WT Wealth Management Sells 6,715 Shares of Tesla, Inc. (NASDAQ:TSLA)

WT Wealth Management reduced its position in Tesla, Inc. (NASDAQ:TSLA) by 33.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,477 shares of the electric vehicle producer’s stock after selling 6,715 shares during the quarter. Tesla accounts for approximately 0.9% of WT Wealth Management’s investment portfolio, making the stock its 29th largest holding. WT Wealth Management’s holdings in Tesla were worth $3,526,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Integris Wealth Management LLC grew its position in shares of Tesla by 1.0% in the 2nd quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock worth $804,000 after buying an additional 42 shares during the last quarter. Sherrill & Hutchins Financial Advisory Inc raised its position in Tesla by 1.4% during the 3rd quarter. Sherrill & Hutchins Financial Advisory Inc now owns 3,058 shares of the electric vehicle producer’s stock worth $800,000 after buying an additional 43 shares during the last quarter. Echo Wealth Management LLC boosted its holdings in shares of Tesla by 0.7% in the 2nd quarter. Echo Wealth Management LLC now owns 6,474 shares of the electric vehicle producer’s stock valued at $1,281,000 after acquiring an additional 44 shares during the last quarter. WASHINGTON TRUST Co raised its holdings in shares of Tesla by 3.2% during the second quarter. WASHINGTON TRUST Co now owns 1,433 shares of the electric vehicle producer’s stock worth $284,000 after purchasing an additional 45 shares during the last quarter. Finally, Bellevue Asset Management LLC boosted its holdings in Tesla by 1.6% in the second quarter. Bellevue Asset Management LLC now owns 2,868 shares of the electric vehicle producer’s stock valued at $568,000 after purchasing an additional 45 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Price Performance

Shares of NASDAQ TSLA traded down $1.12 during trading on Tuesday, hitting $217.73. 34,786,113 shares of the company were exchanged, compared to its average volume of 93,843,727. The firm’s fifty day moving average price is $228.09 and its 200 day moving average price is $205.99. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. The company has a market cap of $694.38 billion, a price-to-earnings ratio of 55.25, a PEG ratio of 6.31 and a beta of 2.29. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $271.00.

Tesla (NASDAQ:TSLA) last issued its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.10). The company had revenue of $25.50 billion for the quarter, compared to analyst estimates of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.78 earnings per share. On average, sell-side analysts expect that Tesla, Inc. will post 1.75 earnings per share for the current fiscal year.

Insider Activity at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the transaction, the senior vice president now directly owns 67,491 shares in the company, valued at approximately $14,967,479.07. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the transaction, the senior vice president now owns 67,491 shares in the company, valued at $14,967,479.07. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $250.00, for a total value of $2,000,000.00. Following the sale, the chief financial officer now directly owns 105,032 shares in the company, valued at approximately $26,258,000. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,661 shares of company stock valued at $16,663,291 in the last ninety days. Corporate insiders own 25.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on TSLA. Jefferies Financial Group upped their target price on shares of Tesla from $165.00 to $195.00 and gave the stock a “hold” rating in a report on Monday. Morgan Stanley reiterated an “overweight” rating and issued a $310.00 price objective on shares of Tesla in a report on Thursday, October 3rd. Royal Bank of Canada upped their price target on Tesla from $224.00 to $236.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. The Goldman Sachs Group reiterated a “neutral” rating and set a $230.00 price objective on shares of Tesla in a research report on Friday, October 11th. Finally, Mizuho raised their target price on Tesla from $180.00 to $230.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. Nine research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $211.63.

About Tesla

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.