Cahaba Wealth Management Inc. Makes New Investment in Tesla, Inc. $TSLA

Cahaba Wealth Management Inc. acquired a new stake in Tesla, Inc. (NASDAQ:TSLA) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 758 shares of the electric vehicle producer’s stock, valued at approximately $241,000.

A number of other hedge funds have also recently made changes to their positions in TSLA. Cherry Tree Wealth Management LLC grew its holdings in Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after buying an additional 44 shares in the last quarter. First PREMIER Bank boosted its stake in shares of Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after acquiring an additional 42 shares during the period. Newton One Investments LLC lifted its stake in shares of Tesla by 250.0% in the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new position in Tesla during the 1st quarter worth $27,000. Finally, Chelsea Counsel Co. boosted its position in shares of Tesla by 59.7% in the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on TSLA. Robert W. Baird upgraded Tesla from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $320.00 to $548.00 in a research note on Friday, September 19th. Stifel Nicolaus set a $440.00 price target on shares of Tesla in a report on Friday, September 5th. Baird R W raised shares of Tesla from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 19th. Needham & Company LLC restated a “hold” rating on shares of Tesla in a research report on Thursday, July 24th. Finally, CICC Research increased their target price on shares of Tesla from $360.00 to $450.00 and gave the company an “outperform” rating in a research note on Thursday, September 18th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, twelve have given a Hold rating and nine have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $332.33.

Insider Activity

In other Tesla news, SVP Xiaotong Zhu sold 20,000 shares of the company’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value 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 approximately $17,314,500. This represents a 29.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James R. Murdoch sold 120,000 shares of the company’s stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the sale, the director owned 697,031 shares of the company’s stock, valued at $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 208,606 shares of company stock valued at $77,360,462 in the last ninety days. Corporate insiders own 19.90% of the company’s stock.

Tesla Trading Up 4.0%

TSLA opened at $440.40 on Friday. The company has a 50-day simple moving average of $352.05 and a 200 day simple moving average of $314.88. The stock has a market capitalization of $1.46 trillion, a price-to-earnings ratio of 254.57, a P/E/G ratio of 15.36 and a beta of 2.06. Tesla, Inc. has a twelve month low of $212.11 and a twelve month high of $488.54. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share 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 net margin of 6.54% and a return on equity of 7.98%. Tesla’s revenue was down 11.8% on a year-over-year basis. During the same quarter last year, the business posted $0.52 earnings per share. Analysts predict 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.