Nova Wealth Management Inc. Has $440,000 Stock Holdings in Tesla, Inc. $TSLA

Nova Wealth Management Inc. increased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 15.4% during the 2nd quarter, Holdings Channel.com reports. The fund owned 1,384 shares of the electric vehicle producer’s stock after acquiring an additional 185 shares during the period. Nova Wealth Management Inc.’s holdings in Tesla were worth $440,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Acorn Wealth Advisors LLC boosted its stake in Tesla by 1.9% in the 1st quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer’s stock valued at $493,000 after buying an additional 36 shares in the last quarter. Solutions 4 Wealth Ltd increased its holdings in shares of Tesla by 2.0% during the first quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer’s stock worth $470,000 after buying an additional 36 shares in the last quarter. Capital Management Associates Inc boosted its holdings in shares of Tesla by 3.4% in the 1st quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer’s stock worth $302,000 after acquiring an additional 38 shares in the last quarter. Graney & King LLC increased its holdings in Tesla by 18.4% during the 1st quarter. Graney & King LLC now owns 245 shares of the electric vehicle producer’s stock valued at $63,000 after purchasing an additional 38 shares in the last quarter. Finally, Mraz Amerine & Associates Inc. raised its position in Tesla by 3.8% in the 1st quarter. Mraz Amerine & Associates Inc. now owns 1,054 shares of the electric vehicle producer’s stock valued at $278,000 after purchasing an additional 39 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Stock Performance

Shares of TSLA stock opened at $395.94 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. Tesla, Inc. has a 52 week low of $212.11 and a 52 week high of $488.54. The company’s 50 day moving average price is $328.89 and its two-hundred day moving average price is $303.57. The company has a market capitalization of $1.28 trillion, a P/E ratio of 228.87, a price-to-earnings-growth ratio of 12.87 and a beta of 2.06.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). The company had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm’s revenue was down 11.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.52 EPS. On average, analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Piper Sandler reaffirmed an “overweight” rating and set a $400.00 price objective on shares of Tesla in a report on Tuesday, June 10th. China Renaissance restated a “hold” rating and set a $349.00 target price on shares of Tesla in a research report on Friday, July 25th. Mizuho lowered their price target on shares of Tesla from $390.00 to $375.00 and set an “outperform” rating for the company in a research report on Tuesday, July 8th. Bank of America increased their price objective on shares of Tesla from $305.00 to $341.00 and gave the company a “neutral” rating in a report on Monday, July 21st. Finally, Robert W. Baird reissued a “neutral” rating and issued a $320.00 price target on shares of Tesla in a research note on Monday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fourteen have assigned a Hold rating and nine have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $303.00.

Insider Transactions at Tesla

In related news, SVP Xiaotong Zhu sold 20,000 shares of the stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the transaction, the senior vice president directly owned 47,600 shares in the company, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $292.89, for a total value of $1,171,560.00. Following the completion of the sale, the chief financial officer directly owned 5,924 shares in the company, valued at approximately $1,735,080.36. This represents a 40.31% decrease in their position. The disclosure for this sale can be found here. Insiders sold 148,606 shares of company stock valued at $51,999,662 over the last three months. Company insiders own 20.70% 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.