Edgewood Management LLC Purchases New Position in Tesla, Inc. (NASDAQ:TSLA)

Edgewood Management LLC purchased a new stake in Tesla, Inc. (NASDAQ:TSLA) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 989 shares of the electric vehicle producer’s stock, valued at approximately $259,000.

A number of other large investors have also recently modified their holdings of the company. Transcendent Capital Group LLC purchased a new stake in Tesla during the third quarter worth $29,000. Bank & Trust Co purchased a new stake in Tesla during the second quarter worth $25,000. Clean Yield Group lifted its holdings in Tesla by 60.0% during the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after buying an additional 48 shares during the period. Abich Financial Wealth Management LLC lifted its holdings 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 during the period. Finally, Valley Wealth Managers Inc. purchased a new stake in Tesla during the second quarter worth $26,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Transactions at Tesla

In related 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 value of $34,602,000.00. Following the completion of the sale, the director now owns 5,400 shares in the company, valued at approximately $1,868,508. This trade represents a 94.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the sale, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This trade represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 301,187 shares of company stock worth $92,956,692 in the last 90 days. Insiders own 20.70% of the company’s stock.

Tesla Trading Down 0.5 %

TSLA opened at $340.17 on Friday. 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 company’s 50 day simple moving average is $261.63 and its two-hundred day simple moving average is $224.93. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $358.64. The firm has a market capitalization of $1.09 trillion, a price-to-earnings ratio of 93.20, a price-to-earnings-growth ratio of 11.24 and a beta of 2.29.

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on TSLA. StockNews.com upgraded Tesla from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Truist Financial upped their target price on Tesla from $236.00 to $238.00 and gave the stock a “hold” rating in a report on Thursday, October 24th. Piper Sandler upped their price target on Tesla from $310.00 to $315.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Canaccord Genuity Group upped their price target on Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Finally, Canaccord Genuity Group upped their price target on Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Nine analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $230.18.

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.