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

Drive Wealth Management LLC lessened its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 12.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,195 shares of the electric vehicle producer’s stock after selling 1,677 shares during the period. Tesla accounts for approximately 0.8% of Drive Wealth Management LLC’s investment portfolio, making the stock its 22nd biggest position. Drive Wealth Management LLC’s holdings in Tesla were worth $3,874,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Tesla by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer’s stock valued at $63,983,418,000 after buying an additional 3,694,524 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Tesla by 322.1% in the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer’s stock valued at $6,891,201,000 after purchasing an additional 20,291,139 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Tesla by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 18,174,941 shares of the electric vehicle producer’s stock worth $4,710,218,000 after purchasing an additional 849,091 shares during the period. Amundi boosted its holdings in Tesla by 29.4% in the 1st quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer’s stock valued at $4,482,789,000 after purchasing an additional 3,814,610 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Tesla by 17.6% during the 1st quarter. Invesco Ltd. now owns 14,786,414 shares of the electric vehicle producer’s stock worth $3,832,047,000 after buying an additional 2,211,300 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Stock Up 2.5%

Shares of TSLA opened at $439.31 on Monday. The company’s 50-day simple moving average is $387.54 and its 200-day simple moving average is $334.06. 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 1 year low of $212.11 and a 1 year high of $488.54. The stock has a market capitalization of $1.46 trillion, a PE ratio of 253.94, a P/E/G ratio of 15.79 and a beta of 2.08.

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

Insider Transactions at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the company’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 sale, the chief financial officer owned 9,856 shares in the company, valued at $3,473,057.28. This represents a 20.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James R. Murdoch sold 60,000 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $422.68, for a total value of $25,360,800.00. Following the completion of the sale, the director directly owned 637,031 shares in the company, valued at $269,260,263.08. This represents a 8.61% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 202,606 shares of company stock valued at $75,588,902. 19.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Melius Research set a $520.00 price target on Tesla and gave the company a “buy” rating in a research note on Monday, October 13th. Bank of America upped their target price on shares of Tesla from $305.00 to $341.00 and gave the company a “neutral” rating in a research report on Monday, July 21st. Wedbush increased their target price on shares of Tesla from $500.00 to $600.00 and gave the stock an “outperform” rating in a research note on Friday, September 26th. JPMorgan Chase & Co. boosted their price target on shares of Tesla from $115.00 to $150.00 in a research note on Friday, October 3rd. Finally, BNP Paribas Exane started coverage on shares of Tesla in a report on Thursday. They issued an “underperform” rating and a $307.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have issued a Hold rating and ten have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $363.54.

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.