Pines Wealth Management LLC Reduces Stake in Tesla, Inc. (NASDAQ:TSLA)

Pines Wealth Management LLC decreased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 15.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,422 shares of the electric vehicle producer’s stock after selling 814 shares during the quarter. Pines Wealth Management LLC’s holdings in Tesla were worth $1,146,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. True Wealth Design LLC lifted its position in Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock valued at $28,000 after acquiring an additional 31 shares during the last quarter. Horrell Capital Management Inc. increased its position in shares of Tesla by 75.6% during the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock worth $32,000 after purchasing an additional 34 shares in the last quarter. GS Investments Inc. lifted its holdings in shares of Tesla by 193.3% in the 4th quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer’s stock valued at $36,000 after purchasing an additional 58 shares during the last quarter. Navigoe LLC acquired a new stake in shares of Tesla in the 4th quarter valued at about $37,000. Finally, CoreFirst Bank & Trust purchased a new position in Tesla during the 4th quarter worth approximately $38,000. 66.20% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Tesla

In other Tesla news, Director James R. Murdoch sold 54,776 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $240.79, for a total transaction of $13,189,513.04. Following the completion of the sale, the director now directly owns 477,011 shares in the company, valued at $114,859,478.69. The trade was a 10.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 1,000 shares of the firm’s stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $350.00, for a total transaction of $350,000.00. Following the completion of the transaction, the chief financial officer now directly owns 1,950 shares in the company, valued at approximately $682,500. This represents a 33.90% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 870,721 shares of company stock worth $286,248,728 in the last three months. 20.70% of the stock is currently owned by company insiders.

Tesla Price Performance

Tesla stock opened at $295.14 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02. The company has a market cap of $950.63 billion, a price-to-earnings ratio of 144.68, a PEG ratio of 5.86 and a beta of 2.47. Tesla, Inc. has a 1 year low of $167.41 and a 1 year high of $488.54. The firm has a 50 day moving average price of $292.17 and a 200 day moving average price of $333.62.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). Tesla had a return on equity of 10.31% and a net margin of 7.26%. The firm had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. During the same quarter in the previous year, the company earned $0.45 earnings per share. Sell-side analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

TSLA has been the subject of several research analyst reports. UBS Group decreased their price objective on Tesla from $225.00 to $190.00 and set a “sell” rating for the company in a report on Thursday, April 10th. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research note on Wednesday, April 23rd. TD Cowen upgraded shares of Tesla from a “hold” rating to a “buy” rating and lifted their price objective for the company from $180.00 to $388.00 in a research note on Friday, March 7th. Canaccord Genuity Group decreased their target price on shares of Tesla from $404.00 to $303.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. Finally, Raymond James lowered Tesla to an “outperform” rating in a report on Tuesday, April 22nd. Ten analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $294.27.

Tesla Company 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.