Rice Partnership LLC Trims Holdings in Tesla, Inc. $TSLA

Rice Partnership LLC trimmed its position in Tesla, Inc. (NASDAQ:TSLA) by 24.5% in the 2nd quarter, HoldingsChannel reports. The firm owned 7,582 shares of the electric vehicle producer’s stock after selling 2,464 shares during the quarter. Rice Partnership LLC’s holdings in Tesla were worth $2,408,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently modified their holdings of the company. Game Plan Financial Advisors LLC raised its stake in shares of Tesla by 160.7% in the second quarter. Game Plan Financial Advisors LLC now owns 1,379 shares of the electric vehicle producer’s stock worth $438,000 after purchasing an additional 850 shares during the last quarter. Weaver Capital Management LLC raised its position in Tesla by 4.3% during the second quarter. Weaver Capital Management LLC now owns 7,951 shares of the electric vehicle producer’s stock valued at $2,526,000 after acquiring an additional 328 shares in the last quarter. Leo Wealth LLC raised its position in Tesla by 64.8% during the second quarter. Leo Wealth LLC now owns 6,628 shares of the electric vehicle producer’s stock valued at $2,106,000 after acquiring an additional 2,607 shares in the last quarter. McElhenny Sheffield Capital Management LLC raised its position in Tesla by 4.6% during the second quarter. McElhenny Sheffield Capital Management LLC now owns 2,323 shares of the electric vehicle producer’s stock valued at $738,000 after acquiring an additional 102 shares in the last quarter. Finally, MSH Capital Advisors LLC raised its position in Tesla by 21.2% during the second quarter. MSH Capital Advisors LLC now owns 2,338 shares of the electric vehicle producer’s stock valued at $743,000 after acquiring an additional 409 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Baird R W upgraded Tesla from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 19th. Glj Research reiterated a “sell” rating on shares of Tesla in a research report on Thursday, July 24th. UBS Group set a $247.00 price target on Tesla in a research report on Monday. Morgan Stanley reiterated an “overweight” rating and set a $410.00 price target on shares of Tesla in a research report on Thursday, October 2nd. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Tesla from $345.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, September 26th. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, thirteen have issued a Hold rating and eight have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $354.67.

Tesla Stock Down 5.1%

Tesla stock opened at $413.49 on Friday. 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 business has a 50 day simple moving average of $375.97 and a 200-day simple moving average of $327.51. The stock has a market capitalization of $1.37 trillion, a PE ratio of 239.01, a price-to-earnings-growth ratio of 15.81 and a beta of 2.08. Tesla, Inc. has a 12 month low of $212.11 and a 12 month high of $488.54.

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

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the sale, the senior vice president directly owned 47,600 shares of the company’s stock, valued at $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the sale, the chief financial officer directly owned 9,856 shares in the company, valued at $3,473,057.28. This represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 202,606 shares of company stock valued at $75,588,902 over the last ninety days. Insiders own 19.90% of the company’s stock.

Tesla 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.