LeConte Wealth Management LLC Acquires 660 Shares of Tesla, Inc. $TSLA

LeConte Wealth Management LLC grew its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 29.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,935 shares of the electric vehicle producer’s stock after buying an additional 660 shares during the quarter. Tesla accounts for about 0.6% of LeConte Wealth Management LLC’s holdings, making the stock its 22nd biggest position. LeConte Wealth Management LLC’s holdings in Tesla were worth $932,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in TSLA. First City Capital Management Inc. bought a new position in Tesla in the 2nd quarter valued at about $325,000. Level Financial Advisors purchased a new stake in shares of Tesla in the second quarter worth approximately $214,000. Avaii Wealth Management LLC lifted its holdings in shares of Tesla by 56.7% in the second quarter. Avaii Wealth Management LLC now owns 18,097 shares of the electric vehicle producer’s stock valued at $5,749,000 after purchasing an additional 6,546 shares in the last quarter. Surience Private Wealth LLC boosted its position in shares of Tesla by 536.6% during the second quarter. Surience Private Wealth LLC now owns 9,581 shares of the electric vehicle producer’s stock valued at $3,044,000 after buying an additional 8,076 shares during the last quarter. Finally, Cora Capital Advisors LLC grew its holdings in Tesla by 10.2% during the second quarter. Cora Capital Advisors LLC now owns 1,200 shares of the electric vehicle producer’s stock worth $381,000 after buying an additional 111 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Insider Activity

In other news, Director James R. Murdoch sold 120,000 shares of the stock in a transaction 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 completion of the transaction, the director owned 697,031 shares in the company, valued at approximately $244,162,988.99. This represents a 14.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the senior vice president owned 47,600 shares in the company, valued at $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 208,606 shares of company stock valued at $77,360,462 in the last 90 days. Insiders own 19.90% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Needham & Company LLC restated a “hold” rating on shares of Tesla in a research note on Thursday, July 24th. Guggenheim reiterated a “sell” rating and issued a $175.00 target price on shares of Tesla in a report on Wednesday, July 23rd. Morgan Stanley restated an “overweight” rating and set a $410.00 price target on shares of Tesla in a report on Friday, September 5th. Bank of America increased their price objective on shares of Tesla from $305.00 to $341.00 and gave the company a “neutral” rating in a research note on Monday, July 21st. Finally, William Blair reissued a “market perform” rating on shares of Tesla in a research report on Friday, September 5th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, twelve have given a Hold rating and nine have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $326.74.

Tesla Stock Down 4.4%

Tesla stock opened at $423.39 on Friday. The firm has a 50 day moving average price of $349.83 and a 200-day moving average price of $312.97. 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 twelve month low of $212.11 and a twelve month high of $488.54. The company has a market capitalization of $1.41 trillion, a P/E ratio of 244.73, a P/E/G ratio of 15.45 and a beta of 2.06.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $23.18 billion. During the same quarter in the previous year, the company posted $0.52 EPS. Tesla’s revenue for the quarter was down 11.8% on a year-over-year basis. As a group, equities analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

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.