DoubleLine ETF Adviser LP Buys Shares of 71,519 Tesla, Inc. (NASDAQ:TSLA)

DoubleLine ETF Adviser LP purchased a new position in shares of Tesla, Inc. (NASDAQ:TSLA) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 71,519 shares of the electric vehicle producer’s stock, valued at approximately $14,152,000. Tesla comprises approximately 3.7% of DoubleLine ETF Adviser LP’s holdings, making the stock its 3rd biggest holding.

Several other hedge funds also recently modified their holdings of TSLA. Bank & Trust Co acquired a new stake in Tesla in the 2nd quarter worth $25,000. Valley Wealth Managers Inc. bought a new stake in shares of Tesla in the second quarter valued at about $26,000. Abich Financial Wealth Management LLC grew its position in Tesla by 168.8% during the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after buying an additional 81 shares in the last quarter. OLD Point Trust & Financial Services N A bought a new position in Tesla during the fourth quarter valued at about $37,000. Finally, Kessler Investment Group LLC raised its holdings in Tesla by 35.9% in the 2nd quarter. Kessler Investment Group LLC now owns 193 shares of the electric vehicle producer’s stock valued at $38,000 after acquiring an additional 51 shares in the last quarter. 66.20% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Vaibhav Taneja sold 8,000 shares of Tesla 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 directly owns 105,032 shares of the company’s stock, valued at $26,258,000. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the transaction, the director now directly owns 85,000 shares of the company’s stock, valued at $18,696,600. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of the company’s stock in a transaction 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 approximately $26,258,000. 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 in the last 90 days. 25.10% of the stock is owned by company insiders.

Tesla Stock Performance

Shares of NASDAQ:TSLA opened at $257.02 on Thursday. The stock has a market capitalization of $821.09 billion, a P/E ratio of 65.57, a P/E/G ratio of 6.80 and a beta of 2.29. The company has a current ratio of 1.91, a quick ratio of 1.40 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $271.00. The business has a 50-day moving average price of $221.20 and a two-hundred day moving average price of $197.14.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.10). Tesla had a net margin of 13.00% and a return on equity of 10.41%. The business had revenue of $25.50 billion during the quarter, compared to analyst estimates of $24.38 billion. During the same quarter in the prior year, the company earned $0.78 earnings per share. The company’s quarterly revenue was up 2.3% on a year-over-year basis. Equities analysts predict that Tesla, Inc. will post 1.75 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on TSLA. Piper Sandler boosted their price objective on Tesla from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Wednesday. Wolfe Research started coverage on shares of Tesla in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. Wells Fargo & Company reiterated an “underweight” rating and set a $120.00 target price on shares of Tesla in a research report on Monday, July 1st. Royal Bank of Canada reissued an “outperform” rating and issued a $224.00 price target on shares of Tesla in a research report on Wednesday. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $254.00 price objective on shares of Tesla in a report on Friday, September 13th. Nine analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Tesla presently has an average rating of “Hold” and a consensus price target of $209.90.

Tesla 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.