the first quarter valued at $27,000. Chelsea Counsel Co. grew its holdings in shares of 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 purchasing an additional 40 shares during the last quarter. Evergreen Private Wealth LLC increased its stake in Tesla by 270.0% in the 2nd quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer’s stock worth $35,000 after buying an additional 81 shares during the period. Finally, Centennial Bank AR lifted its holdings in Tesla by 833.3% during the 1st quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer’s stock valued at $29,000 after buying an additional 100 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TSLA has been the subject of several research reports. UBS Group set a $247.00 price objective on shares of Tesla in a research report on Monday, October 6th. Stifel Nicolaus set a $483.00 price objective on Tesla and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Dbs Bank lifted their target price on Tesla from $300.00 to $450.00 in a research report on Wednesday, September 17th. Glj Research reissued a “sell” rating on shares of Tesla in a research report on Thursday, July 24th. Finally, Wedbush raised their price target on Tesla from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Friday, September 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have issued a Hold rating and ten have issued a Sell rating to the company. According to MarketBeat, Tesla has a consensus rating of “Hold” and an average target price of $363.54.

Tesla Stock Performance

Shares of Tesla stock opened at $439.31 on Monday. The company has a 50 day moving average price of $387.54 and a 200 day moving average price of $334.06. The firm has a market capitalization of $1.46 trillion, a P/E ratio of 253.94, a PEG ratio of 15.79 and a beta of 2.08. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 52 week low of $212.11 and a 52 week high of $488.54.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). The company had revenue of $22.50 billion during the quarter, compared to analysts’ expectations of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The company’s quarterly revenue was down 11.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.52 EPS. Sell-side analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

Insiders Place Their Bets

In related news, Director James R. Murdoch sold 60,000 shares of Tesla stock in a transaction dated 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 of the company’s stock, valued at $269,260,263.08. The trade was a 8.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction that occurred on Monday, September 8th. The stock was 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 approximately $3,473,057.28. This trade represents a 20.91% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 202,606 shares of company stock valued at $75,588,902. 19.90% of the stock is 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.