Wealthgarden F.S. LLC Cuts Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Wealthgarden F.S. LLC lessened its position in Tesla, Inc. (NASDAQ:TSLA) by 16.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 932 shares of the electric vehicle producer’s stock after selling 180 shares during the quarter. Wealthgarden F.S. LLC’s holdings in Tesla were worth $241,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. LMG Wealth Partners LLC raised its holdings in shares of Tesla by 18.1% in the 1st quarter. LMG Wealth Partners LLC now owns 11,664 shares of the electric vehicle producer’s stock valued at $3,023,000 after buying an additional 1,789 shares during the period. FWG Holdings LLC increased its holdings in Tesla by 10.9% during the 1st quarter. FWG Holdings LLC now owns 4,522 shares of the electric vehicle producer’s stock worth $1,172,000 after purchasing an additional 445 shares during the period. Welch & Forbes LLC increased its holdings in Tesla by 4.4% during the 1st quarter. Welch & Forbes LLC now owns 5,161 shares of the electric vehicle producer’s stock worth $1,338,000 after purchasing an additional 218 shares during the period. Cable Hill Partners LLC increased its holdings in Tesla by 18.5% during the 1st quarter. Cable Hill Partners LLC now owns 1,190 shares of the electric vehicle producer’s stock worth $336,000 after purchasing an additional 186 shares during the period. Finally, Cullen Frost Bankers Inc. increased its holdings in Tesla by 6.1% during the 1st quarter. Cullen Frost Bankers Inc. now owns 59,215 shares of the electric vehicle producer’s stock worth $15,346,000 after purchasing an additional 3,391 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Stock Performance

Shares of TSLA stock opened at $316.03 on Wednesday. The company has a market cap of $1.02 trillion, a price-to-earnings ratio of 172.35, a price-to-earnings-growth ratio of 9.43 and a beta of 2.39. The stock has a 50 day simple moving average of $324.04 and a 200-day simple moving average of $318.47. Tesla, Inc. has a 12-month low of $182.00 and a 12-month high of $488.54. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last issued its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). The business had revenue of $19.34 billion for the quarter, compared to analysts’ expectations of $22.93 billion. Tesla had a return on equity of 9.02% and a net margin of 6.66%. During the same period last year, the company posted $0.45 earnings per share. On average, equities analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Guggenheim restated a “sell” rating and set a $175.00 price target on shares of Tesla in a report on Tuesday, July 8th. Robert W. Baird restated a “neutral” rating and set a $320.00 price target on shares of Tesla in a report on Monday, June 9th. Morgan Stanley reiterated an “overweight” rating and issued a $410.00 price objective on shares of Tesla in a report on Friday, June 6th. HSBC reiterated a “reduce” rating and issued a $120.00 price objective on shares of Tesla in a report on Thursday, July 3rd. Finally, Benchmark reiterated a “buy” rating and issued a $475.00 price objective (up previously from $350.00) on shares of Tesla in a report on Thursday, June 26th. Ten investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $300.19.

Insider Buying and Selling at Tesla

In related news, Director Kimbal Musk sold 91,588 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value of $32,732,635.32. Following the completion of the transaction, the director directly owned 1,463,220 shares of the company’s stock, valued at $522,940,195.80. This trade represents a 5.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Xiaotong Zhu sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total value of $4,857,150.00. Following the completion of the transaction, the senior vice president directly owned 67,600 shares of the company’s stock, valued at $21,889,556. The trade was a 18.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 835,509 shares of company stock worth $279,420,485. 20.70% of the stock is currently owned by company insiders.

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.