Broadway Wealth Solutions Inc. Makes New $929,000 Investment in Tesla, Inc. (NASDAQ:TSLA)

Broadway Wealth Solutions Inc. acquired a new stake in Tesla, Inc. (NASDAQ:TSLA) during the 4th quarter, Holdings Channel.com reports. The fund acquired 2,300 shares of the electric vehicle producer’s stock, valued at approximately $929,000. Tesla comprises about 0.7% of Broadway Wealth Solutions Inc.’s investment portfolio, making the stock its 18th largest position.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its holdings in Tesla by 5.6% in the third quarter. Principal Financial Group Inc. now owns 3,650,393 shares of the electric vehicle producer’s stock valued at $955,052,000 after buying an additional 194,796 shares in the last quarter. United Bank acquired a new stake in Tesla in the third quarter valued at approximately $287,000. Quantbot Technologies LP purchased a new stake in shares of Tesla in the third quarter valued at approximately $687,000. Glenmede Trust Co. NA raised its stake in shares of Tesla by 34.1% during the 3rd quarter. Glenmede Trust Co. NA now owns 50,899 shares of the electric vehicle producer’s stock worth $13,317,000 after buying an additional 12,955 shares during the period. Finally, National Wealth Management Group LLC grew its stake in Tesla by 92.8% in the 3rd quarter. National Wealth Management Group LLC now owns 4,925 shares of the electric vehicle producer’s stock valued at $1,289,000 after acquiring an additional 2,371 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TSLA. Guggenheim dropped their target price on shares of Tesla from $175.00 to $170.00 and set a “sell” rating on the stock in a research report on Wednesday, March 12th. Oppenheimer reissued a “mixed” rating on shares of Tesla in a report on Tuesday, March 18th. Royal Bank of Canada lowered their price target on Tesla from $440.00 to $320.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 18th. Wells Fargo & Company reduced their price objective on Tesla from $135.00 to $130.00 and set an “underweight” rating for the company in a research note on Friday, March 14th. Finally, TD Cowen raised shares of Tesla from a “hold” rating to a “buy” rating and lifted their target price for the stock from $180.00 to $388.00 in a research note on Friday, March 7th. Nine analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Tesla has an average rating of “Hold” and a consensus target price of $319.12.

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 7,000 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $413.56, for a total value of $2,894,920.00. Following the completion of the transaction, the chief financial officer now owns 108,965 shares in the company, valued at $45,063,565.40. This represents a 6.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director James R. Murdoch sold 54,776 shares of Tesla stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $240.79, for a total value of $13,189,513.04. Following the sale, the director now owns 477,011 shares in the company, valued at $114,859,478.69. This trade represents a 10.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 477,228 shares of company stock worth $166,849,043 over the last 90 days. 20.70% of the stock is owned by insiders.

Tesla Stock Up 0.4 %

Shares of Tesla stock opened at $273.13 on Friday. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $488.54. The company has a 50 day moving average of $324.59 and a 200 day moving average of $321.35. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $878.53 billion, a P/E ratio of 133.89, a P/E/G ratio of 5.86 and a beta of 2.50.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. As a group, research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Tesla Company 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.