Omega Financial Group LLC Sells 425 Shares of Tesla, Inc. $TSLA

Omega Financial Group LLC cut its holdings in Tesla, Inc. (NASDAQ:TSLA) by 27.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,100 shares of the electric vehicle producer’s stock after selling 425 shares during the quarter. Omega Financial Group LLC’s holdings in Tesla were worth $36,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. LGT Financial Advisors LLC bought a new stake in shares of Tesla during the second quarter worth $29,000. Chelsea Counsel Co. raised its stake in shares of Tesla by 59.7% during the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after acquiring an additional 40 shares during the last quarter. Evergreen Private Wealth LLC grew its stake in shares of Tesla by 270.0% in the second quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer’s stock worth $35,000 after purchasing an additional 81 shares during the last quarter. Glynn Capital Management LLC acquired a new stake in Tesla in the second quarter valued at $35,000. Finally, Maseco LLP acquired a new position in Tesla during the 2nd quarter worth about $39,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Stock Performance

Shares of TSLA stock opened at $401.99 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.67 and a current ratio of 2.07. The firm has a market cap of $1.34 trillion, a price-to-earnings ratio of 267.99, a P/E/G ratio of 16.84 and a beta of 2.06. Tesla, Inc. has a 52 week low of $214.25 and a 52 week high of $488.54. The firm’s 50-day simple moving average is $428.60 and its two-hundred day simple moving average is $359.48.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.02. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The company had revenue of $28.10 billion during the quarter, compared to analyst estimates of $24.98 billion. During the same quarter last year, the business posted $0.72 EPS. Tesla’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, equities analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Activity

In other news, Director James R. Murdoch sold 120,000 shares of the company’s stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the transaction, the director owned 697,031 shares of the company’s stock, valued at $244,162,988.99. This represents a 14.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction dated 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 completion of the sale, the senior vice president directly owned 47,600 shares of the company’s stock, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 202,606 shares of company stock valued at $75,588,902 in the last 90 days. Insiders own 19.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TSLA. Industrial Alliance Securities set a $300.00 price target on shares of Tesla in a report on Monday, October 13th. Cantor Fitzgerald set a $510.00 price objective on Tesla and gave the company an “overweight” rating in a research note on Thursday, October 23rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Tesla in a research note on Thursday, October 23rd. Guggenheim reissued a “sell” rating and issued a $175.00 price target on shares of Tesla in a research note on Wednesday, July 23rd. Finally, Melius Research set a $520.00 price objective on shares of Tesla and gave the company a “buy” rating in a research note on Monday, October 13th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have issued a Hold rating and ten have issued a Sell rating to the stock. Based on data from MarketBeat.com, Tesla currently has a consensus rating of “Hold” and a consensus price target of $393.61.

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.