Biltmore Wealth Management LLC Invests $755,000 in Tesla, Inc. (NASDAQ:TSLA)

Biltmore Wealth Management LLC purchased a new position in shares of Tesla, Inc. (NASDAQ:TSLA) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 2,884 shares of the electric vehicle producer’s stock, valued at approximately $755,000. Tesla comprises about 0.3% of Biltmore Wealth Management LLC’s investment portfolio, making the stock its 28th biggest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. MidWestOne Financial Group Inc. boosted its stake in shares of Tesla by 3.3% during the 1st quarter. MidWestOne Financial Group Inc. now owns 472 shares of the electric vehicle producer’s stock valued at $509,000 after purchasing an additional 15 shares in the last quarter. Linscomb & Williams Inc. increased its stake in Tesla by 3.5% during the 1st quarter. Linscomb & Williams Inc. now owns 1,233 shares of the electric vehicle producer’s stock valued at $1,329,000 after purchasing an additional 42 shares in the last quarter. Indiana Trust & Investment Management CO raised its holdings in Tesla by 1.5% in the second quarter. Indiana Trust & Investment Management CO now owns 2,998 shares of the electric vehicle producer’s stock worth $785,000 after buying an additional 45 shares during the last quarter. Salem Investment Counselors Inc. lifted its stake in shares of Tesla by 22.3% in the first quarter. Salem Investment Counselors Inc. now owns 263 shares of the electric vehicle producer’s stock worth $283,000 after buying an additional 48 shares in the last quarter. Finally, Affiance Financial LLC grew its holdings in shares of Tesla by 0.8% during the second quarter. Affiance Financial LLC now owns 6,644 shares of the electric vehicle producer’s stock valued at $1,739,000 after buying an additional 53 shares during the last quarter. Institutional investors own 41.87% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Xiaotong Zhu sold 1,065 shares of Tesla stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $249.62, for a total value of $265,845.30. Following the completion of the transaction, the senior vice president now owns 59,540 shares in the company, valued at approximately $14,862,374.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CAO Vaibhav Taneja sold 4,000 shares of the stock in a transaction dated Friday, July 7th. The shares were sold at an average price of $278.36, for a total value of $1,113,440.00. Following the sale, the chief accounting officer now directly owns 104,504 shares of the company’s stock, valued at approximately $29,089,733.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 1,065 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $249.62, for a total value of $265,845.30. Following the transaction, the senior vice president now owns 59,540 shares of the company’s stock, valued at approximately $14,862,374.80. The disclosure for this sale can be found here. Insiders have sold 55,815 shares of company stock valued at $14,384,135 over the last ninety days. 20.90% of the stock is owned by insiders.

Tesla Stock Down 3.3 %

NASDAQ TSLA opened at $265.28 on Tuesday. The stock has a 50 day moving average price of $255.83 and a 200-day moving average price of $220.81. Tesla, Inc. has a one year low of $101.81 and a one year high of $313.80. The company has a market capitalization of $842.00 billion, a P/E ratio of 75.15, a P/E/G ratio of 4.28 and a beta of 2.09. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.07 and a current ratio of 1.59.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Wednesday, July 19th. The electric vehicle producer reported $0.91 EPS for the quarter, beating the consensus estimate of $0.69 by $0.22. The business had revenue of $24.93 billion during the quarter, compared to analyst estimates of $24.22 billion. Tesla had a net margin of 12.97% and a return on equity of 26.10%. Tesla’s quarterly revenue was up 47.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.65 earnings per share. As a group, equities analysts predict that Tesla, Inc. will post 2.94 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently issued reports on TSLA shares. Robert W. Baird increased their target price on Tesla from $252.00 to $300.00 and gave the company an “outperform” rating in a research note on Monday, July 17th. KGI Securities upgraded shares of Tesla from a “neutral” rating to an “outperform” rating in a research note on Monday, June 12th. Truist Financial increased their target price on Tesla from $240.00 to $254.00 and gave the company a “hold” rating in a report on Thursday, July 20th. Citigroup boosted their price target on Tesla from $215.00 to $278.00 and gave the company a “neutral” rating in a research note on Wednesday, July 12th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $305.00 price objective on shares of Tesla in a research note on Tuesday, September 12th. Six equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $239.43.

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. It 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, retail merchandise, and vehicle insurance services.