Naviter Wealth LLC Grows Position in Tesla, Inc. (NASDAQ:TSLA)

Naviter Wealth LLC increased its position in Tesla, Inc. (NASDAQ:TSLA) by 45.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,671 shares of the electric vehicle producer’s stock after buying an additional 5,840 shares during the quarter. Naviter Wealth LLC’s holdings in Tesla were worth $3,282,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Tesla by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock valued at $57,102,287,000 after purchasing an additional 3,866,361 shares in the last quarter. Norges Bank bought a new stake in shares of Tesla during the 4th quarter valued at $7,844,757,000. Morgan Stanley grew its position in shares of Tesla by 7.8% in the 3rd quarter. Morgan Stanley now owns 30,160,747 shares of the electric vehicle producer’s stock worth $7,546,823,000 after buying an additional 2,177,397 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Tesla by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 15,155,878 shares of the electric vehicle producer’s stock worth $3,765,933,000 after acquiring an additional 458,804 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in Tesla by 0.3% during the third quarter. American Century Companies Inc. now owns 6,702,634 shares of the electric vehicle producer’s stock worth $1,677,133,000 after acquiring an additional 19,887 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

TSLA has been the subject of several recent research reports. Wedbush reiterated an “outperform” rating and set a $275.00 target price on shares of Tesla in a report on Friday, June 14th. Wells Fargo & Company reissued an “underweight” rating and issued a $120.00 target price on shares of Tesla in a report on Monday. The Goldman Sachs Group restated a “neutral” rating and set a $175.00 price target on shares of Tesla in a report on Friday, June 14th. Barclays dropped their price target on shares of Tesla from $225.00 to $180.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 17th. Finally, HSBC cut their price objective on shares of Tesla from $138.00 to $120.00 and set a “reduce” rating on the stock in a research report on Wednesday, April 24th. Seven research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $187.30.

Tesla Trading Up 10.2 %

Shares of TSLA stock traded up $21.40 on Tuesday, hitting $231.26. The stock had a trading volume of 202,700,192 shares, compared to its average volume of 96,511,578. The company’s 50 day moving average price is $179.16 and its 200-day moving average price is $191.09. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $299.29. The firm has a market capitalization of $737.53 billion, a P/E ratio of 59.00, a P/E/G ratio of 4.91 and a beta of 2.31. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.72 and a quick ratio of 1.17.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Tuesday, April 23rd. The electric vehicle producer reported $0.35 EPS for the quarter, meeting the consensus estimate of $0.35. The company had revenue of $21.30 billion during the quarter, compared to analysts’ expectations of $22.15 billion. Tesla had a net margin of 14.37% and a return on equity of 13.18%. Analysts anticipate that Tesla, Inc. will post 1.86 earnings per share for the current year.

Insider Activity

In related news, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total value of $113,236.50. Following the completion of the transaction, the senior vice president now directly owns 65,155 shares of the company’s stock, valued at $11,350,652.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $174.21, for a total value of $113,236.50. Following the completion of the sale, the senior vice president now directly owns 65,155 shares of the company’s stock, valued at $11,350,652.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robyn M. Denholm sold 93,705 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $184.86, for a total value of $17,322,306.30. Following the sale, the director now directly owns 15,000 shares of the company’s stock, valued at $2,772,900. The disclosure for this sale can be found here. Company insiders own 20.90% of the company’s stock.

About Tesla

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.