DKM Wealth Management Inc. Raises Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

DKM Wealth Management Inc. boosted its stake in Tesla, Inc. (NASDAQ:TSLA) by 29.2% during the 1st quarter, Holdings Channel reports. The institutional investor owned 1,608 shares of the electric vehicle producer’s stock after acquiring an additional 363 shares during the period. DKM Wealth Management Inc.’s holdings in Tesla were worth $417,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Norges Bank purchased a new stake in Tesla during the fourth quarter worth about $14,420,248,000. FMR LLC increased its stake in Tesla by 40.1% during the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer’s stock worth $13,997,660,000 after purchasing an additional 9,920,325 shares during the period. GAMMA Investing LLC increased its stake in Tesla by 27,378.6% during the first quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer’s stock worth $2,542,960,000 after purchasing an additional 9,776,607 shares during the period. Strategic Financial Concepts LLC increased its stake in Tesla by 36,790.0% during the fourth quarter. Strategic Financial Concepts LLC now owns 8,660,672 shares of the electric vehicle producer’s stock worth $3,497,526,000 after purchasing an additional 8,637,195 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its stake in Tesla by 4,963.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,834,707 shares of the electric vehicle producer’s stock worth $2,356,288,000 after purchasing an additional 5,719,466 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Vaibhav Taneja sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $350.00, for a total transaction of $350,000.00. Following the completion of the sale, the chief financial officer now owns 1,950 shares in the company, valued at $682,500. This represents a 33.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the company’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total value of $170,636,475.60. Following the sale, the director now owns 855,394 shares of the company’s stock, valued at $305,632,276.20. This trade represents a 35.83% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 870,721 shares of company stock valued at $286,248,728. 20.70% of the stock is currently owned by company insiders.

Tesla Price Performance

TSLA stock opened at $295.14 on Friday. The company has a market capitalization of $950.63 billion, a P/E ratio of 144.68, a PEG ratio of 5.86 and a beta of 2.47. Tesla, Inc. has a twelve month low of $167.41 and a twelve month high of $488.54. The business has a 50 day simple moving average of $292.17 and a 200-day simple moving average of $333.62. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.26). The firm had revenue of $19.34 billion during the quarter, compared to analyst estimates of $22.93 billion. Tesla had a net margin of 7.26% and a return on equity of 10.31%. During the same period in the previous year, the company posted $0.45 earnings per share. As a group, equities analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Piper Sandler set a $400.00 price target on shares of Tesla in a research note on Tuesday, May 6th. Barclays cut their price target on shares of Tesla from $325.00 to $275.00 and set an “equal weight” rating on the stock in a research note on Monday, April 21st. Morgan Stanley reiterated an “overweight” rating on shares of Tesla in a research note on Friday. TD Cowen raised Tesla from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $180.00 to $388.00 in a research report on Friday, March 7th. Finally, Wedbush set a $500.00 price objective on Tesla in a research report on Thursday. Ten research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $294.27.

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.