Diversify Wealth Management LLC Takes Position in Tesla, Inc. (NASDAQ:TSLA)

Diversify Wealth Management LLC bought a new stake in Tesla, Inc. (NASDAQ:TSLA) in the second quarter, HoldingsChannel.com reports. The institutional investor bought 23,718 shares of the electric vehicle producer’s stock, valued at approximately $4,717,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Seven Mile Advisory increased its stake in shares of Tesla by 23.6% in the second quarter. Seven Mile Advisory now owns 2,557 shares of the electric vehicle producer’s stock valued at $506,000 after buying an additional 489 shares in the last quarter. Williams Financial LLC acquired a new stake in shares of Tesla in the second quarter valued at $2,867,000. Inspire Advisors LLC increased its stake in shares of Tesla by 23.4% in the second quarter. Inspire Advisors LLC now owns 2,012 shares of the electric vehicle producer’s stock valued at $398,000 after buying an additional 382 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in Tesla by 20.2% in the second quarter. Envestnet Asset Management Inc. now owns 1,101,923 shares of the electric vehicle producer’s stock valued at $218,048,000 after acquiring an additional 185,335 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its holdings in Tesla by 112.1% in the second quarter. Oppenheimer Asset Management Inc. now owns 35,857 shares of the electric vehicle producer’s stock valued at $7,095,000 after acquiring an additional 18,953 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Stock Up 0.2 %

Shares of Tesla stock opened at $230.29 on Friday. The business’s 50 day simple moving average is $223.37 and its 200 day simple moving average is $194.63. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $278.98. The firm has a market cap of $735.69 billion, a PE ratio of 58.75, a P/E/G ratio of 6.08 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91.

Tesla (NASDAQ:TSLA) last announced its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). Tesla had a net margin of 13.00% and a return on equity of 10.41%. The firm had revenue of $25.50 billion during the quarter, compared to analyst estimates of $24.38 billion. During the same period in the prior year, the business posted $0.78 EPS. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, analysts predict that Tesla, Inc. will post 1.75 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

TSLA has been the topic of several recent research reports. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a report on Wednesday, July 24th. Argus reiterated a “buy” rating and issued a $286.00 price target on shares of Tesla in a report on Friday, July 26th. Glj Research reiterated a “sell” rating and issued a $24.86 price target on shares of Tesla in a report on Thursday, September 5th. China Renaissance upgraded Tesla from a “hold” rating to a “buy” rating and set a $290.00 price target on the stock in a report on Friday, July 5th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $245.00 price target on shares of Tesla in a report on Monday, September 9th. Nine investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $209.60.

Insider Activity at Tesla

In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the transaction, the director now owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the transaction, the senior vice president now owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total value of $14,597,425.44. Following the transaction, the director now directly owns 85,000 shares in the company, valued at approximately $18,696,600. The disclosure for this sale can be found here. 25.10% of the stock is owned by insiders.

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.