Biltmore Wealth Management LLC Acquires New Shares in Tesla, Inc. (NASDAQ:TSLA)

Biltmore Wealth Management LLC bought a new position in shares of Tesla, Inc. (NASDAQ:TSLA) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,884 shares of the electric vehicle producer’s stock, valued at approximately $755,000. Tesla comprises 0.3% of Biltmore Wealth Management LLC’s holdings, making the stock its 28th largest holding.

Several other institutional investors also recently modified their holdings of TSLA. Maryland State Retirement & Pension System lifted its stake in Tesla by 3.5% in the second quarter. Maryland State Retirement & Pension System now owns 211,295 shares of the electric vehicle producer’s stock valued at $55,311,000 after buying an additional 7,176 shares in the last quarter. Empower Advisory Group LLC bought a new position in Tesla during the 1st quarter worth about $98,698,000. DoubleLine ETF Adviser LP acquired a new stake in shares of Tesla in the 1st quarter valued at about $11,384,000. Private Trust Co. NA boosted its position in shares of Tesla by 87.8% during the first quarter. Private Trust Co. NA now owns 5,138 shares of the electric vehicle producer’s stock worth $1,066,000 after buying an additional 2,402 shares during the period. Finally, Berkeley Capital Partners LLC grew its holdings in shares of Tesla by 1.6% during the first quarter. Berkeley Capital Partners LLC now owns 5,212 shares of the electric vehicle producer’s stock worth $1,081,000 after buying an additional 81 shares in the last quarter. 41.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on TSLA shares. Guggenheim reaffirmed a “sell” rating and set a $125.00 price target on shares of Tesla in a research note on Monday. Canaccord Genuity Group lifted their price target on shares of Tesla from $257.00 to $293.00 and gave the company a “buy” rating in a research note on Monday, July 3rd. Wedbush lifted their target price on Tesla from $300.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, July 20th. Deutsche Bank Aktiengesellschaft increased their price target on Tesla from $260.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, July 3rd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $305.00 price target on shares of Tesla in a research report on Tuesday, September 12th. Six investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $239.43.

Tesla Price Performance

TSLA stock opened at $265.28 on Tuesday. The company has a market capitalization of $842.00 billion, a P/E ratio of 75.15, a PEG ratio of 4.28 and a beta of 2.09. The company has a fifty day moving average price of $255.83 and a 200-day moving average price of $220.81. 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, Inc. has a 52-week low of $101.81 and a 52-week high of $313.80.

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

Insider Buying and Selling

In other Tesla news, SVP Xiaotong Zhu sold 2,500 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $276.35, for a total transaction of $690,875.00. Following the completion of the sale, the senior vice president now owns 62,938 shares of the company’s stock, valued at approximately $17,392,916.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Tesla news, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $250.02, for a total value of $1,000,080.00. Following the completion of the sale, the chief financial officer now directly owns 104,504 shares in the company, valued at $26,128,090.08. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Xiaotong Zhu sold 2,500 shares of the business’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $276.35, for a total transaction of $690,875.00. Following the transaction, the senior vice president now owns 62,938 shares in the company, valued at approximately $17,392,916.30. The disclosure for this sale can be found here. Insiders have sold a total of 55,815 shares of company stock valued at $14,384,135 over the last ninety days. 20.90% of the stock is owned by company insiders.

About Tesla

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.