NewEdge Advisors LLC Grows Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

NewEdge Advisors LLC lifted its position in Tesla, Inc. (NASDAQ:TSLA) by 15.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 280,932 shares of the electric vehicle producer’s stock after purchasing an additional 36,725 shares during the quarter. Tesla makes up 0.7% of NewEdge Advisors LLC’s holdings, making the stock its 22nd biggest holding. NewEdge Advisors LLC’s holdings in Tesla were worth $112,977,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Destination Wealth Management boosted its holdings in Tesla by 12.1% during the 3rd quarter. Destination Wealth Management now owns 12,597 shares of the electric vehicle producer’s stock valued at $3,296,000 after acquiring an additional 1,359 shares during the period. Stephens Consulting LLC lifted its position in Tesla by 126.7% in the fourth quarter. Stephens Consulting LLC now owns 1,594 shares of the electric vehicle producer’s stock valued at $644,000 after purchasing an additional 891 shares during the last quarter. Worth Asset Management LLC boosted its stake in shares of Tesla by 383.1% during the fourth quarter. Worth Asset Management LLC now owns 8,314 shares of the electric vehicle producer’s stock valued at $3,358,000 after purchasing an additional 6,593 shares during the period. Strategic Family Wealth Counselors L.L.C. grew its holdings in shares of Tesla by 133.7% in the fourth quarter. Strategic Family Wealth Counselors L.L.C. now owns 2,847 shares of the electric vehicle producer’s stock worth $1,150,000 after purchasing an additional 1,629 shares during the last quarter. Finally, Ameritas Advisory Services LLC increased its stake in shares of Tesla by 104.9% in the fourth quarter. Ameritas Advisory Services LLC now owns 57,553 shares of the electric vehicle producer’s stock worth $23,242,000 after buying an additional 29,458 shares during the period. 66.20% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TSLA. JPMorgan Chase & Co. cut their price target on shares of Tesla from $135.00 to $120.00 and set an “underweight” rating on the stock in a report on Wednesday, March 12th. Mizuho reduced their price target on Tesla from $430.00 to $375.00 and set an “outperform” rating on the stock in a report on Thursday, April 10th. Morgan Stanley dropped their price objective on Tesla from $430.00 to $410.00 and set an “overweight” rating for the company in a report on Friday, March 21st. Robert W. Baird cut their price objective on Tesla from $440.00 to $370.00 and set an “outperform” rating on the stock in a research report on Thursday, March 6th. Finally, Bank of America decreased their target price on Tesla from $490.00 to $380.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th. Eight analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $298.59.

Insider Activity

In other news, CFO Vaibhav Taneja sold 7,000 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $383.11, for a total transaction of $2,681,770.00. Following the transaction, the chief financial officer now directly owns 108,965 shares of the company’s stock, valued at $41,745,581.15. This represents a 6.04 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James R. Murdoch sold 54,776 shares of Tesla stock in a transaction on Monday, March 10th. The stock was sold at an average price of $240.79, for a total value of $13,189,513.04. Following the completion of the sale, the director now directly owns 477,011 shares of the company’s stock, valued at $114,859,478.69. The trade was a 10.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 374,228 shares of company stock valued at $123,791,123 in the last 90 days. 20.70% of the stock is currently owned by insiders.

Tesla Price Performance

Shares of TSLA opened at $254.11 on Wednesday. The company has a market capitalization of $817.35 billion, a P/E ratio of 124.56, a price-to-earnings-growth ratio of 5.86 and a beta of 2.58. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $488.54. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. The firm has a 50 day moving average of $280.27 and a 200 day moving average of $323.03.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. As a group, equities research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share 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.