Rik Saylor Financial Inc. has recently taken a significant step by investing approximately $209,000 in shares of Tesla, Inc. (NASDAQ: TSLA) during the first quarter of 2023. According to a disclosure filed with the Securities and Exchange Commission, the firm acquired 805 shares of the electric vehicle manufacturer, reflecting a growing interest among institutional investors in the company.
Other hedge funds have also been active in modifying their positions in Tesla. For instance, Eagle Capital Management LLC established a new position in Tesla worth $331,000 during the fourth quarter. Brighton Jones LLC increased its holdings by 11.8%, adding 9,293 shares to its portfolio, which now totals 87,929 shares valued at approximately $35.5 million. Similarly, Revolve Wealth Partners LLC raised its stake by 21.2%, acquiring an additional 931 shares, bringing its total to 5,317 shares worth about $2.15 million. Other firms such as Mascagni Wealth Management Inc. and Highview Capital Management LLC also made notable investments during this period.
Insider Transactions and Market Reactions
In addition to institutional investments, there have been significant insider transactions at Tesla. On May 27, Ira Matthew Ehrenpreis, a director at Tesla, sold 477,572 shares at an average price of $357.30, resulting in a transaction valued at approximately $170.6 million. Following this sale, Ehrenpreis retained 855,394 shares in the company, valued at over $305.6 million, representing a 35.83% reduction in his holdings.
Moreover, on June 12, Xiaotong Zhu, Senior Vice President, sold 15,000 shares for a total of $4.86 million, reducing their ownership by 18.16% to 67,600 shares worth approximately $21.9 million. In total, Tesla insiders sold 835,509 shares in the past three months, equating to a value of around $279.4 million. Currently, insiders hold 20.7% of Tesla’s stock.
Analyst Ratings and Stock Performance
Market analysts have been expressing varied perspectives on Tesla’s stock. Recently, Barclays downgraded its price target for Tesla from $325.00 to $275.00, recommending an “equal weight” rating. On the other hand, Needham & Company LLC reaffirmed a “hold” rating, while Deutsche Bank Aktiengesellschaft adjusted its target price from $420.00 to $345.00, maintaining a “buy” rating.
Twelve investment analysts rated the stock with a “sell” rating, fourteen assigned a “hold” rating, seventeen issued “buy” ratings, and one analyst provided a “strong buy” rating. According to data from MarketBeat.com, Tesla currently holds a consensus rating of “Hold” with a target price averaging $301.13.
Tesla’s stock performance remains a focal point for many investors. As of the latest trading session, it opened at $309.87 with a market capitalization of $998.08 billion. The company has a price-to-earnings ratio of 170.26 and a beta of 2.39, indicating substantial volatility. Tesla’s shares have seen a one-year range from a low of $182.00 to a high of $488.54.
During its last earnings report on April 22, Tesla reported earnings of $0.27 per share, falling short of analysts’ expectations of $0.53. The company generated revenue of $19.34 billion, below the consensus estimate of $22.93 billion, with a return on equity of 9.02% and a net margin of 6.66%. Analysts project that Tesla will achieve earnings of $2.56 per share for the current year.
Tesla, Inc. continues to innovate in the electric vehicle market, specializing in the design, manufacturing, leasing, and sale of electric vehicles, along with energy generation and storage systems across the globe. With its two primary segments—Automotive and Energy Generation and Storage—the company remains a key player in the industry, attracting significant interest from both institutional and individual investors.
