Delap Wealth Advisory LLC Trims Position in Tesla, Inc. $TSLA

Delap Wealth Advisory LLC lessened its holdings in shares of Tesla, Inc. (NASDAQ:TSLAFree Report) by 78.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 700 shares of the electric vehicle producer’s stock after selling 2,598 shares during the quarter. Delap Wealth Advisory LLC’s holdings in Tesla were worth $222,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in TSLA. First Merchants Corp increased its position in shares of Tesla by 1.3% during the second quarter. First Merchants Corp now owns 2,413 shares of the electric vehicle producer’s stock worth $767,000 after purchasing an additional 31 shares in the last quarter. KWB Wealth grew its holdings in shares of Tesla by 2.4% during the second quarter. KWB Wealth now owns 1,381 shares of the electric vehicle producer’s stock worth $439,000 after buying an additional 33 shares in the last quarter. Conrad Siegel Investment Advisors Inc. grew its holdings in shares of Tesla by 3.6% during the second quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer’s stock worth $310,000 after buying an additional 34 shares in the last quarter. Guyasuta Investment Advisors Inc. grew its holdings in shares of Tesla by 0.7% during the second quarter. Guyasuta Investment Advisors Inc. now owns 5,107 shares of the electric vehicle producer’s stock worth $1,622,000 after buying an additional 34 shares in the last quarter. Finally, Acorn Creek Capital LLC grew its stake in Tesla by 1.6% during the 2nd quarter. Acorn Creek Capital LLC now owns 2,194 shares of the electric vehicle producer’s stock valued at $697,000 after acquiring an additional 34 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Analyst Upgrades and Downgrades

TSLA has been the subject of several research reports. Evercore ISI upped their price objective on shares of Tesla from $235.00 to $300.00 and gave the company an “in-line” rating in a research note on Monday. Canaccord Genuity Group upped their target price on Tesla from $333.00 to $490.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Bank of America upped their target price on Tesla from $305.00 to $341.00 and gave the company a “neutral” rating in a report on Monday, July 21st. HSBC upped their target price on Tesla from $120.00 to $127.00 in a report on Monday, September 29th. Finally, Benchmark reissued 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 investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, thirteen have issued a Hold rating and eight have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $363.03.

Read Our Latest Stock Report on Tesla

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 2,606 shares of the firm’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of the transaction, the chief financial officer directly owned 9,856 shares in the company, valued at $3,473,057.28. This trade represents a 20.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James R. Murdoch sold 120,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director directly owned 697,031 shares of the company’s stock, valued at approximately $244,162,988.99. The trade was a 14.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold 202,606 shares of company stock worth $75,588,902 in the last three months. 19.90% of the stock is owned by company insiders.

Tesla Stock Up 1.4%

Tesla stock opened at $435.15 on Thursday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. The firm has a 50 day moving average price of $383.21 and a 200 day moving average price of $330.90. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54. The company has a market capitalization of $1.45 trillion, a PE ratio of 251.53, a price-to-earnings-growth ratio of 15.47 and a beta of 2.08.

Tesla (NASDAQ:TSLAGet Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $23.18 billion. During the same quarter in the prior year, the business earned $0.52 earnings per share. The company’s quarterly revenue was down 11.8% on a year-over-year basis. Research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Tesla Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

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