Oppenheimer Asset Management Inc. Cuts Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Oppenheimer Asset Management Inc. lessened its position in Tesla, Inc. (NASDAQ:TSLA) by 0.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 49,703 shares of the electric vehicle producer’s stock after selling 463 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Tesla were worth $12,881,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of TSLA. Susquehanna Fundamental Investments LLC purchased a new stake in Tesla during the 4th quarter worth about $56,600,000. Means Investment CO. Inc. increased its holdings in Tesla by 37.7% during the 1st quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer’s stock worth $5,984,000 after purchasing an additional 6,323 shares during the period. Focus Financial Network Inc. increased its holdings in Tesla by 3.1% during the 1st quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer’s stock worth $5,823,000 after purchasing an additional 670 shares during the period. Strategic Family Wealth Counselors L.L.C. increased its holdings in Tesla by 133.7% during the 4th quarter. Strategic Family Wealth Counselors L.L.C. now owns 2,847 shares of the electric vehicle producer’s stock worth $1,150,000 after purchasing an additional 1,629 shares during the period. Finally, Harvard Management Co. Inc. purchased a new stake in Tesla during the 4th quarter worth about $8,158,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TSLA. Piper Sandler restated an “overweight” rating and set a $400.00 price target on shares of Tesla in a report on Tuesday, June 10th. Glj Research reiterated a “sell” rating and issued a $19.05 price objective (down previously from $24.86) on shares of Tesla in a report on Monday, April 21st. Raymond James Financial downgraded Tesla to an “outperform” rating in a report on Tuesday, April 22nd. Cfra Research downgraded Tesla from a “moderate buy” rating to a “hold” rating in a report on Tuesday, April 22nd. Finally, BNP Paribas set a $137.00 price objective on Tesla and gave the company an “underperform” rating in a report on Wednesday, April 16th. Ten research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Tesla has a consensus rating of “Hold” and an average target price of $294.58.

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 15,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the completion of the transaction, the senior vice president now directly owns 67,600 shares of the company’s stock, valued at approximately $21,889,556. This represents a 18.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of the stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $250.00, for a total value of $1,000,000.00. Following the transaction, the chief financial officer now directly owns 26,950 shares of the company’s stock, valued at approximately $6,737,500. This trade represents a 12.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 833,509 shares of company stock valued at $278,648,925. Corporate insiders own 20.70% of the company’s stock.

Tesla Stock Up 8.2%

Tesla stock opened at $348.68 on Tuesday. Tesla, Inc. has a twelve month low of $182.00 and a twelve month high of $488.54. The stock has a 50 day moving average of $308.14 and a two-hundred day moving average of $331.42. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $1.12 trillion, a price-to-earnings ratio of 191.58, a PEG ratio of 12.05 and a beta of 2.47.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). The company had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. Tesla had a return on equity of 9.02% and a net margin of 6.66%. During the same period in the previous year, the business posted $0.45 earnings per share. As a group, research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current 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.