Brookstone Capital Management Trims Stock Holdings in Tesla, Inc. $TSLA

Brookstone Capital Management reduced its stake in Tesla, Inc. (NASDAQ:TSLA) by 1.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 132,291 shares of the electric vehicle producer’s stock after selling 1,933 shares during the period. Brookstone Capital Management’s holdings in Tesla were worth $42,024,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Phillips Financial Management LLC raised its holdings in Tesla by 3.3% in the 2nd quarter. Phillips Financial Management LLC now owns 3,869 shares of the electric vehicle producer’s stock valued at $1,229,000 after buying an additional 123 shares during the period. Jacobsen Capital Management raised its holdings in Tesla by 28.8% in the 2nd quarter. Jacobsen Capital Management now owns 5,627 shares of the electric vehicle producer’s stock valued at $1,787,000 after buying an additional 1,258 shares during the period. Chokshi & Queen Wealth Advisors Inc raised its holdings in Tesla by 6.7% in the 2nd quarter. Chokshi & Queen Wealth Advisors Inc now owns 11,817 shares of the electric vehicle producer’s stock valued at $3,754,000 after buying an additional 740 shares during the period. Private Capital Advisors Inc. increased its stake in Tesla by 3.4% during the second quarter. Private Capital Advisors Inc. now owns 3,120 shares of the electric vehicle producer’s stock worth $991,000 after purchasing an additional 102 shares during the period. Finally, Retirement Planning Group LLC increased its stake in Tesla by 41.3% during the second quarter. Retirement Planning Group LLC now owns 2,735 shares of the electric vehicle producer’s stock worth $869,000 after purchasing an additional 799 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Stock Down 1.1%

TSLA stock opened at $442.60 on Wednesday. The company’s 50 day moving average price is $391.74 and its 200 day moving average price is $336.26. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54. The firm has a market capitalization of $1.47 trillion, a price-to-earnings ratio of 255.84, a PEG ratio of 16.08 and a beta of 2.08.

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

Analysts Set New Price Targets

A number of brokerages have issued reports on TSLA. Benchmark reiterated a “buy” rating and set a $475.00 price target (up from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Melius Research set a $520.00 price target on shares of Tesla and gave the stock a “buy” rating in a research note on Monday, October 13th. Dbs Bank boosted their price target on shares of Tesla from $300.00 to $450.00 in a research note on Wednesday, September 17th. Morgan Stanley reiterated an “overweight” rating on shares of Tesla in a research note on Wednesday, October 15th. Finally, Piper Sandler boosted their price target on shares of Tesla from $400.00 to $500.00 and gave the stock an “overweight” rating in a research note on Monday, September 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have issued a Hold rating and ten have given a Sell rating to the stock. According to data from MarketBeat.com, Tesla currently has a consensus rating of “Hold” and an average price target of $363.54.

Insider Activity at Tesla

In related news, SVP Xiaotong Zhu sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the transaction, the senior vice president directly owned 47,600 shares of the company’s stock, valued at $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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 completion of 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. Insiders sold 202,606 shares of company stock valued at $75,588,902 over the last three months. 19.90% of the stock is owned by corporate insiders.

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.