Lord & Richards Wealth Management LLC Increases Stock Position in Tesla, Inc. $TSLA

Lord & Richards Wealth Management LLC raised its holdings in Tesla, Inc. (NASDAQ:TSLA) by 19.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,262 shares of the electric vehicle producer’s stock after purchasing an additional 205 shares during the period. Lord & Richards Wealth Management LLC’s holdings in Tesla were worth $401,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pointe Capital Management LLC purchased a new position in Tesla in the 2nd quarter valued at about $209,000. NewSquare Capital LLC lifted its holdings in Tesla by 100.0% in the 2nd quarter. NewSquare Capital LLC now owns 1,908 shares of the electric vehicle producer’s stock valued at $606,000 after purchasing an additional 954 shares in the last quarter. Rockline Wealth Management LLC lifted its holdings in shares of Tesla by 11.2% during the 2nd quarter. Rockline Wealth Management LLC now owns 13,485 shares of the electric vehicle producer’s stock worth $4,284,000 after acquiring an additional 1,362 shares during the period. Elyxium Wealth LLC lifted its holdings in shares of Tesla by 13.6% during the 2nd quarter. Elyxium Wealth LLC now owns 7,712 shares of the electric vehicle producer’s stock worth $2,450,000 after acquiring an additional 925 shares during the period. Finally, Magnolia Capital Advisors LLC lifted its holdings in shares of Tesla by 7.3% during the 2nd quarter. Magnolia Capital Advisors LLC now owns 4,785 shares of the electric vehicle producer’s stock worth $1,520,000 after acquiring an additional 327 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TSLA has been the topic of several recent analyst reports. Wedbush reiterated an “outperform” rating and set a $600.00 price objective on shares of Tesla in a report on Monday, October 20th. Robert W. Baird upgraded shares of Tesla from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $320.00 to $548.00 in a report on Friday, September 19th. UBS Group set a $247.00 price objective on shares of Tesla in a report on Monday, October 6th. William Blair reaffirmed a “market perform” rating on shares of Tesla in a research report on Friday, September 5th. Finally, Truist Financial boosted their price objective on shares of Tesla from $280.00 to $406.00 and gave the stock a “hold” rating in a research note on Thursday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have assigned a Hold rating and eleven have issued a Sell rating to the company. According to MarketBeat, Tesla has a consensus rating of “Hold” and an average price target of $390.27.

Tesla Stock Performance

Shares of TSLA stock opened at $468.37 on Tuesday. The company’s fifty day moving average price is $412.95 and its two-hundred day moving average price is $350.47. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.07 and a quick ratio of 1.67. The firm has a market capitalization of $1.56 trillion, a P/E ratio of 312.25, a P/E/G ratio of 16.84 and a beta of 2.08. Tesla, Inc. has a 12 month low of $214.25 and a 12 month high of $488.54.

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

Insider Buying and Selling

In related news, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction on Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the sale, the chief financial officer directly owned 9,856 shares of the company’s stock, valued at $3,473,057.28. This represents a 20.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of the company’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the sale, the senior vice president directly owned 47,600 shares in the company, valued at $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 202,606 shares of company stock worth $75,588,902. Insiders own 19.90% 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.