Morris Financial Concepts Inc. Purchases 948 Shares of Tesla, Inc. (NASDAQ:TSLA)

Morris Financial Concepts Inc. boosted its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 13.5% in the first quarter, HoldingsChannel reports. The institutional investor owned 7,960 shares of the electric vehicle producer’s stock after acquiring an additional 948 shares during the quarter. Tesla makes up approximately 0.9% of Morris Financial Concepts Inc.’s holdings, making the stock its 20th biggest holding. Morris Financial Concepts Inc.’s holdings in Tesla were worth $2,063,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rinkey Investments raised its holdings in Tesla by 3.5% during the 4th quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer’s stock valued at $347,000 after buying an additional 29 shares during the last quarter. Bell Investment Advisors Inc raised its holdings in Tesla by 1.3% during the 4th quarter. Bell Investment Advisors Inc now owns 2,339 shares of the electric vehicle producer’s stock valued at $945,000 after buying an additional 30 shares during the last quarter. Pitti Group Wealth Management LLC raised its holdings in Tesla by 2.2% during the 4th quarter. Pitti Group Wealth Management LLC now owns 1,470 shares of the electric vehicle producer’s stock valued at $594,000 after buying an additional 31 shares during the last quarter. True Wealth Design LLC raised its holdings in Tesla by 79.5% during the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock valued at $28,000 after buying an additional 31 shares during the last quarter. Finally, Horrell Capital Management Inc. raised its holdings in Tesla by 75.6% during the 4th quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock valued at $32,000 after buying an additional 34 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

TSLA has been the topic of a number of research analyst reports. Stifel Nicolaus set a $450.00 price objective on shares of Tesla and gave the company a “buy” rating in a research report on Thursday, April 24th. Barclays reduced their price objective on shares of Tesla from $325.00 to $275.00 and set an “equal weight” rating on the stock in a research report on Monday, April 21st. Baird R W downgraded shares of Tesla from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 9th. Mizuho boosted their price objective on shares of Tesla from $325.00 to $390.00 and gave the company an “outperform” rating in a research report on Friday, May 16th. Finally, Wells Fargo & Company reduced their price objective on shares of Tesla from $135.00 to $130.00 and set an “underweight” rating on the stock in a research report on Friday, March 14th. Ten research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $301.24.

Insider Buying and Selling at Tesla

In other news, SVP Xiaotong Zhu sold 15,000 shares of the company’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the completion of the sale, the senior vice president owned 67,600 shares of the company’s stock, valued at $21,889,556. This represents a 18.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction of $30,809,717.40. Following the sale, the director directly owned 85,000 shares of the company’s stock, valued at $23,300,200. The trade was a 56.94% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 833,509 shares of company stock worth $278,648,925. 20.70% of the stock is owned by company insiders.

Tesla Stock Performance

Shares of Tesla stock opened at $313.56 on Friday. The stock has a market cap of $1.01 trillion, a price-to-earnings ratio of 172.29, a PEG ratio of 9.17 and a beta of 2.39. The firm’s 50-day moving average is $320.93 and its 200 day moving average is $325.92. Tesla, Inc. has a 1 year low of $182.00 and a 1 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.

Tesla (NASDAQ:TSLA) last announced its quarterly 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 return on equity of 9.02% and a net margin of 6.66%. During the same quarter in the previous year, the firm earned $0.45 EPS. Sell-side analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

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.