Nova Wealth Management Inc. Grows Position in Tesla, Inc. $TSLA

Nova Wealth Management Inc. lifted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 92.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,199 shares of the electric vehicle producer’s stock after purchasing an additional 576 shares during the quarter. Nova Wealth Management Inc.’s holdings in Tesla were worth $311,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of TSLA. Means Investment CO. Inc. lifted its stake in Tesla by 37.7% during the 1st quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer’s stock worth $5,984,000 after acquiring an additional 6,323 shares in the last quarter. Focus Financial Network Inc. lifted its stake in Tesla by 3.1% during the 1st quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer’s stock worth $5,823,000 after acquiring an additional 670 shares in the last quarter. Zuckerman Investment Group LLC lifted its stake in Tesla by 6.9% during the 1st quarter. Zuckerman Investment Group LLC now owns 12,748 shares of the electric vehicle producer’s stock worth $3,304,000 after acquiring an additional 826 shares in the last quarter. Siren L.L.C. acquired a new position in Tesla during the 1st quarter worth about $2,332,000. Finally, Keystone Global Partners LLC acquired a new position in Tesla during the 1st quarter worth about $594,000. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director James R. Murdoch sold 120,000 shares of the firm’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 transaction, the director owned 697,031 shares in the company, valued at $244,162,988.99. This trade represents a 14.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $292.89, for a total value of $1,171,560.00. Following the transaction, the chief financial officer owned 5,924 shares in the company, valued at $1,735,080.36. This represents a 40.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 128,606 shares of company stock worth $44,724,662 in the last 90 days. 20.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Daiwa Capital Markets reissued a “neutral” rating on shares of Tesla in a research note on Sunday, July 27th. Robert W. Baird reissued a “neutral” rating and set a $320.00 target price on shares of Tesla in a research note on Monday, June 9th. Argus reissued a “hold” rating on shares of Tesla in a research note on Monday, June 9th. HSBC reissued a “reduce” rating and set a $120.00 target price on shares of Tesla in a research note on Thursday, July 3rd. Finally, The Goldman Sachs Group reissued a “neutral” rating on shares of Tesla in a research note on Sunday, August 17th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fourteen have given a Hold rating and nine have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $303.00.

Tesla Price Performance

Shares of NASDAQ TSLA opened at $368.81 on Friday. 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. The firm has a market capitalization of $1.19 trillion, a PE ratio of 213.18, a price-to-earnings-growth ratio of 12.13 and a beta of 2.06. The stock’s 50-day simple moving average is $327.25 and its 200-day simple moving average is $302.84.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $23.18 billion. During the same period last year, the business posted $0.52 EPS. Tesla’s revenue was down 11.8% on a year-over-year basis. As a group, equities research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal 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.