Azzad Asset Management Inc. ADV Grows Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Azzad Asset Management Inc. ADV boosted its holdings in Tesla, Inc. (NASDAQ:TSLA) by 4.0% in the first quarter, Holdings Channel reports. The institutional investor owned 39,186 shares of the electric vehicle producer’s stock after acquiring an additional 1,504 shares during the quarter. Tesla accounts for approximately 0.8% of Azzad Asset Management Inc. ADV’s investment portfolio, making the stock its 15th biggest holding. Azzad Asset Management Inc. ADV’s holdings in Tesla were worth $6,888,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of TSLA. Glenmede Trust Co. NA grew its stake in Tesla by 3.5% in the 3rd quarter. Glenmede Trust Co. NA now owns 38,224 shares of the electric vehicle producer’s stock valued at $9,564,000 after buying an additional 1,303 shares in the last quarter. AXQ Capital LP bought a new position in Tesla in the 3rd quarter valued at $976,000. Ameriprise Financial Inc. boosted its holdings in Tesla by 1.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 5,720,635 shares of the electric vehicle producer’s stock valued at $1,431,432,000 after purchasing an additional 58,184 shares during the period. Alerus Financial NA boosted its holdings in Tesla by 75.0% in the 3rd quarter. Alerus Financial NA now owns 36,255 shares of the electric vehicle producer’s stock valued at $9,072,000 after purchasing an additional 15,537 shares during the period. Finally, Adage Capital Partners GP L.L.C. boosted its holdings in Tesla by 2.4% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 2,658,100 shares of the electric vehicle producer’s stock valued at $665,110,000 after purchasing an additional 61,900 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Jefferies Financial Group cut their price target on shares of Tesla from $185.00 to $165.00 and set a “hold” rating for the company in a report on Wednesday, April 10th. New Street Research reissued a “buy” rating and issued a $235.00 price target on shares of Tesla in a report on Tuesday, June 25th. Wells Fargo & Company reissued an “underweight” rating and issued a $120.00 price target on shares of Tesla in a report on Monday. The Goldman Sachs Group reissued a “neutral” rating and issued a $175.00 price target on shares of Tesla in a report on Wednesday. Finally, Truist Financial reaffirmed a “hold” rating and set a $162.00 price objective on shares of Tesla in a report on Wednesday. Seven investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $189.47.

Tesla Trading Up 5.0 %

Shares of NASDAQ:TSLA traded up $11.53 during midday trading on Wednesday, hitting $242.79. 101,017,242 shares of the stock traded hands, compared to its average volume of 96,557,383. The stock has a market capitalization of $774.31 billion, a PE ratio of 62.14, a P/E/G ratio of 4.91 and a beta of 2.31. The business’s 50 day moving average is $180.89 and its two-hundred day moving average is $190.93. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.04. Tesla, Inc. has a one year low of $138.80 and a one year high of $299.29.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Tuesday, April 23rd. The electric vehicle producer reported $0.35 EPS for the quarter, meeting the consensus estimate of $0.35. The firm had revenue of $21.30 billion during the quarter, compared to the consensus estimate of $22.15 billion. Tesla had a net margin of 14.37% and a return on equity of 13.18%. As a group, research analysts forecast that Tesla, Inc. will post 1.86 earnings per share for the current year.

Insider Activity

In related news, Director Robyn M. Denholm sold 93,705 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $184.86, for a total value of $17,322,306.30. Following the completion of the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at $2,772,900. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, SVP Xiaotong Zhu sold 650 shares of the stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $174.21, for a total value of $113,236.50. Following the completion of the transaction, the senior vice president now directly owns 65,155 shares of the company’s stock, valued at $11,350,652.55. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robyn M. Denholm sold 93,705 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the completion of the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at $2,772,900. The disclosure for this sale can be found here. Insiders own 20.90% 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.