Envestnet Asset Management Inc. Buys 57,189 Shares of Tesla, Inc. (NASDAQ:TSLA)

Envestnet Asset Management Inc. increased its stake in Tesla, Inc. (NASDAQ:TSLA) by 4.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,267,853 shares of the electric vehicle producer’s stock after purchasing an additional 57,189 shares during the period. Envestnet Asset Management Inc.’s holdings in Tesla were worth $328,577,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Susquehanna Fundamental Investments LLC bought a new position in Tesla in the 4th quarter worth approximately $56,600,000. Means Investment CO. Inc. raised its position in shares of Tesla by 37.7% during the 1st quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer’s stock valued at $5,984,000 after acquiring an additional 6,323 shares during the last quarter. Focus Financial Network Inc. raised its position in shares of Tesla by 3.1% during the 1st quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer’s stock valued at $5,823,000 after acquiring an additional 670 shares during the last quarter. Harvard Management Co. Inc. bought a new stake in shares of Tesla during the 4th quarter valued at $8,158,000. Finally, Blackston Financial Advisory Group LLC raised its position in shares of Tesla by 40.4% during the 1st quarter. Blackston Financial Advisory Group LLC now owns 3,040 shares of the electric vehicle producer’s stock valued at $788,000 after acquiring an additional 874 shares during the last quarter. Institutional investors own 66.20% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the stock. Cfra Research cut shares of Tesla from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, April 22nd. Raymond James Financial cut shares of Tesla to an “outperform” rating in a research report on Tuesday, April 22nd. Stifel Nicolaus set a $450.00 target price on shares of Tesla and gave the company a “buy” rating in a research report on Thursday, April 24th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Tesla from $420.00 to $345.00 and set a “buy” rating for the company in a research report on Friday, March 28th. Finally, HSBC restated a “reduce” rating and issued a $120.00 price objective on shares of Tesla in a research report on Thursday, July 3rd. Ten equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $301.60.

Tesla Trading Down 6.8%

Tesla stock opened at $293.94 on Tuesday. The firm has a 50-day moving average of $321.10 and a 200-day moving average of $323.46. Tesla, Inc. has a one year low of $182.00 and a one year high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.54. The company has a market cap of $946.77 billion, a price-to-earnings ratio of 161.51, a P/E/G ratio of 9.17 and a beta of 2.39.

Tesla (NASDAQ:TSLA) last issued its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). The firm had revenue of $19.34 billion during the quarter, compared to the consensus estimate of $22.93 billion. Tesla had a net margin of 6.66% and a return on equity of 9.02%. During the same period in the previous year, the company posted $0.45 earnings per share. On average, equities analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Robyn M. Denholm sold 112,395 shares of the company’s stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $274.12, for a total value of $30,809,717.40. Following the sale, the director directly owned 85,000 shares of the company’s stock, valued at approximately $23,300,200. This represents a 56.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 2,564 shares of the company’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $285.71, for a total transaction of $732,560.44. Following the completion of the sale, the chief financial officer directly owned 5,924 shares in the company, valued at approximately $1,692,546.04. The trade was a 30.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 829,509 shares of company stock worth $277,648,925 in the last 90 days. 20.70% of the stock is owned by corporate 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.