Momentum Wealth Planning LLC Buys New Stake in Tesla, Inc. $TSLA

Momentum Wealth Planning LLC purchased a new stake in Tesla, Inc. (NASDAQ:TSLA) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 9,802 shares of the electric vehicle producer’s stock, valued at approximately $3,114,000. Tesla makes up about 2.7% of Momentum Wealth Planning LLC’s investment portfolio, making the stock its 11th largest holding.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Tesla during the 2nd quarter valued at about $11,839,824,000. Kingstone Capital Partners Texas LLC grew its position in Tesla by 581,880.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 6,436,704 shares of the electric vehicle producer’s stock valued at $2,044,683,000 after acquiring an additional 6,435,598 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Tesla by 1.8% during the second quarter. Vanguard Group Inc. now owns 251,390,681 shares of the electric vehicle producer’s stock valued at $79,856,764,000 after purchasing an additional 4,502,976 shares during the period. Amundi lifted its position in shares of Tesla by 29.4% during the first quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer’s stock worth $4,482,789,000 after purchasing an additional 3,814,610 shares in the last quarter. Finally, Caxton Associates LLP purchased a new position in shares of Tesla in the first quarter valued at $469,339,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on TSLA. Wall Street Zen upgraded shares of Tesla from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Wedbush reiterated an “outperform” rating and issued a $600.00 price target on shares of Tesla in a research note on Monday. DZ Bank reissued a “sell” rating on shares of Tesla in a report on Thursday, October 23rd. Deutsche Bank Aktiengesellschaft lifted their price objective on Tesla from $440.00 to $470.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. Finally, Baird R W upgraded Tesla from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 19th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, fourteen have assigned a Hold rating and nine have given a Sell rating to the company’s stock. According to MarketBeat, Tesla presently has a consensus rating of “Hold” and an average price target of $399.33.

Tesla Price Performance

Shares of TSLA opened at $475.31 on Tuesday. Tesla, Inc. has a 52 week low of $214.25 and a 52 week high of $488.54. The company has a current ratio of 2.07, a quick ratio of 1.67 and a debt-to-equity ratio of 0.07. The firm has a market cap of $1.58 trillion, a price-to-earnings ratio of 316.87, a PEG ratio of 15.50 and a beta of 1.87. The stock has a 50 day moving average of $435.96 and a 200-day moving average of $377.25.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.02. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The firm had revenue of $28.10 billion for the quarter, compared to analysts’ expectations of $24.98 billion. During the same period last year, the business posted $0.72 earnings per share. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Activity

In other Tesla news, CFO Vaibhav Taneja sold 2,637 shares of Tesla stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $443.93, for a total value of $1,170,643.41. Following the completion of the transaction, the chief financial officer directly owned 13,757 shares in the company, valued at $6,107,145.01. The trade was a 16.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kimbal Musk sold 56,820 shares of the stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $450.66, for a total value of $25,606,501.20. Following the sale, the director owned 1,391,615 shares in the company, valued at $627,145,215.90. The trade was a 3.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 19.90% of the company’s stock.

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.