Drive Wealth Management LLC Boosts Holdings in Tesla, Inc. (NASDAQ:TSLA)

Drive Wealth Management LLC raised its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 19.2% in the second quarter, HoldingsChannel reports. The institutional investor owned 7,419 shares of the electric vehicle producer’s stock after acquiring an additional 1,193 shares during the period. Drive Wealth Management LLC’s holdings in Tesla were worth $1,468,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Integris Wealth Management LLC raised its stake in Tesla by 1.0% during the second quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock valued at $804,000 after purchasing an additional 42 shares in the last quarter. Echo Wealth Management LLC increased its stake in Tesla by 0.7% during the second quarter. Echo Wealth Management LLC now owns 6,474 shares of the electric vehicle producer’s stock worth $1,281,000 after acquiring an additional 44 shares during the last quarter. WASHINGTON TRUST Co lifted its stake in shares of Tesla by 3.2% in the 2nd quarter. WASHINGTON TRUST Co now owns 1,433 shares of the electric vehicle producer’s stock valued at $284,000 after purchasing an additional 45 shares during the last quarter. Bellevue Asset Management LLC boosted its holdings in shares of Tesla by 1.6% in the 2nd quarter. Bellevue Asset Management LLC now owns 2,868 shares of the electric vehicle producer’s stock worth $568,000 after purchasing an additional 45 shares during the period. Finally, Cypress Capital Group increased its position in shares of Tesla by 1.7% during the 2nd quarter. Cypress Capital Group now owns 2,806 shares of the electric vehicle producer’s stock valued at $555,000 after purchasing an additional 47 shares during the last quarter. Institutional investors own 66.20% of the company’s stock.

Tesla Stock Performance

Shares of NASDAQ:TSLA traded up $7.83 during trading on Friday, hitting $214.11. The stock had a trading volume of 63,370,608 shares, compared to its average volume of 73,554,480. The stock has a 50-day simple moving average of $222.00 and a two-hundred day simple moving average of $192.88. The stock has a market capitalization of $682.84 billion, a price-to-earnings ratio of 54.62, a price-to-earnings-growth ratio of 5.55 and a beta of 2.31. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $278.98. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.10). The business had revenue of $25.50 billion for the quarter, compared to analyst estimates of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The business’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.78 earnings per share. On average, equities research analysts expect that Tesla, Inc. will post 1.79 earnings per share for the current fiscal year.

Insider Activity at Tesla

In related news, Director Robyn M. Denholm sold 66,364 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 85,000 shares of the company’s stock, valued at $18,696,600. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Tesla news, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $174.21, for a total value of $113,236.50. Following the completion of the transaction, the senior vice president now owns 65,155 shares in the company, valued at $11,350,652.55. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robyn M. Denholm sold 66,364 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the sale, the director now owns 85,000 shares in the company, valued at $18,696,600. The disclosure for this sale can be found here. 25.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Citigroup cut their price target on shares of Tesla from $274.00 to $258.00 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. Glj Research boosted their price objective on Tesla from $22.86 to $24.86 and gave the company a “sell” rating in a report on Tuesday, July 23rd. The Goldman Sachs Group reduced their target price on Tesla from $248.00 to $230.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 24th. Argus reaffirmed a “buy” rating and issued a $286.00 price target on shares of Tesla in a research note on Friday, July 26th. Finally, Robert W. Baird reiterated an “outperform” rating and set a $280.00 price objective on shares of Tesla in a report on Tuesday, August 20th. Nine equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Tesla currently has an average rating of “Hold” and a consensus price target of $204.21.

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.