Cherrydale Wealth Management LLC Increases Stake in Tesla, Inc. (NASDAQ:TSLA)

Cherrydale Wealth Management LLC grew its position in Tesla, Inc. (NASDAQ:TSLA) by 4.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,319 shares of the electric vehicle producer’s stock after acquiring an additional 304 shares during the quarter. Tesla comprises about 0.8% of Cherrydale Wealth Management LLC’s portfolio, making the stock its 16th largest position. Cherrydale Wealth Management LLC’s holdings in Tesla were worth $1,915,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in TSLA. Bank & Trust Co purchased a new stake in shares of Tesla in the second quarter valued at $25,000. Valley Wealth Managers Inc. purchased a new position in Tesla in the 2nd quarter worth about $26,000. Abich Financial Wealth Management LLC increased its stake in Tesla by 168.8% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after buying an additional 81 shares during the period. Clean Yield Group increased its stake in Tesla by 60.0% in the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after buying an additional 48 shares during the period. Finally, M&R Capital Management Inc. increased its stake in Tesla by 263.2% in the 3rd quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock worth $36,000 after buying an additional 100 shares during the period. 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. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $230.00 price target on shares of Tesla in a research note on Friday. New Street Research downgraded shares of Tesla from a “buy” rating to a “neutral” rating and set a $225.00 target price on the stock. in a research report on Wednesday, July 24th. Sanford C. Bernstein reissued an “underperform” rating and set a $120.00 target price on shares of Tesla in a research report on Thursday, October 3rd. Glj Research reissued a “sell” rating and set a $24.86 target price on shares of Tesla in a research report on Thursday, September 26th. Finally, Wells Fargo & Company reissued an “underweight” rating and set a $120.00 target price on shares of Tesla in a research report on Monday, July 1st. Nine analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $210.72.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total value of $2,000,000.00. Following the completion of the sale, the chief financial officer now owns 105,032 shares of the company’s stock, valued at $26,258,000. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total value of $2,000,000.00. Following the completion of the sale, the chief financial officer now owns 105,032 shares of the company’s stock, valued at $26,258,000. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the sale, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 74,661 shares of company stock valued at $16,663,291 over the last quarter. Company insiders own 25.10% of the company’s stock.

Tesla Trading Up 0.5 %

Shares of TSLA traded up $1.17 on Monday, hitting $218.97. 17,785,531 shares of the stock traded hands, compared to its average volume of 94,851,172. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $698.34 billion, a P/E ratio of 55.56, a P/E/G ratio of 6.48 and a beta of 2.29. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $271.00. The stock’s 50 day moving average is $225.43 and its two-hundred day moving average is $203.96.

Tesla (NASDAQ:TSLA) last posted 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 company had revenue of $25.50 billion for the quarter, compared to analysts’ expectations of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.78 EPS. As a group, sell-side analysts predict that Tesla, Inc. will post 1.75 earnings per share for the current year.

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.