Spire Wealth Management Has $8.18 Million Holdings in Tesla, Inc. (NASDAQ:TSLA)

Spire Wealth Management raised its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 3.6% in the first quarter, Holdings Channel reports. The firm owned 31,552 shares of the electric vehicle producer’s stock after buying an additional 1,082 shares during the period. Spire Wealth Management’s holdings in Tesla were worth $8,177,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Tesla during the 4th quarter worth about $56,600,000. Means Investment CO. Inc. raised its stake 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 worth $5,984,000 after purchasing an additional 6,323 shares in the last quarter. Focus Financial Network Inc. raised its stake 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 worth $5,823,000 after purchasing an additional 670 shares in the last quarter. Strategic Family Wealth Counselors L.L.C. raised its stake in shares of Tesla by 133.7% during the 4th quarter. Strategic Family Wealth Counselors L.L.C. now owns 2,847 shares of the electric vehicle producer’s stock worth $1,150,000 after purchasing an additional 1,629 shares in the last quarter. Finally, Harvard Management Co. Inc. purchased a new stake in shares of Tesla during the 4th quarter worth about $8,158,000. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Price Performance

Shares of NASDAQ:TSLA opened at $327.55 on Thursday. Tesla, Inc. has a 1-year low of $182.00 and a 1-year high of $488.54. The firm has a market capitalization of $1.06 trillion, a PE ratio of 179.97, a PEG ratio of 12.73 and a beta of 2.47. The business’s 50 day moving average is $311.59 and its 200-day moving average is $331.45. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a return on equity of 9.02% and a net margin of 6.66%. The firm had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. During the same period in the previous year, the business posted $0.45 EPS. Sell-side analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TSLA. Piper Sandler reaffirmed an “overweight” rating and set a $400.00 price target on shares of Tesla in a research note on Tuesday, June 10th. Royal Bank Of Canada cut their price objective on Tesla from $314.00 to $307.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 23rd. Cfra Research downgraded Tesla from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, April 22nd. Glj Research reissued a “sell” rating and issued a $19.05 price objective (down from $24.86) on shares of Tesla in a research note on Monday, April 21st. Finally, Benchmark reissued a “buy” rating and issued a $350.00 price objective on shares of Tesla in a research note on Wednesday, April 23rd. Ten research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $294.58.

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 4,000 shares of the business’s stock in a transaction on Monday, April 7th. The stock was sold at an average price of $250.00, for a total value of $1,000,000.00. Following the sale, the chief financial officer now owns 26,950 shares of the company’s stock, valued at $6,737,500. The trade was a 12.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the business’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total value of $170,636,475.60. Following the completion of the sale, the director now directly owns 855,394 shares in the company, valued at approximately $305,632,276.20. This represents a 35.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 833,509 shares of company stock valued at $278,648,925 in the last 90 days. 20.70% of the stock is owned by corporate insiders.

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.