Dakota Wealth Management has increased its stock position in Tesla, Inc. (NASDAQ: TSLA) by 2.0% during the second quarter of 2023, according to Holdings Channel. The firm now owns 15,354 shares of the electric vehicle manufacturer, following the acquisition of an additional 304 shares during the quarter. As of its latest filing with the Securities and Exchange Commission, Dakota’s holdings in Tesla are valued at approximately $4,877,000.
Several other institutional investors have also adjusted their stakes in Tesla. Means Investment Co. Inc. significantly increased its position by 37.7% in the first quarter, now holding 23,089 shares worth around $5,984,000. Meanwhile, Focus Financial Network Inc. raised its shareholding by 3.1%, acquiring 22,467 shares valued at $5,823,000 after purchasing an additional 670 shares. Additionally, Siren L.L.C. and Zuckerman Investment Group LLC have also expanded their positions, with the latter increasing its stake by 6.9% to own 12,748 shares valued at $3,304,000. Institutional investors now collectively hold 66.20% of Tesla’s stock.
Insider Activity and Stock Performance
In related news, insider trading activity has seen notable transactions. On September 15, 2023, James R. Murdoch, a director at Tesla, sold 60,000 shares at an average price of $422.68, totaling $25,360,800. Following this sale, Murdoch’s ownership decreased by 8.61%, leaving him with 637,031 shares valued at approximately $269,260,263.08. Similarly, on September 11, 2023, Senior Vice President Xiaotong Zhu sold 20,000 shares for $7,275,000, which represented a 29.59% reduction in his holdings.
Over the past three months, insiders have sold a total of 208,606 shares of Tesla stock, valued at around $77,360,462. Insiders currently hold 19.90% of the company’s stock, indicating a significant insider presence.
The performance of Tesla stock has been under scrutiny following the company’s latest quarterly earnings report. On July 23, 2023, Tesla reported earnings of $0.40 per share, falling short of the consensus estimate of $0.43 by $0.03. The company generated revenues of $22.50 billion, below the expected $23.18 billion, marking an 11.8% decline compared to the same quarter the previous year.
Analyst Ratings and Future Projections
Equity analysts have recently weighed in on Tesla’s stock, with varying assessments. Piper Sandler raised its price target from $400.00 to $500.00 and assigned an “overweight” rating. On the other hand, Guggenheim maintained a “sell” rating with a price objective of $175.00. The consensus among analysts includes two “Strong Buy” ratings, nineteen “Buy” ratings, twelve “Hold” ratings, and nine “Sell” ratings. Overall, Tesla holds an average rating of “Hold” and an average price target of $332.33, according to MarketBeat.
Tesla, Inc. continues to design, develop, manufacture, lease, and sell electric vehicles as well as energy generation and storage systems across various markets, including the United States and China. The company operates in two main segments: Automotive and Energy Generation and Storage, which encompass a wide range of products and services beyond just vehicle sales.
For those interested in tracking Tesla’s performance and the actions of institutional investors, the latest insights and filings can be accessed through HoldingsChannel.com.
