Miracle Mile Advisors LLC Increases Position in Tesla, Inc. (NASDAQ:TSLA)

Miracle Mile Advisors LLC raised its position in Tesla, Inc. (NASDAQ:TSLA) by 13.4% during the first quarter, HoldingsChannel reports. The firm owned 41,768 shares of the electric vehicle producer’s stock after buying an additional 4,949 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Tesla were worth $10,825,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Wealth Group Ltd. purchased a new position in shares of Tesla in the 4th quarter valued at $275,000. Comprehensive Financial Planning Inc. PA purchased a new position in shares of Tesla in the 4th quarter valued at $1,361,000. Tallon Kerry Patrick purchased a new position in shares of Tesla in the 4th quarter valued at $374,000. Eagle Capital Management LLC purchased a new position in shares of Tesla in the 4th quarter valued at $331,000. Finally, Brighton Jones LLC grew its position in shares of Tesla by 11.8% in the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer’s stock valued at $35,509,000 after buying an additional 9,293 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Stock Up 3.7%

Shares of NASDAQ TSLA opened at $295.14 on Friday. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a 52 week low of $167.41 and a 52 week high of $488.54. The firm has a 50-day moving average price of $292.17 and a 200 day moving average price of $333.56. The stock has a market capitalization of $950.63 billion, a price-to-earnings ratio of 144.68, a price-to-earnings-growth ratio of 5.86 and a beta of 2.47.

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

Insider Buying and Selling at Tesla

In other Tesla news, Director Kimbal Musk sold 91,588 shares of the firm’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the completion of the transaction, the director now directly owns 1,463,220 shares in the company, valued at approximately $522,940,195.80. This trade represents a 5.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Vaibhav Taneja sold 4,000 shares of the firm’s stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the transaction, the chief financial officer now owns 26,950 shares of the company’s stock, valued at $6,737,500. This trade represents a 12.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 870,721 shares of company stock worth $286,248,728. 20.70% of the stock is owned by corporate insiders.

Analyst Ratings Changes

TSLA has been the topic of a number of recent analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Tesla in a research report on Wednesday, April 23rd. Roth Mkm decreased their price target on shares of Tesla from $450.00 to $395.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. Cantor Fitzgerald decreased their price target on shares of Tesla from $425.00 to $355.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Royal Bank of Canada decreased their price target on shares of Tesla from $314.00 to $307.00 and set an “outperform” rating for the company in a research note on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. decreased their price target on shares of Tesla from $120.00 to $115.00 and set an “underweight” rating for the company in a research note on Wednesday, April 23rd. Ten equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Tesla presently has an average rating of “Hold” and an average target price 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.