Larson Financial Group LLC Grows Position in Tesla Inc (NASDAQ:TSLA)
Larson Financial Group LLC lifted its stake in Tesla Inc (NASDAQ:TSLA) by 29.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 282 shares of the electric vehicle producer’s stock after buying an additional 64 shares during the quarter. Larson Financial Group LLC’s holdings in Tesla were worth $63,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. NEXT Financial Group Inc grew its holdings in shares of Tesla by 433.5% in the second quarter. NEXT Financial Group Inc now owns 1,163 shares of the electric vehicle producer’s stock worth $260,000 after purchasing an additional 945 shares during the last quarter. Cornerstone Advisors Inc. grew its holdings in Tesla by 11.2% during the 2nd quarter. Cornerstone Advisors Inc. now owns 566 shares of the electric vehicle producer’s stock worth $126,000 after acquiring an additional 57 shares in the last quarter. CWM Advisors LLC grew its holdings in Tesla by 5.5% during the 2nd quarter. CWM Advisors LLC now owns 3,333 shares of the electric vehicle producer’s stock worth $745,000 after acquiring an additional 173 shares in the last quarter. Versant Capital Management Inc bought a new position in Tesla during the 2nd quarter worth about $50,000. Finally, IFM Investors Pty Ltd grew its holdings in Tesla by 10.0% during the 2nd quarter. IFM Investors Pty Ltd now owns 9,445 shares of the electric vehicle producer’s stock worth $2,111,000 after acquiring an additional 858 shares in the last quarter. 55.77% of the stock is currently owned by hedge funds and other institutional investors.
In other Tesla news, insider Jeffrey B. Straubel sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $223.51, for a total transaction of $3,352,650.00. Following the completion of the transaction, the insider now directly owns 306,098 shares of the company’s stock, valued at approximately $68,415,963.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Zachary Kirkhorn sold 150 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $255.68, for a total transaction of $38,352.00. Following the transaction, the chief financial officer now directly owns 9,962 shares of the company’s stock, valued at $2,547,084.16. The disclosure for this sale can be found here. Insiders have sold a total of 102,456 shares of company stock valued at $21,130,430 over the last three months. 24.40% of the stock is currently owned by insiders.
Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, July 24th. The electric vehicle producer reported ($2.31) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.55) by ($0.76). The company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.44 billion. Tesla had a negative net margin of 2.64% and a negative return on equity of 11.97%. The business’s revenue for the quarter was up 58.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($3.06) earnings per share. As a group, sell-side analysts anticipate that Tesla Inc will post -4.61 earnings per share for the current fiscal year.
TSLA has been the topic of several recent research reports. Robert W. Baird dropped their target price on shares of Tesla from $400.00 to $340.00 and set an “outperform” rating on the stock in a report on Tuesday, May 21st. Wolfe Research cut shares of Tesla from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $375.00 to $265.00 in a report on Thursday, May 2nd. Morgan Stanley increased their target price on shares of WPP from GBX 1,025 ($13.39) to GBX 1,060 ($13.85) and gave the stock an “equal weight” rating in a report on Wednesday, July 17th. Jefferies Financial Group reiterated a “buy” rating on shares of Linde in a report on Friday, June 21st. Finally, Evercore ISI dropped their target price on shares of Tesla from $240.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, May 15th. They noted that the move was a valuation call. Seventeen equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $273.61.
Tesla Company Profile
Tesla, Inc designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Netherlands, Norway, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers sedans and sport utility vehicles.
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