FSA Advisors Inc. has increased its stake in Tesla, Inc. (NASDAQ: TSLA) by 29.1% during the second quarter of 2023, according to a filing with the Securities and Exchange Commission. This investment added 261 shares to its portfolio, bringing its total holdings to 1,159 shares. As of this filing, FSA Advisors’ investment in Tesla is valued at approximately $368,000.
The electric vehicle manufacturer has seen a significant influx of interest from other institutional investors as well. For instance, Arcadia Investment Management Corp entered a new position in Tesla shares worth $27,000 in the first quarter. Additionally, Chelsea Counsel Co. boosted its stake by 59.7%, now owning 107 shares valued at $28,000 after acquiring an additional 40 shares.
Other notable activities include Centennial Bank AR, which increased its stake by an impressive 833.3%, now holding 112 shares worth $29,000, and LGT Financial Advisors LLC, which purchased new shares valued at about $29,000. Compass Wealth Management LLC also raised its stake by 360.0%, acquiring 115 shares now valued at $30,000. Overall, institutional investors own 66.20% of Tesla’s stock.
Analyst Ratings and Stock Performance
Tesla’s stock has garnered attention from various analysts recently. Robert W. Baird upgraded Tesla from a “neutral” to an “outperform” rating, raising the target price from $320.00 to $548.00. Meanwhile, Melius initiated coverage with a “buy” rating and a target price of $520.00. Some analysts, however, have lowered their expectations; The Goldman Sachs Group reduced its price target from $425.00 to $400.00 while maintaining a “neutral” rating.
Current consensus from analysts indicates one strong buy rating, twenty buy ratings, twelve hold ratings, and eleven sell ratings. According to data from MarketBeat, Tesla maintains a consensus rating of “Hold” with an average target price of $381.00.
Insider Trading Activities
In insider trading news, James R. Murdoch, a director at Tesla, sold 60,000 shares on September 15, 2023, at an average price of $422.68, totaling approximately $25.36 million. This transaction decreased his holdings by 8.61%, leaving him with 637,031 shares valued at around $269.26 million.
On September 11, Xiaotong Zhu, Senior Vice President, sold 20,000 shares for approximately $7.28 million, reducing his ownership by 29.59%. In total, insiders have sold 202,606 shares valued at $75.59 million over the past ninety days, with insiders holding 19.90% of the company’s stock.
Tesla’s shares opened at $460.55 on the morning of October 22, 2023. The company boasts a market cap of $1.53 trillion and has shown a price-to-earnings ratio of 307.03, with a PEG ratio of 16.51 and a beta of 2.08. The firm has a debt-to-equity ratio of 0.07, a current ratio of 2.07, and a quick ratio of 1.67.
Over the past year, Tesla’s stock has fluctuated between a low of $214.25 and a high of $488.54. The company recently reported earnings for the third quarter, revealing an earnings per share (EPS) of $0.50, surpassing analysts’ expectations of $0.48. Tesla also reported revenue of $28.10 billion, exceeding anticipated figures of $24.98 billion, and marking an 11.6% increase compared to the same quarter last year.
Analysts predict Tesla will achieve an EPS of $2.56 for the current fiscal year. Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles and energy systems globally, operating primarily in the automotive and energy generation sectors.
