Abacus Planning Group Inc. Boosts Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Abacus Planning Group Inc. boosted its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 33.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,723 shares of the electric vehicle producer’s stock after acquiring an additional 434 shares during the period. Abacus Planning Group Inc.’s holdings in Tesla were worth $451,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Bank & Trust Co purchased a new position in shares of Tesla during the 2nd quarter valued at $25,000. Abich Financial Wealth Management LLC lifted its position in shares of Tesla by 168.8% in the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after acquiring an additional 81 shares in the last quarter. Valley Wealth Managers Inc. bought a new position in shares of Tesla in the second quarter worth about $26,000. M&R Capital Management Inc. grew its position in shares of Tesla by 263.2% during the third quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock worth $36,000 after purchasing an additional 100 shares in the last quarter. Finally, OLD Point Trust & Financial Services N A bought a new stake in Tesla during the 4th quarter valued at approximately $37,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Trading Down 3.5 %

Shares of NASDAQ TSLA opened at $249.02 on Thursday. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $271.00. The firm has a market cap of $795.53 billion, a PE ratio of 63.53, a price-to-earnings-growth ratio of 7.08 and a beta of 2.29. The business has a fifty day simple moving average of $222.99 and a two-hundred day simple moving average of $200.58. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last issued its 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). Tesla had a return on equity of 10.41% and a net margin of 13.00%. The business had revenue of $25.50 billion for the quarter, compared to the consensus estimate of $24.38 billion. During the same quarter in the previous year, the company earned $0.78 earnings per share. The firm’s revenue was up 2.3% on a year-over-year basis. Analysts expect that Tesla, Inc. will post 1.75 earnings per share for the current fiscal year.

Insider Activity at Tesla

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

Wall Street Analyst Weigh In

Several research firms have weighed in on TSLA. Royal Bank of Canada restated an “outperform” rating and issued a $224.00 price target on shares of Tesla in a research note on Wednesday, September 25th. Argus reaffirmed a “buy” rating and set a $286.00 target price on shares of Tesla in a research note on Friday, July 26th. Morgan Stanley reiterated an “overweight” rating and issued a $310.00 price target on shares of Tesla in a research note on Thursday, September 5th. Needham & Company LLC restated a “hold” rating on shares of Tesla in a research report on Wednesday, July 24th. Finally, Piper Sandler boosted their target price on Tesla from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 25th. Nine research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $209.90.

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.