NewSquare Capital LLC Boosts Position in Tesla, Inc. (NASDAQ:TSLA)

NewSquare Capital LLC grew its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 146.5% in the 1st quarter, Holdings Channel.com reports. The firm owned 954 shares of the electric vehicle producer’s stock after purchasing an additional 567 shares during the quarter. NewSquare Capital LLC’s holdings in Tesla were worth $247,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Selective Wealth Management Inc. increased its position in Tesla by 71.1% in the first quarter. Selective Wealth Management Inc. now owns 1,401 shares of the electric vehicle producer’s stock worth $353,000 after buying an additional 582 shares in the last quarter. Greystone Financial Group LLC increased its holdings in Tesla by 3.6% in the 1st quarter. Greystone Financial Group LLC now owns 1,595 shares of the electric vehicle producer’s stock worth $413,000 after acquiring an additional 55 shares in the last quarter. Wesbanco Bank Inc. increased its holdings in Tesla by 80.0% in the 1st quarter. Wesbanco Bank Inc. now owns 55,988 shares of the electric vehicle producer’s stock worth $14,510,000 after acquiring an additional 24,877 shares in the last quarter. Sherman Asset Management Inc. increased its holdings in Tesla by 9.6% in the 1st quarter. Sherman Asset Management Inc. now owns 3,966 shares of the electric vehicle producer’s stock worth $1,028,000 after acquiring an additional 347 shares in the last quarter. Finally, Priebe Wealth Holdings LLC increased its holdings in Tesla by 5.1% in the 1st quarter. Priebe Wealth Holdings LLC now owns 1,104 shares of the electric vehicle producer’s stock worth $286,000 after acquiring an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wedbush set a $500.00 price objective on shares of Tesla in a research note on Thursday, June 5th. Piper Sandler set a $400.00 price target on Tesla in a research note on Tuesday, May 6th. Robert W. Baird reiterated a “neutral” rating and issued a $320.00 price target on shares of Tesla in a research note on Monday. Deutsche Bank Aktiengesellschaft cut their target price on Tesla from $420.00 to $345.00 and set a “buy” rating for the company in a research report on Friday, March 28th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research report on Wednesday, April 23rd. Ten equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $293.67.

Tesla Stock Up 4.6%

NASDAQ TSLA opened at $308.58 on Tuesday. Tesla, Inc. has a 52 week low of $167.41 and a 52 week high of $488.54. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. The company has a fifty day moving average of $292.68 and a two-hundred day moving average of $333.20. The firm has a market capitalization of $993.92 billion, a price-to-earnings ratio of 151.27, a PEG ratio of 5.86 and a beta of 2.47.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). Tesla had a return on equity of 10.31% and a net margin of 7.26%. The firm had revenue of $19.34 billion for the quarter, compared to analysts’ expectations of $22.93 billion. During the same period in the prior year, the firm posted $0.45 earnings per share. On average, analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Buying and Selling at Tesla

In other news, CFO Vaibhav Taneja sold 4,000 shares of the business’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the completion of the sale, the chief financial officer now directly owns 26,950 shares of the company’s stock, valued at approximately $6,737,500. The trade was a 12.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the business’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the sale, the director now directly owns 855,394 shares of the company’s stock, valued at $305,632,276.20. This represents a 35.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 818,509 shares of company stock worth $273,791,775 over the last 90 days. Company insiders own 20.70% of the company’s stock.

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. 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.