Tesla, Inc. $TSLA Shares Sold by Biltmore Wealth Management LLC

Biltmore Wealth Management LLC reduced its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 4.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,550 shares of the electric vehicle producer’s stock after selling 179 shares during the period. Tesla accounts for about 0.5% of Biltmore Wealth Management LLC’s holdings, making the stock its 21st biggest position. Biltmore Wealth Management LLC’s holdings in Tesla were worth $1,128,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently modified their holdings of TSLA. Brighton Jones LLC raised its position in shares of Tesla by 11.8% during the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer’s stock worth $35,509,000 after purchasing an additional 9,293 shares during the last quarter. Revolve Wealth Partners LLC raised its position in shares of Tesla by 21.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer’s stock worth $2,147,000 after purchasing an additional 931 shares during the last quarter. Mascagni Wealth Management Inc. acquired a new position in shares of Tesla during the 4th quarter worth approximately $346,000. Highview Capital Management LLC DE acquired a new position in shares of Tesla during the 4th quarter worth approximately $2,367,000. Finally, Bison Wealth LLC raised its position in shares of Tesla by 52.2% during the 4th quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer’s stock worth $4,187,000 after purchasing an additional 3,558 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. China Renaissance reaffirmed a “hold” rating and issued a $349.00 target price on shares of Tesla in a research note on Friday, July 25th. Canaccord Genuity Group lifted their target price on shares of Tesla from $303.00 to $333.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Benchmark reaffirmed a “buy” rating and issued a $475.00 target price (up from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Robert W. Baird reaffirmed a “neutral” rating and issued a $320.00 target price on shares of Tesla in a research note on Monday, June 9th. Finally, William Blair reaffirmed a “market perform” rating on shares of Tesla in a research note on Friday, September 5th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fourteen have assigned a Hold rating and nine have issued a Sell rating to the company’s stock. According to MarketBeat, Tesla has an average rating of “Hold” and a consensus target price of $303.00.

Tesla Stock Performance

Shares of TSLA stock opened at $421.62 on Wednesday. Tesla, Inc. has a 12 month low of $212.11 and a 12 month high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The firm has a market capitalization of $1.36 trillion, a P/E ratio of 243.71, a P/E/G ratio of 14.30 and a beta of 2.06. The company’s fifty day moving average price is $333.69 and its two-hundred day moving average price is $305.35.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same quarter in the prior year, the firm earned $0.52 EPS. The business’s quarterly revenue was down 11.8% compared to the same quarter last year. On average, research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Xiaotong Zhu sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the sale, the senior vice president owned 47,600 shares in the company, valued at approximately $17,314,500. This represents a 29.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James R. Murdoch sold 120,000 shares of the company’s stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the sale, the director owned 697,031 shares in the company, valued at approximately $244,162,988.99. This trade represents a 14.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 148,606 shares of company stock worth $51,999,662 in the last quarter. 20.70% of the stock is owned by corporate insiders.

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.