King Wealth Management Group Has $652,000 Stake in Tesla, Inc. $TSLA

King Wealth Management Group lifted its stake in Tesla, Inc. (NASDAQ:TSLA) by 146.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,051 shares of the electric vehicle producer’s stock after buying an additional 1,218 shares during the period. King Wealth Management Group’s holdings in Tesla were worth $652,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Chelsea Counsel Co. increased 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. LGT Financial Advisors LLC bought a new position in Tesla during the 2nd quarter worth approximately $29,000. Evergreen Private Wealth LLC increased its position in shares of Tesla by 270.0% in the 2nd quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer’s stock valued at $35,000 after buying an additional 81 shares in the last quarter. Glynn Capital Management LLC bought a new position in shares of Tesla during the 2nd quarter valued at about $35,000. Finally, Pacific Center for Financial Services boosted its holdings in shares of Tesla by 44.7% in the first quarter. Pacific Center for Financial Services now owns 149 shares of the electric vehicle producer’s stock valued at $39,000 after buying an additional 46 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on TSLA. Benchmark reissued a “buy” rating on shares of Tesla in a research report on Thursday, October 23rd. HSBC lifted their price target on shares of Tesla from $120.00 to $127.00 in a report on Monday, September 29th. Melius Research set a $520.00 target price on Tesla and gave the stock a “buy” rating in a report on Monday, October 13th. Royal Bank Of Canada reissued an “outperform” rating and set a $500.00 target price on shares of Tesla in a research note on Thursday, October 23rd. Finally, Baird R W upgraded shares of Tesla from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 19th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have given a Hold rating and ten have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $393.61.

Insider Buying and Selling at Tesla

In other news, CFO Vaibhav Taneja sold 2,606 shares of the firm’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of the transaction, the chief financial officer owned 9,856 shares in the company, valued at $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director James R. Murdoch sold 120,000 shares of the company’s stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the sale, the director owned 697,031 shares in the company, valued at $244,162,988.99. This represents a 14.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 202,606 shares of company stock valued at $75,588,902. 19.90% of the stock is owned by company insiders.

Tesla Trading Down 6.6%

Shares of TSLA stock opened at $401.99 on Friday. 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, Inc. has a 52-week low of $214.25 and a 52-week high of $488.54. The company has a market capitalization of $1.34 trillion, a PE ratio of 267.99, a price-to-earnings-growth ratio of 16.84 and a beta of 2.06. The business’s fifty day moving average is $428.60 and its 200 day moving average is $359.48.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. The business had revenue of $28.10 billion for the quarter, compared to analysts’ expectations of $24.98 billion. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the business earned $0.72 earnings per share. On average, equities research analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

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.