SK Wealth Management LLC Purchases New Holdings in Tesla, Inc. (NASDAQ:TSLA)

SK Wealth Management LLC acquired a new position in shares of Tesla, Inc. (NASDAQ:TSLA) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 1,926 shares of the electric vehicle producer’s stock, valued at approximately $504,000.

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

Insiders Place Their Bets

In other news, Director Kathleen Wilson-Thompson sold 100,000 shares of Tesla stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $346.02, for a total transaction of $34,602,000.00. Following the completion of the sale, the director now owns 5,400 shares in the company, valued at $1,868,508. The trade was a 94.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Vaibhav Taneja sold 2,606 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $374.21, for a total transaction of $975,191.26. Following the completion of the transaction, the chief financial officer now directly owns 108,965 shares in the company, valued at approximately $40,775,792.65. The trade was a 2.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 514,886 shares of company stock valued at $169,393,831. 20.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. HSBC restated a “reduce” rating and issued a $124.00 target price on shares of Tesla in a research report on Friday, October 11th. JPMorgan Chase & Co. raised their price objective on shares of Tesla from $130.00 to $135.00 and gave the company an “underweight” rating in a research note on Thursday, October 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Tesla in a research note on Thursday, October 24th. Bank of America raised their target price on Tesla from $350.00 to $400.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Finally, Roth Mkm raised shares of Tesla from a “neutral” rating to a “buy” rating and upped their price target for the company from $85.00 to $380.00 in a report on Monday, December 2nd. Nine analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $272.06.

Tesla Stock Performance

Shares of NASDAQ:TSLA traded down $8.80 on Monday, hitting $422.86. 51,375,534 shares of the company were exchanged, compared to its average volume of 94,871,852. Tesla, Inc. has a one year low of $138.80 and a one year high of $488.54. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. The firm has a market capitalization of $1.36 trillion, a price-to-earnings ratio of 115.85, a PEG ratio of 10.80 and a beta of 2.36. The company’s 50 day moving average price is $345.67 and its two-hundred day moving average price is $266.66.

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

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.