Brightwater Advisory LLC Takes Position in Tesla, Inc. (NASDAQ:TSLA)

Brightwater Advisory LLC acquired a new position in shares of Tesla, Inc. (NASDAQ:TSLA) during the 2nd quarter, HoldingsChannel.com reports. The firm acquired 1,680 shares of the electric vehicle producer’s stock, valued at approximately $332,000.

A number of other hedge funds have also recently bought and sold shares of TSLA. Vanguard Group Inc. lifted its holdings in Tesla by 1.7% in the first quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock valued at $41,064,917,000 after buying an additional 3,795,748 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Tesla by 12.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock valued at $1,731,430,000 after purchasing an additional 1,125,329 shares during the period. Strategic Financial Concepts LLC boosted its position in shares of Tesla by 21,816.0% during the second quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock worth $1,167,970,000 after purchasing an additional 5,875,484 shares in the last quarter. ARK Investment Management LLC grew its holdings in shares of Tesla by 2.6% in the 2nd quarter. ARK Investment Management LLC now owns 5,314,395 shares of the electric vehicle producer’s stock valued at $1,051,613,000 after buying an additional 135,966 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Tesla by 9.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,959,699 shares of the electric vehicle producer’s stock valued at $981,443,000 after buying an additional 412,872 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors.

Insider Activity at Tesla

In other news, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $250.00, for a total value of $2,000,000.00. Following the completion of the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at approximately $26,258,000. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at $18,696,600. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total value of $2,000,000.00. Following the completion of the transaction, the chief financial officer now owns 105,032 shares in the company, valued at $26,258,000. The disclosure for this sale can be found here. Insiders have sold a total of 74,661 shares of company stock worth $16,663,291 over the last quarter. Company insiders own 25.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Glj Research restated a “sell” rating and issued a $24.86 price target on shares of Tesla in a report on Thursday, September 26th. Robert W. Baird reaffirmed an “outperform” rating and set a $280.00 price target on shares of Tesla in a research report on Tuesday, August 20th. Mizuho lifted their price objective on shares of Tesla from $180.00 to $230.00 and gave the company a “neutral” rating in a report on Friday, July 12th. Piper Sandler raised their target price on shares of Tesla from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Wednesday, September 25th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $245.00 price objective on shares of Tesla in a report on Monday. Nine research analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $209.90.

Tesla Trading Down 1.4 %

TSLA opened at $258.02 on Wednesday. The company’s 50 day moving average is $222.33 and its 200-day moving average is $200.24. The company has a market cap of $824.28 billion, a P/E ratio of 65.82, a PEG ratio of 7.08 and a beta of 2.29. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $271.00. The company has a current ratio of 1.91, a quick ratio of 1.40 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.10). The company had revenue of $25.50 billion for the quarter, compared to analyst estimates of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the company posted $0.78 earnings per share. Equities research analysts predict that Tesla, Inc. will post 1.75 earnings per share for the current fiscal year.

Tesla 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.