Cyndeo Wealth Partners LLC Sells 2,362 Shares of Tesla, Inc. $TSLA

Cyndeo Wealth Partners LLC decreased its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 9.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 21,447 shares of the electric vehicle producer’s stock after selling 2,362 shares during the quarter. Cyndeo Wealth Partners LLC’s holdings in Tesla were worth $6,813,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in TSLA. Cherry Tree Wealth Management LLC lifted its holdings in shares of Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after acquiring an additional 44 shares during the last quarter. First PREMIER Bank lifted its holdings in shares of Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after acquiring an additional 42 shares during the last quarter. Newton One Investments LLC lifted its holdings in shares of Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock worth $27,000 after acquiring an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI bought a new position in shares of Tesla in the first quarter worth about $27,000. Finally, Chelsea Counsel Co. raised its holdings in Tesla by 59.7% in the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after buying an additional 40 shares during the last quarter. Institutional investors own 66.20% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TSLA. TD Cowen raised their price objective on shares of Tesla from $374.00 to $509.00 and gave the company a “buy” rating in a report on Thursday. Royal Bank Of Canada raised their price objective on shares of Tesla from $325.00 to $500.00 and gave the company an “outperform” rating in a report on Friday. JPMorgan Chase & Co. raised their price objective on shares of Tesla from $115.00 to $150.00 in a report on Friday, October 3rd. Dbs Bank raised their price objective on shares of Tesla from $300.00 to $450.00 in a report on Wednesday, September 17th. 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. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, thirteen have issued a Hold rating and eight have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $354.67.

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the sale, the senior vice president owned 47,600 shares of the company’s stock, valued at $17,314,500. This trade represents a 29.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director James R. Murdoch sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the sale, the director directly owned 637,031 shares of the company’s stock, valued at approximately $269,260,263.08. This trade represents a 8.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 202,606 shares of company stock valued at $75,588,902 in the last quarter. 19.90% of the stock is currently owned by company insiders.

Tesla Stock Performance

NASDAQ:TSLA opened at $413.49 on Friday. The company has a market capitalization of $1.37 trillion, a PE ratio of 239.01, a P/E/G ratio of 15.01 and a beta of 2.08. The company has a 50 day simple moving average of $375.97 and a two-hundred day simple moving average of $327.89. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54.

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

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.