Bright Futures Wealth Management LLC. Takes $402,000 Position in Tesla, Inc. (NASDAQ:TSLA)

Bright Futures Wealth Management LLC. purchased a new position in Tesla, Inc. (NASDAQ:TSLA) during the first quarter, HoldingsChannel reports. The fund purchased 2,288 shares of the electric vehicle producer’s stock, valued at approximately $402,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TSLA. Norges Bank acquired a new stake in shares of Tesla during the fourth quarter worth $7,844,757,000. International Assets Investment Management LLC grew its holdings in Tesla by 25,990.7% in the 4th quarter. International Assets Investment Management LLC now owns 6,202,806 shares of the electric vehicle producer’s stock valued at $1,541,273,000 after buying an additional 6,179,032 shares during the period. Vanguard Group Inc. increased its stake in shares of Tesla by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock valued at $57,102,287,000 after acquiring an additional 3,866,361 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Tesla by 2,101.1% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,469,190 shares of the electric vehicle producer’s stock valued at $365,064,000 after purchasing an additional 1,402,443 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Tesla by 12.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock valued at $1,731,430,000 after purchasing an additional 1,125,329 shares during the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Robyn M. Denholm sold 93,705 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $184.86, for a total value of $17,322,306.30. Following the completion of the sale, the director now directly owns 15,000 shares of the company’s stock, valued at $2,772,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Xiaotong Zhu sold 650 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the sale, the director now owns 15,000 shares in the company, valued at $2,772,900. The disclosure for this sale can be found here. Insiders have sold a total of 160,719 shares of company stock valued at $32,032,968 in the last three months. Company insiders own 25.10% of the company’s stock.

Analyst Upgrades and Downgrades

TSLA has been the topic of a number of research analyst reports. Citigroup reduced their target price on Tesla from $274.00 to $258.00 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. Bank of America raised shares of Tesla from a “neutral” rating to a “buy” rating and set a $220.00 target price on the stock in a research note on Wednesday, April 24th. Guggenheim reiterated a “sell” rating and issued a $134.00 price target on shares of Tesla in a report on Tuesday, July 23rd. Truist Financial boosted their price objective on Tesla from $162.00 to $215.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Finally, Royal Bank of Canada decreased their price target on Tesla from $293.00 to $227.00 and set an “outperform” rating for the company in a report on Thursday, June 20th. Nine equities research 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $204.30.

Tesla Price Performance

TSLA stock traded down $9.19 on Friday, hitting $207.67. 82,880,120 shares of the company’s stock traded hands, compared to its average volume of 126,158,848. 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 stock has a market cap of $663.43 billion, a price-to-earnings ratio of 52.98, a P/E/G ratio of 5.60 and a beta of 2.31. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $278.98. The stock has a fifty day moving average of $210.01 and a 200-day moving average of $190.87.

Tesla (NASDAQ:TSLA) last released its 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). Tesla had a return on equity of 10.41% and a net margin of 13.00%. The firm had revenue of $25.50 billion for the quarter, compared to analyst estimates of $24.38 billion. During the same period in the prior year, the firm earned $0.78 EPS. The firm’s revenue was up 2.3% on a year-over-year basis. On average, analysts forecast that Tesla, Inc. will post 1.79 EPS for the current fiscal 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.