Main Street Research LLC Takes Position in Tesla Inc. (NASDAQ:TSLA)

Main Street Research LLC acquired a new position in Tesla Inc. (NASDAQ:TSLA) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,665 shares of the electric vehicle producer’s stock, valued at approximately $602,000.

Several other hedge funds have also made changes to their positions in the company. Acropolis Investment Management LLC acquired a new stake in shares of Tesla during the second quarter worth approximately $122,000. North Star Investment Management Corp. raised its stake in shares of Tesla by 2.8% in the second quarter. North Star Investment Management Corp. now owns 336 shares of the electric vehicle producer’s stock worth $122,000 after buying an additional 9 shares in the last quarter. Crestwood Advisors Group LLC acquired a new stake in shares of Tesla during the first quarter worth approximately $101,000. SRS Capital Advisors Inc. raised its stake in shares of Tesla by 1,213.3% in the first quarter. SRS Capital Advisors Inc. now owns 394 shares of the electric vehicle producer’s stock worth $109,000 after buying an additional 364 shares in the last quarter. Finally, V Wealth Management LLC acquired a new stake in shares of Tesla during the second quarter worth approximately $150,000. 63.75% of the stock is currently owned by institutional investors and hedge funds.

Shares of Tesla Inc. (NASDAQ:TSLA) traded up 2.90% during midday trading on Tuesday, hitting $328.85. The company had a trading volume of 5,421,397 shares. The company has a 50-day moving average of $346.84 and a 200-day moving average of $283.13. The company’s market capitalization is $54.02 billion. Tesla Inc. has a 12 month low of $178.19 and a 12 month high of $386.99.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, May 3rd. The electric vehicle producer reported ($1.97) earnings per share for the quarter, missing the consensus estimate of ($0.67) by $1.30. The business had revenue of $2.70 billion during the quarter, compared to analysts’ expectations of $2.56 billion. Tesla had a negative return on equity of 17.13% and a negative net margin of 8.46%. Analysts predict that Tesla Inc. will post ($5.86) earnings per share for the current year.

A number of brokerages have recently commented on TSLA. UBS AG reissued a “sell” rating and issued a $160.00 price objective on shares of Tesla in a research report on Wednesday, May 3rd. Pacific Crest reissued an “equal weight” rating on shares of Tesla in a research report on Thursday, March 30th. Guggenheim reissued a “buy” rating and issued a $430.00 price objective (up previously from $380.00) on shares of Tesla in a research report on Wednesday, July 5th. Vetr raised shares of Tesla from a “buy” rating to a “strong-buy” rating and set a $361.76 price objective on the stock in a research report on Monday, July 10th. Finally, Robert W. Baird reissued an “outperform” rating and issued a $368.00 price objective on shares of Tesla in a research report on Wednesday, July 5th. Eight analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Tesla currently has an average rating of “Hold” and an average target price of $294.15.

In related news, Director Robyn M. Denholm sold 20,000 shares of the stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $311.76, for a total value of $6,235,200.00. Following the completion of the transaction, the director now directly owns 20,000 shares in the company, valued at $6,235,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kimbal Musk sold 2,500 shares of the stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $315.67, for a total value of $789,175.00. Following the completion of the transaction, the director now owns 168,355 shares of the company’s stock, valued at $53,144,622.85. The disclosure for this sale can be found here. Insiders sold 242,290 shares of company stock valued at $74,919,505 over the last quarter. 23.10% of the stock is currently owned by company insiders.

Tesla Company Profile

Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products. The Company operates through two segments: Automotive, and Energy generation and storage.

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