Prentice Wealth Management LLC Decreases Position in Tesla, Inc. $TSLA

Prentice Wealth Management LLC lessened its holdings in Tesla, Inc. (NASDAQ:TSLA) by 3.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,012 shares of the electric vehicle producer’s stock after selling 81 shares during the quarter. Prentice Wealth Management LLC’s holdings in Tesla were worth $639,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Siren L.L.C. bought a new stake in Tesla in the 1st quarter worth $2,332,000. Zuckerman Investment Group LLC grew its holdings in Tesla by 6.9% in the 1st quarter. Zuckerman Investment Group LLC now owns 12,748 shares of the electric vehicle producer’s stock worth $3,304,000 after acquiring an additional 826 shares during the last quarter. Keystone Global Partners LLC bought a new stake in Tesla in the 1st quarter worth $594,000. Strs Ohio bought a new stake in Tesla in the 1st quarter worth $205,495,000. Finally, IFM Investors Pty Ltd grew its holdings in Tesla by 8.5% in the 1st quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer’s stock worth $153,436,000 after acquiring an additional 46,087 shares during the last quarter. Institutional investors own 66.20% of the company’s stock.

Tesla Trading Up 2.3%

Shares of NASDAQ TSLA opened at $448.98 on Friday. Tesla, Inc. has a 1 year low of $214.25 and a 1 year high of $488.54. The stock has a market cap of $1.49 trillion, a P/E ratio of 299.32, a price-to-earnings-growth ratio of 15.78 and a beta of 2.08. The firm has a 50-day moving average of $396.00 and a 200 day moving average of $338.45. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. Tesla had a net margin of 5.51% and a return on equity of 6.72%. The company had revenue of $28.10 billion during the quarter, compared to analysts’ expectations of $24.98 billion. During the same period last year, the company posted $0.72 EPS. Tesla’s revenue was up 11.6% on a year-over-year basis. As a group, sell-side analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on TSLA shares. Canaccord Genuity Group cut their price target on shares of Tesla from $490.00 to $482.00 and set a “buy” rating on the stock in a report on Thursday. Baird R W raised shares of Tesla from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 19th. Robert W. Baird raised shares of Tesla from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $320.00 to $548.00 in a research note on Friday, September 19th. CICC Research lifted their target price on shares of Tesla from $360.00 to $450.00 and gave the company an “outperform” rating in a research note on Thursday, September 18th. Finally, Glj Research reaffirmed a “sell” rating on shares of Tesla in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, twelve have assigned a Hold rating and eleven have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $380.97.

Insider Activity at Tesla

In related news, Director James R. Murdoch sold 120,000 shares of Tesla 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 transaction, the director directly owned 697,031 shares of the company’s stock, valued at $244,162,988.99. This trade represents a 14.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $352.38, for a total transaction of $918,302.28. Following the transaction, the chief financial officer directly owned 9,856 shares of the company’s stock, valued at approximately $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. 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 three months. Company insiders own 19.90% of the company’s stock.

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.