Richmond Investment Services LLC Boosts Stake in Tesla, Inc. $TSLA

Richmond Investment Services LLC raised its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 130.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,563 shares of the electric vehicle producer’s stock after buying an additional 2,582 shares during the quarter. Richmond Investment Services LLC’s holdings in Tesla were worth $1,449,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. LGT Financial Advisors LLC bought a new stake in Tesla in the second quarter worth $29,000. Chelsea Counsel Co. grew its stake 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 buying an additional 40 shares in the last quarter. Evergreen Private Wealth LLC increased its holdings in shares of Tesla by 270.0% in the 2nd quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer’s stock worth $35,000 after buying an additional 81 shares during the last quarter. Glynn Capital Management LLC purchased a new stake in shares of Tesla during the 2nd quarter valued at about $35,000. Finally, LSV Asset Management raised its position in shares of Tesla by 400.0% during the 2nd quarter. LSV Asset Management now owns 120 shares of the electric vehicle producer’s stock valued at $38,000 after buying an additional 96 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction that occurred on 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 owned 9,856 shares of the company’s stock, valued at $3,473,057.28. This represents a 20.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of the firm’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 transaction, the senior vice president owned 47,600 shares in the company, valued at $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 82,606 shares of company stock worth $33,554,102 in the last three months. Corporate insiders own 19.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on TSLA shares. JPMorgan Chase & Co. boosted their price objective on Tesla from $115.00 to $150.00 in a research note on Friday, October 3rd. New Street Research lifted their target price on Tesla from $465.00 to $520.00 and gave the stock a “buy” rating in a report on Thursday, October 23rd. BNP Paribas Exane assumed coverage on Tesla in a research report on Thursday, October 16th. They set an “underperform” rating and a $307.00 target price on the stock. Baird R W upgraded Tesla from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 19th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Tesla in a research note on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have issued a Hold rating and ten have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $394.03.

Tesla Stock Performance

Shares of Tesla stock opened at $419.40 on Wednesday. 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 stock’s fifty day moving average is $433.66 and its two-hundred day moving average is $367.35. Tesla, Inc. has a 52 week low of $214.25 and a 52 week high of $488.54. The company has a market capitalization of $1.39 trillion, a PE ratio of 279.60, a price-to-earnings-growth ratio of 16.84 and a beta of 2.06.

Tesla (NASDAQ:TSLA) last issued its earnings results 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. The firm had revenue of $28.10 billion during the quarter, compared to analyst estimates of $24.98 billion. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The business’s revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.72 earnings per share. As a group, 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.