SK Wealth Management LLC Makes New Investment in Tesla, Inc. (NASDAQ:TSLA)

SK Wealth Management LLC acquired a new stake in shares of Tesla, Inc. (NASDAQ:TSLA) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 1,926 shares of the electric vehicle producer’s stock, valued at approximately $504,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. SMART Wealth LLC bought a new stake in shares of Tesla during the third quarter worth $208,000. DGS Capital Management LLC boosted its stake in Tesla by 17.3% in the 3rd quarter. DGS Capital Management LLC now owns 3,804 shares of the electric vehicle producer’s stock worth $995,000 after purchasing an additional 560 shares during the period. Boulder Wealth Advisors LLC acquired a new stake in shares of Tesla in the 3rd quarter valued at about $232,000. Oriental Harbor Investment Fund bought a new stake in shares of Tesla in the third quarter valued at about $14,700,000. Finally, Inspire Trust Co. N.A. boosted its position in shares of Tesla by 23.3% during the third quarter. Inspire Trust Co. N.A. now owns 8,200 shares of the electric vehicle producer’s stock worth $2,145,000 after buying an additional 1,548 shares during the period. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Stock Down 2.0 %

Shares of NASDAQ:TSLA traded down $8.80 during trading on Monday, reaching $422.86. 51,375,534 shares of the stock were exchanged, compared to its average volume of 94,871,852. The stock has a fifty day moving average of $345.67 and a two-hundred day moving average of $266.66. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $488.54. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37. The firm has a market cap of $1.36 trillion, a price-to-earnings ratio of 115.85, a price-to-earnings-growth ratio of 10.80 and a beta of 2.36.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. The company had revenue of $25.18 billion for the quarter, compared to analyst estimates of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the company earned $0.53 earnings per share. Research analysts anticipate that Tesla, Inc. will post 1.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $374.21, for a total value of $975,191.26. Following the transaction, the chief financial officer now directly owns 108,965 shares of the company’s stock, valued at approximately $40,775,792.65. The trade was a 2.34 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $352.54, for a total transaction of $35,254,000.00. Following the sale, the director now owns 5,400 shares of the company’s stock, valued at $1,903,716. This trade represents a 94.88 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 514,886 shares of company stock valued at $169,393,831. Corporate insiders own 20.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on TSLA. Barclays boosted their target price on Tesla from $220.00 to $235.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Guggenheim lifted their price target on shares of Tesla from $156.00 to $175.00 and gave the company a “sell” rating in a research note on Thursday, December 5th. Stifel Nicolaus increased their price objective on shares of Tesla from $287.00 to $411.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Wolfe Research initiated coverage on Tesla in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. Finally, JPMorgan Chase & Co. raised their price target on Tesla from $130.00 to $135.00 and gave the company an “underweight” rating in a research note on Thursday, October 24th. Nine equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Tesla currently has an average rating of “Hold” and a consensus price target of $272.06.

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.