Canvas Wealth Advisors LLC Boosts Stake in Tesla, Inc. $TSLA

Canvas Wealth Advisors LLC increased its stake in Tesla, Inc. (NASDAQ:TSLA) by 3.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 40,255 shares of the electric vehicle producer’s stock after purchasing an additional 1,217 shares during the quarter. Tesla makes up approximately 2.6% of Canvas Wealth Advisors LLC’s investment portfolio, making the stock its 13th biggest position. Canvas Wealth Advisors LLC’s holdings in Tesla were worth $13,107,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Goldman Sachs Group Inc. lifted its holdings in Tesla by 322.1% during the first 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 purchasing an additional 20,291,139 shares in the last quarter. Nuveen LLC bought a new stake in shares of Tesla during the 1st quarter valued at $3,247,619,000. Kingstone Capital Partners Texas LLC lifted its stake in shares of Tesla by 581,880.5% during 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 buying an additional 6,435,598 shares in the last quarter. Amundi boosted its holdings in 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 during the period. Finally, Vanguard Group Inc. increased its stake in Tesla by 1.5% in 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 in the last quarter. Institutional investors own 66.20% of the company’s stock.

Tesla Trading Up 2.5%

Shares of TSLA opened at $439.31 on Monday. The stock has a market capitalization of $1.46 trillion, a PE ratio of 253.94, a P/E/G ratio of 15.79 and a beta of 2.08. The company’s fifty day moving average is $387.54 and its 200 day moving average is $334.06. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54.

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

Insider Buying and Selling

In other Tesla news, Director James R. Murdoch sold 120,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the sale, the director directly owned 697,031 shares of the company’s stock, valued at $244,162,988.99. The trade was a 14.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of the company’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 disclosure for this sale can be found here. Over the last quarter, insiders sold 202,606 shares of company stock worth $75,588,902. Corporate insiders own 19.90% of the company’s stock.

Wall Street Analyst Weigh In

TSLA has been the subject of a number of recent analyst reports. William Blair reaffirmed a “market perform” rating on shares of Tesla in a research note on Friday, September 5th. UBS Group set a $247.00 price target on Tesla in a research note on Monday, October 6th. Canaccord Genuity Group increased their price objective on shares of Tesla from $333.00 to $490.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Melius initiated coverage on shares of Tesla in a report on Monday, October 13th. They issued a “buy” rating and a $520.00 target price on the stock. Finally, Mizuho raised their target price on shares of Tesla from $375.00 to $450.00 and gave the company an “outperform” rating in a research note on Tuesday, September 23rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have issued a Hold rating and ten have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Tesla has a consensus rating of “Hold” and an average price target of $363.54.

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.