Legacy Financial Group LLC Buys 100 Shares of Tesla, Inc. $TSLA

Legacy Financial Group LLC grew its stake in Tesla, Inc. (NASDAQ:TSLA) by 3.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,919 shares of the electric vehicle producer’s stock after acquiring an additional 100 shares during the quarter. Legacy Financial Group LLC’s holdings in Tesla were worth $927,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TSLA. Accurate Wealth Management LLC raised its holdings in Tesla by 2.4% in the second quarter. Accurate Wealth Management LLC now owns 32,900 shares of the electric vehicle producer’s stock worth $10,193,000 after purchasing an additional 765 shares in the last quarter. Define Financial LLC bought a new position in shares of Tesla during the 2nd quarter worth approximately $228,000. Maseco LLP purchased a new stake in Tesla during the second quarter valued at approximately $39,000. Mainstream Capital Management LLC boosted its stake in Tesla by 3.4% in the second quarter. Mainstream Capital Management LLC now owns 5,252 shares of the electric vehicle producer’s stock valued at $1,668,000 after acquiring an additional 172 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in Tesla by 4.0% in the second quarter. Fifth Third Bancorp now owns 427,488 shares of the electric vehicle producer’s stock worth $135,796,000 after purchasing an additional 16,606 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Stock Down 1.9%

Shares of TSLA opened at $425.85 on Wednesday. The firm has a market cap of $1.42 trillion, a P/E ratio of 246.16, a PEG ratio of 15.15 and a beta of 2.06. Tesla, Inc. has a 12 month low of $212.11 and a 12 month high of $488.54. The stock’s 50 day moving average is $345.33 and its two-hundred day moving average is $310.67. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07.

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

Insider Activity

In other news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer owned 9,856 shares of the company’s stock, valued at $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James R. Murdoch sold 60,000 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the completion of the transaction, the director directly owned 637,031 shares in the company, valued at $269,260,263.08. This represents a 8.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 208,606 shares of company stock worth $77,360,462 over the last 90 days. 19.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

TSLA has been the subject of a number of recent analyst reports. Daiwa Capital Markets reissued a “neutral” rating on shares of Tesla in a research report on Sunday, July 27th. Argus restated a “hold” rating on shares of Tesla in a research note on Monday, June 9th. Wedbush reaffirmed an “outperform” rating and issued a $500.00 price objective on shares of Tesla in a research report on Monday, September 15th. Morgan Stanley reiterated an “overweight” rating and issued a $410.00 target price on shares of Tesla in a research note on Friday, September 5th. Finally, CICC Research upped their price target on shares of Tesla from $360.00 to $450.00 and gave the company an “outperform” rating in a research note on Thursday, September 18th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, twelve have issued a Hold rating and nine have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $326.74.

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.