Independent Wealth Network Inc. Boosts Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Independent Wealth Network Inc. lifted its stake in Tesla, Inc. (NASDAQ:TSLA) by 77.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,381 shares of the electric vehicle producer’s stock after buying an additional 1,473 shares during the period. Independent Wealth Network Inc.’s holdings in Tesla were worth $1,365,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of TSLA. Wesbanco Bank Inc. increased its position in shares of Tesla by 3.4% in the fourth quarter. Wesbanco Bank Inc. now owns 31,111 shares of the electric vehicle producer’s stock valued at $12,564,000 after acquiring an additional 1,037 shares during the period. GoalVest Advisory LLC increased its holdings in Tesla by 30.1% during the 4th quarter. GoalVest Advisory LLC now owns 10,173 shares of the electric vehicle producer’s stock valued at $4,108,000 after purchasing an additional 2,352 shares during the period. Eagle Capital Management LLC bought a new position in Tesla during the 4th quarter valued at approximately $331,000. Evolution Wealth Advisors LLC lifted its holdings in Tesla by 48.1% in the 4th quarter. Evolution Wealth Advisors LLC now owns 7,061 shares of the electric vehicle producer’s stock worth $2,856,000 after buying an additional 2,293 shares during the period. Finally, Paragon Financial Partners Inc. increased its stake in shares of Tesla by 71.3% during the fourth quarter. Paragon Financial Partners Inc. now owns 2,313 shares of the electric vehicle producer’s stock valued at $934,000 after buying an additional 963 shares during the period. Institutional investors own 66.20% of the company’s stock.

Analyst Upgrades and Downgrades

TSLA has been the subject of a number of research analyst reports. Morgan Stanley raised their price target on Tesla from $400.00 to $430.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Canaccord Genuity Group lifted their target price on shares of Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Wedbush boosted their price target on shares of Tesla from $515.00 to $550.00 and gave the company an “outperform” rating in a research report on Wednesday. UBS Group raised their price objective on shares of Tesla from $197.00 to $226.00 and gave the stock a “sell” rating in a report on Monday, November 25th. Finally, Truist Financial reissued a “hold” rating and issued a $360.00 target price on shares of Tesla in a research report on Thursday, January 2nd. Eight investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $313.84.

Insider Activity at Tesla

In other news, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction on Friday, November 1st. The shares were sold at an average price of $251.76, for a total transaction of $1,007,040.00. Following the transaction, the chief financial officer now owns 105,032 shares in the company, valued at $26,442,856.32. This trade represents a 3.67 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kimbal Musk sold 60,500 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $250.23, for a total value of $15,138,915.00. Following the completion of the sale, the director now owns 1,563,220 shares of the company’s stock, valued at $391,164,540.60. This trade represents a 3.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 617,886 shares of company stock worth $212,451,751. 20.70% of the stock is owned by company insiders.

Tesla Stock Performance

TSLA stock opened at $406.58 on Friday. The company has a market cap of $1.31 trillion, a P/E ratio of 111.39, a price-to-earnings-growth ratio of 8.42 and a beta of 2.30. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $488.54. The stock’s fifty day moving average price is $398.82 and its 200-day moving average price is $294.03.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, beating the consensus estimate of $0.58 by $0.14. The firm had revenue of $25.18 billion during the quarter, compared to analyst estimates of $25.47 billion. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.53 EPS. On average, equities analysts forecast that Tesla, Inc. will post 2.01 earnings per share for the current year.

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.