Cadent Capital Advisors LLC Grows Position in Tesla, Inc. $TSLA

Cadent Capital Advisors LLC lifted its stake in Tesla, Inc. (NASDAQ:TSLA) by 81.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,856 shares of the electric vehicle producer’s stock after buying an additional 3,072 shares during the quarter. Cadent Capital Advisors LLC’s holdings in Tesla were worth $2,178,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Kerntke Otto McGlone Wealth Management Group bought a new stake in Tesla in the second quarter worth $245,000. Steph & Co. bought a new stake in Tesla in the second quarter worth $105,000. Dakota Wealth Management increased its position in Tesla by 2.0% in the second quarter. Dakota Wealth Management now owns 15,354 shares of the electric vehicle producer’s stock worth $4,877,000 after purchasing an additional 304 shares during the last quarter. Perigon Wealth Management LLC increased its position in Tesla by 10.8% in the second quarter. Perigon Wealth Management LLC now owns 90,462 shares of the electric vehicle producer’s stock worth $26,879,000 after purchasing an additional 8,834 shares during the last quarter. Finally, Pacific Sage Partners LLC increased its position in Tesla by 2.5% in the second quarter. Pacific Sage Partners LLC now owns 8,090 shares of the electric vehicle producer’s stock worth $2,570,000 after purchasing an additional 195 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Activity

In other news, SVP Xiaotong Zhu sold 20,000 shares of the business’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 of the company’s stock, valued at approximately $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James R. Murdoch sold 60,000 shares of the company’s stock in a transaction dated 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 directly owned 637,031 shares of the company’s stock, valued at approximately $269,260,263.08. This trade represents a 8.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 208,606 shares of company stock valued at $77,360,462. 19.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TSLA. William Blair restated a “market perform” rating on shares of Tesla in a research report on Friday, September 5th. Baird R W upgraded shares of Tesla from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 19th. Glj Research restated a “sell” rating on shares of Tesla in a research report on Thursday, July 24th. Morgan Stanley reiterated an “overweight” rating and set a $410.00 price objective on shares of Tesla in a research report on Friday, September 5th. Finally, Bank of America boosted their price objective on shares of Tesla from $305.00 to $341.00 and gave the company a “neutral” rating in a research report on Monday, July 21st. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, twelve have given a Hold rating and nine have given a Sell rating to the company. According to data from MarketBeat, Tesla has a consensus rating of “Hold” and an average target price of $332.33.

Tesla Stock Up 4.0%

Shares of TSLA opened at $440.40 on Friday. The firm has a market capitalization of $1.46 trillion, a P/E ratio of 254.57, a P/E/G ratio of 14.77 and a beta of 2.06. Tesla, Inc. has a 12-month low of $212.11 and a 12-month high of $488.54. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The firm has a fifty day moving average price of $352.05 and a 200-day moving average price of $314.42.

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