Kingsview Wealth Management LLC Buys 1,992 Shares of Tesla, Inc. $TSLA

Kingsview Wealth Management LLC grew its stake in Tesla, Inc. (NASDAQ:TSLA) by 4.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 49,526 shares of the electric vehicle producer’s stock after purchasing an additional 1,992 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Tesla were worth $15,732,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Cornerstone Advisors LLC grew its holdings in shares of Tesla by 4.1% during the second quarter. Cornerstone Advisors LLC now owns 143,600 shares of the electric vehicle producer’s stock valued at $45,616,000 after buying an additional 5,700 shares during the last quarter. Citizens Financial Group Inc. RI lifted its position in Tesla by 13.2% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 81,777 shares of the electric vehicle producer’s stock valued at $25,977,000 after acquiring an additional 9,537 shares in the last quarter. Ontario Teachers Pension Plan Board purchased a new stake in Tesla during the 2nd quarter valued at $1,236,000. Collaborative Wealth Managment Inc. increased its holdings in shares of Tesla by 4.6% in the 2nd quarter. Collaborative Wealth Managment Inc. now owns 2,851 shares of the electric vehicle producer’s stock worth $906,000 after purchasing an additional 126 shares in the last quarter. Finally, Avantax Advisory Services Inc. raised its stake in shares of Tesla by 10.9% in the second quarter. Avantax Advisory Services Inc. now owns 183,083 shares of the electric vehicle producer’s stock worth $58,158,000 after purchasing an additional 18,027 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Stock Up 0.6%

NASDAQ TSLA opened at $404.35 on Friday. Tesla, Inc. has a 52 week low of $214.25 and a 52 week high of $488.54. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $1.34 trillion, a P/E ratio of 269.57, a price-to-earnings-growth ratio of 16.84 and a beta of 2.06. The stock’s 50-day moving average price is $429.67 and its 200-day moving average price is $360.78.

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

Insider Activity

In other news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the transaction, the chief financial officer directly owned 9,856 shares in the company, valued at $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James R. Murdoch sold 60,000 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $422.68, for a total value of $25,360,800.00. Following the sale, the director owned 637,031 shares of the company’s stock, valued at $269,260,263.08. This represents a 8.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 202,606 shares of company stock worth $75,588,902 in the last three months. Company insiders own 19.90% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on TSLA shares. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Tesla from $440.00 to $470.00 and gave the company a “buy” rating in a report on Monday, November 3rd. Daiwa Capital Markets reissued a “neutral” rating on shares of Tesla in a report on Sunday, July 27th. The Goldman Sachs Group cut their price objective on Tesla from $425.00 to $400.00 and set a “neutral” rating for the company in a report on Thursday, October 23rd. Glj Research reissued a “sell” rating on shares of Tesla in a report on Wednesday, October 22nd. Finally, William Blair restated a “market perform” rating on shares of Tesla in a research note on Friday, September 5th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have assigned a Hold rating and ten have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $393.61.

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.