GK Wealth Management LLC Raises Stock Holdings in Tesla, Inc. $TSLA

GK Wealth Management LLC grew its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 13.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,542 shares of the electric vehicle producer’s stock after buying an additional 1,223 shares during the period. Tesla makes up 3.2% of GK Wealth Management LLC’s portfolio, making the stock its 7th biggest position. GK Wealth Management LLC’s holdings in Tesla were worth $2,732,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Means Investment CO. Inc. raised its position in shares of Tesla by 37.7% during the first quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer’s stock worth $5,984,000 after purchasing an additional 6,323 shares during the period. Focus Financial Network Inc. raised its position in shares of Tesla by 3.1% during the first quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer’s stock worth $5,823,000 after purchasing an additional 670 shares during the period. Zuckerman Investment Group LLC raised its position in shares of Tesla by 6.9% during the first quarter. Zuckerman Investment Group LLC now owns 12,748 shares of the electric vehicle producer’s stock worth $3,304,000 after purchasing an additional 826 shares during the period. Keystone Global Partners LLC acquired a new stake in shares of Tesla during the first quarter worth about $594,000. Finally, IFM Investors Pty Ltd raised its position in shares of Tesla by 8.5% during the first quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer’s stock worth $153,436,000 after purchasing an additional 46,087 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Stock Up 0.2%

NASDAQ:TSLA opened at $347.79 on Thursday. The firm has a market capitalization of $1.12 trillion, a price-to-earnings ratio of 201.03, a price-to-earnings-growth ratio of 12.10 and a beta of 2.06. Tesla, Inc. has a twelve month low of $212.11 and a twelve month high of $488.54. The stock’s 50 day moving average price is $326.14 and its two-hundred day moving average price is $302.57. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.03). The company had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm’s revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period last year, the firm earned $0.52 EPS. Equities research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Activity at Tesla

In other news, Director James R. Murdoch sold 120,000 shares of Tesla stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the transaction, the director directly owned 697,031 shares in the company, valued at approximately $244,162,988.99. The trade was a 14.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $292.89, for a total value of $1,171,560.00. Following the transaction, the chief financial officer owned 5,924 shares of the company’s stock, valued at $1,735,080.36. This represents a 40.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 128,606 shares of company stock valued at $44,724,662 over the last quarter. 20.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

TSLA has been the topic of a number of recent research reports. Mizuho dropped their target price on Tesla from $390.00 to $375.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 8th. Stifel Nicolaus set a $440.00 target price on Tesla in a research report on Friday, September 5th. Daiwa Capital Markets reissued a “neutral” rating on shares of Tesla in a research report on Sunday, July 27th. Royal Bank Of Canada reissued an “overweight” rating on shares of Tesla in a research report on Tuesday, July 29th. Finally, Baird R W lowered Tesla from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fourteen have issued a Hold rating and nine have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $303.00.

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.