Balentine LLC Raises Stock Holdings in Tesla, Inc. $TSLA

Balentine LLC boosted its stake in Tesla, Inc. (NASDAQ:TSLA) by 89.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,571 shares of the electric vehicle producer’s stock after buying an additional 1,215 shares during the period. Balentine LLC’s holdings in Tesla were worth $817,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of TSLA. Arcadia Investment Management Corp MI acquired a new position in Tesla in the 1st quarter valued at about $27,000. Chelsea Counsel Co. grew its position in Tesla by 59.7% in the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after acquiring an additional 40 shares in the last quarter. Centennial Bank AR grew its position in Tesla by 833.3% in the 1st quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer’s stock valued at $29,000 after acquiring an additional 100 shares in the last quarter. LGT Financial Advisors LLC acquired a new position in Tesla in the 2nd quarter valued at about $29,000. Finally, Compass Wealth Management LLC grew its position in Tesla by 360.0% in the 1st quarter. Compass Wealth Management LLC now owns 115 shares of the electric vehicle producer’s stock valued at $30,000 after acquiring an additional 90 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on TSLA. Mizuho lifted their target price on Tesla from $450.00 to $485.00 and gave the company an “outperform” rating in a research report on Thursday, October 23rd. HSBC lifted their target price on Tesla from $120.00 to $127.00 in a research report on Monday, September 29th. Industrial Alliance Securities set a $300.00 target price on Tesla in a research report on Monday, October 13th. Piper Sandler boosted their price objective on Tesla from $400.00 to $500.00 and gave the stock an “overweight” rating in a research report on Monday, September 22nd. Finally, Dbs Bank boosted their price objective on Tesla from $300.00 to $450.00 in a research report on Wednesday, September 17th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have issued a Hold rating and eleven have issued a Sell rating to the company’s stock. According to MarketBeat, Tesla presently has a consensus rating of “Hold” and an average target price of $388.51.

Insider Buying and Selling

In related news, Director James R. Murdoch sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the completion of the sale, the director owned 637,031 shares in the company, valued at $269,260,263.08. The trade was a 8.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the sale, the chief financial officer owned 9,856 shares of the company’s stock, valued at approximately $3,473,057.28. The trade was a 20.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 202,606 shares of company stock worth $75,588,902 over the last 90 days. 19.90% of the stock is owned by insiders.

Tesla Stock Performance

Shares of Tesla stock opened at $456.56 on Friday. The business has a 50-day simple moving average of $410.52 and a 200-day simple moving average of $347.47. The company has a market cap of $1.52 trillion, a PE ratio of 304.37, a P/E/G ratio of 16.84 and a beta of 2.08. Tesla, Inc. has a one year low of $214.25 and a one year high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.67 and a current ratio of 2.07.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.02. The firm had revenue of $28.10 billion during the quarter, compared to analysts’ expectations of $24.98 billion. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The firm’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.72 earnings per share. On average, equities research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal 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.