Beacon Pointe Advisors LLC Buys 8,529 Shares of Tesla, Inc. $TSLA

Beacon Pointe Advisors LLC lifted its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 13.8% in the second quarter, Holdings Channel.com reports. The fund owned 70,430 shares of the electric vehicle producer’s stock after acquiring an additional 8,529 shares during the quarter. Beacon Pointe Advisors LLC’s holdings in Tesla were worth $22,373,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Chelsea Counsel Co. boosted its stake in shares of Tesla by 59.7% in the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after purchasing an additional 40 shares during the last quarter. LGT Financial Advisors LLC acquired a new position in Tesla in the second quarter valued at $29,000. Evergreen Private Wealth LLC boosted its position in Tesla by 270.0% during the second quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer’s stock valued at $35,000 after acquiring an additional 81 shares during the last quarter. Glynn Capital Management LLC acquired a new stake in Tesla during the 2nd quarter worth about $35,000. Finally, LSV Asset Management raised its position in shares of Tesla by 400.0% in the 2nd quarter. LSV Asset Management now owns 120 shares of the electric vehicle producer’s stock worth $38,000 after acquiring an additional 96 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors.

Tesla Stock Performance

Shares of TSLA stock opened at $430.14 on Tuesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.07 and a quick ratio of 1.67. The firm has a 50-day moving average of $433.87 and a 200-day moving average of $369.96. Tesla, Inc. has a one year low of $214.25 and a one year high of $488.54. The company has a market cap of $1.43 trillion, a P/E ratio of 286.76, a P/E/G ratio of 16.84 and a beta of 2.06.

Tesla (NASDAQ:TSLA) last announced its earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. The firm had revenue of $28.10 billion for the quarter, compared to the consensus estimate of $24.98 billion. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The company’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.72 EPS. Equities research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Buying and Selling at Tesla

In other news, SVP Xiaotong Zhu sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the sale, the senior vice president directly owned 47,600 shares of the company’s stock, valued at $17,314,500. This trade represents a 29.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction on Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the sale, the chief financial officer owned 9,856 shares in the company, valued at $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 82,606 shares of company stock worth $33,554,102 in the last quarter. 19.90% of the stock is currently owned by company insiders.

Analyst Ratings Changes

TSLA has been the topic of several research analyst reports. Needham & Company LLC restated a “hold” rating on shares of Tesla in a research report on Thursday, October 23rd. HSBC restated a “reduce” rating on shares of Tesla in a report on Monday, November 17th. Truist Financial boosted their target price on shares of Tesla from $280.00 to $406.00 and gave the company a “hold” rating in a research report on Thursday, October 23rd. JPMorgan Chase & Co. increased their target price on shares of Tesla from $115.00 to $150.00 in a research note on Friday, October 3rd. Finally, China Renaissance lifted their price target on shares of Tesla from $349.00 to $380.00 and gave the company a “hold” rating in a research note on Friday, October 24th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, thirteen have given a Hold rating and nine have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $394.03.

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.