Strategic Financial Concepts LLC Acquires 5,875,484 Shares of Tesla, Inc. (NASDAQ:TSLA)

Strategic Financial Concepts LLC grew its holdings in Tesla, Inc. (NASDAQ:TSLA) by 21,816.0% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 5,902,416 shares of the electric vehicle producer’s stock after buying an additional 5,875,484 shares during the quarter. Tesla comprises about 5.0% of Strategic Financial Concepts LLC’s investment portfolio, making the stock its 7th largest holding. Strategic Financial Concepts LLC’s holdings in Tesla were worth $1,167,970,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Bank & Trust Co purchased a new stake in shares of Tesla during the 2nd quarter worth $25,000. OLD Point Trust & Financial Services N A acquired a new position in shares of Tesla during the 4th quarter worth about $37,000. Kessler Investment Group LLC boosted its position in shares of Tesla by 35.9% during the 2nd quarter. Kessler Investment Group LLC now owns 193 shares of the electric vehicle producer’s stock worth $38,000 after acquiring an additional 51 shares in the last quarter. Aspect Partners LLC increased its holdings in shares of Tesla by 121.3% in the 2nd quarter. Aspect Partners LLC now owns 208 shares of the electric vehicle producer’s stock valued at $41,000 after acquiring an additional 114 shares during the last quarter. Finally, 1620 Investment Advisors Inc. acquired a new stake in shares of Tesla during the 2nd quarter worth about $42,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Analysts Set New Price Targets

TSLA has been the topic of several recent analyst reports. UBS Group lowered shares of Tesla from a “neutral” rating to a “sell” rating and increased their price target for the company from $147.00 to $197.00 in a research note on Friday, July 12th. Guggenheim reaffirmed a “sell” rating and issued a $134.00 target price on shares of Tesla in a research report on Tuesday, July 23rd. The Goldman Sachs Group reduced their price target on shares of Tesla from $248.00 to $230.00 and set a “neutral” rating for the company in a research report on Wednesday, July 24th. Robert W. Baird reaffirmed an “outperform” rating and set a $280.00 price objective on shares of Tesla in a report on Tuesday, August 20th. Finally, Wolfe Research assumed coverage on Tesla in a report on Thursday. They issued a “peer perform” rating for the company. Nine analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $204.21.

Insider Activity

In related news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the sale, the director now directly owns 85,000 shares in the company, valued at approximately $18,696,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 25.10% of the company’s stock.

Tesla Trading Down 8.4 %

Shares of TSLA opened at $210.73 on Friday. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $278.98. The company has a current ratio of 1.91, a quick ratio of 1.40 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $673.21 billion, a P/E ratio of 53.76, a PEG ratio of 5.80 and a beta of 2.29. The firm’s 50-day moving average is $224.47 and its two-hundred day moving average is $193.60.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The firm had revenue of $25.50 billion during the quarter, compared to analyst estimates of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The business’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.78 EPS. On average, research analysts predict that Tesla, Inc. will post 1.75 earnings per share for the current fiscal year.

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.