Titleist Asset Management LLC Cuts Stake in Tesla, Inc. $TSLA

Titleist Asset Management LLC trimmed its holdings in Tesla, Inc. (NASDAQ:TSLA) by 0.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 174,735 shares of the electric vehicle producer’s stock after selling 634 shares during the quarter. Tesla comprises 5.5% of Titleist Asset Management LLC’s portfolio, making the stock its 2nd largest holding. Titleist Asset Management LLC’s holdings in Tesla were worth $55,506,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in TSLA. First Merchants Corp raised its stake 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 valued at $767,000 after purchasing an additional 31 shares in the last quarter. Alaska Wealth Advisors increased its stake in Tesla by 3.4% during the 2nd quarter. Alaska Wealth Advisors now owns 985 shares of the electric vehicle producer’s stock valued at $313,000 after buying an additional 32 shares during the period. KWB Wealth raised its position in shares of Tesla by 2.4% during the 2nd 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. lifted its stake in shares of Tesla by 3.6% in the 2nd quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer’s stock worth $310,000 after acquiring an additional 34 shares during the period. Finally, Guyasuta Investment Advisors Inc. boosted its holdings in shares of Tesla by 0.7% in the second quarter. Guyasuta Investment Advisors Inc. now owns 5,107 shares of the electric vehicle producer’s stock valued at $1,622,000 after acquiring an additional 34 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on TSLA. President Capital boosted their target price on Tesla from $373.00 to $529.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. BNP Paribas Exane assumed coverage on Tesla in a research note on Thursday, October 16th. They issued an “underperform” rating and a $307.00 price objective on the stock. Cantor Fitzgerald set a $510.00 target price on Tesla and gave the company an “overweight” rating in a research note on Thursday, October 23rd. China Renaissance lifted their target price on Tesla from $349.00 to $380.00 and gave the stock a “hold” rating in a report on Friday, October 24th. Finally, Melius Research set a $520.00 price target on shares of Tesla and gave the company a “buy” rating in a report on Monday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have assigned a Hold rating and ten have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $394.31.

Tesla Trading Down 1.0%

NASDAQ:TSLA opened at $391.09 on Friday. The stock has a fifty day simple moving average of $433.55 and a 200 day simple moving average of $364.93. The firm has a market capitalization of $1.30 trillion, a price-to-earnings ratio of 260.73, a price-to-earnings-growth ratio of 16.84 and a beta of 2.06. Tesla, Inc. has a 1-year low of $214.25 and a 1-year high of $488.54. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Thursday, October 23rd. The electric vehicle producer reported $0.50 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 6.61%. The company had revenue of $28.10 billion during the quarter, compared to analyst estimates of $24.98 billion. During the same period in the prior year, the firm earned $0.72 earnings per share. The business’s quarterly revenue was up 11.6% on a year-over-year basis. Sell-side analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Buying and Selling

In other news, Director James R. Murdoch sold 120,000 shares of the stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the completion of the sale, the director owned 697,031 shares in the company, valued at $244,162,988.99. This represents a 14.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Taneja sold 2,606 shares of the firm’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the sale, 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 position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 202,606 shares of company stock valued at $75,588,902. 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.