Hofer & Associates. Inc Purchases Shares of 1,166 Tesla, Inc. (NASDAQ:TSLA)

Hofer & Associates. Inc purchased a new stake in Tesla, Inc. (NASDAQ:TSLA) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,166 shares of the electric vehicle producer’s stock, valued at approximately $231,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Echo Wealth Management LLC raised its stake in shares of Tesla by 0.7% in the second quarter. Echo Wealth Management LLC now owns 6,474 shares of the electric vehicle producer’s stock worth $1,281,000 after acquiring an additional 44 shares during the last quarter. WASHINGTON TRUST Co raised its stake in shares of Tesla by 3.2% in the second quarter. WASHINGTON TRUST Co now owns 1,433 shares of the electric vehicle producer’s stock worth $284,000 after acquiring an additional 45 shares during the last quarter. Keystone Wealth Services LLC raised its stake in shares of Tesla by 0.8% in the second quarter. Keystone Wealth Services LLC now owns 5,993 shares of the electric vehicle producer’s stock worth $1,186,000 after acquiring an additional 49 shares during the last quarter. West Paces Advisors Inc. raised its stake in shares of Tesla by 5.9% in the second quarter. West Paces Advisors Inc. now owns 901 shares of the electric vehicle producer’s stock worth $178,000 after acquiring an additional 50 shares during the last quarter. Finally, Kessler Investment Group LLC raised its stake in shares of Tesla by 35.9% in the second 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 during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on TSLA shares. Wedbush reaffirmed an “outperform” rating and issued a $300.00 target price on shares of Tesla in a research note on Wednesday, July 24th. Canaccord Genuity Group boosted their target price on shares of Tesla from $222.00 to $254.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Piper Sandler boosted their price target on shares of Tesla from $205.00 to $300.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Wells Fargo & Company reissued an “underweight” rating and set a $120.00 price target on shares of Tesla in a research note on Monday, July 1st. Finally, Argus reissued a “buy” rating and set a $286.00 price target on shares of Tesla in a research note on Friday, July 26th. Nine investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Tesla presently has a consensus rating of “Hold” and an average target price of $204.21.

Insider Buying and Selling

In other Tesla news, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $174.21, for a total transaction of $113,236.50. Following the sale, 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 Securities & Exchange Commission, which is accessible through this hyperlink. In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the sale, the director now directly owns 85,000 shares of the company’s stock, valued at $18,696,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the sale, the senior vice president now directly owns 65,155 shares in the company, valued at $11,350,652.55. The disclosure for this sale can be found here. 25.10% of the stock is currently owned by corporate insiders.

Tesla Stock Up 0.9 %

TSLA traded up $1.98 during trading hours on Friday, hitting $216.12. 88,620,586 shares of the company’s stock were exchanged, compared to its average volume of 90,901,848. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $278.98. The stock’s 50-day moving average is $215.14 and its two-hundred day moving average is $190.97. The stock has a market cap of $690.43 billion, a price-to-earnings ratio of 55.13, a PEG ratio of 5.22 and a beta of 2.31. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last announced its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.10). Tesla had a return on equity of 10.41% and a net margin of 13.00%. The business had revenue of $25.50 billion for the quarter, compared to analyst estimates of $24.38 billion. During the same quarter in the previous year, the company posted $0.78 EPS. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. Sell-side analysts predict that Tesla, Inc. will post 1.79 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.