Conway Capital Management Inc. Raises Holdings in Tesla, Inc. $TSLA

Conway Capital Management Inc. boosted its position in Tesla, Inc. (NASDAQ:TSLA) by 2.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 15,650 shares of the electric vehicle producer’s stock after acquiring an additional 435 shares during the period. Tesla comprises approximately 2.2% of Conway Capital Management Inc.’s holdings, making the stock its 11th biggest holding. Conway Capital Management Inc.’s holdings in Tesla were worth $4,971,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. First PREMIER Bank grew its stake in Tesla by 79.2% in the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after acquiring an additional 42 shares during the period. Arcadia Investment Management Corp MI purchased a new stake in Tesla in the 1st quarter worth approximately $27,000. Chelsea Counsel Co. grew its stake in 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 acquiring an additional 40 shares during the period. Evergreen Private Wealth LLC grew its stake in 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 acquiring an additional 81 shares during the period. Finally, Centennial Bank AR grew its stake in Tesla by 833.3% in the 1st quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer’s stock worth $29,000 after acquiring an additional 100 shares during the period. 66.20% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Xiaotong Zhu sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the sale, the senior vice president owned 47,600 shares in the company, valued at approximately $17,314,500. This represents a 29.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the transaction, the chief financial officer directly owned 9,856 shares of the company’s stock, valued at $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 202,606 shares of company stock worth $75,588,902. 19.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TSLA. Canaccord Genuity Group boosted their price objective on shares of Tesla from $333.00 to $490.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Wedbush boosted their price objective on shares of Tesla from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Friday, September 26th. Cantor Fitzgerald reissued an “overweight” rating and set a $355.00 price objective on shares of Tesla in a research note on Friday, October 3rd. Evercore ISI boosted their price objective on shares of Tesla from $235.00 to $300.00 and gave the company an “in-line” rating in a research note on Monday, October 13th. Finally, Melius Research set a $520.00 price objective on shares of Tesla and gave the company a “buy” rating in a research note on Monday, October 13th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have issued a Hold rating and ten have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $363.54.

Tesla Stock Performance

NASDAQ:TSLA opened at $439.31 on Friday. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $1.46 trillion, a price-to-earnings ratio of 253.94, a PEG ratio of 15.79 and a beta of 2.08. The firm’s fifty day simple moving average is $387.54 and its 200 day simple moving average is $333.60. Tesla, Inc. has a twelve month low of $212.11 and a twelve month high of $488.54.

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

Tesla Company 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.