Phoenix Wealth Advisors Decreases Stake in Tesla, Inc. $TSLA

Phoenix Wealth Advisors cut its holdings in Tesla, Inc. (NASDAQ:TSLA) by 27.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,310 shares of the electric vehicle producer’s stock after selling 503 shares during the quarter. Phoenix Wealth Advisors’ holdings in Tesla were worth $340,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Rinkey Investments raised its holdings in Tesla by 3.5% during the fourth quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer’s stock worth $347,000 after purchasing an additional 29 shares during the last quarter. True Wealth Design LLC raised its holdings in Tesla by 79.5% during the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock worth $28,000 after purchasing an additional 31 shares during the last quarter. Acorn Wealth Advisors LLC raised its holdings in Tesla by 1.9% during the first quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer’s stock worth $493,000 after purchasing an additional 36 shares during the last quarter. Solutions 4 Wealth Ltd raised its holdings in Tesla by 2.0% during the first quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer’s stock worth $470,000 after purchasing an additional 36 shares during the last quarter. Finally, Capital Management Associates Inc raised its holdings in Tesla by 3.4% during the first quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer’s stock worth $302,000 after purchasing an additional 38 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Tesla

In other Tesla news, Director Kimbal Musk sold 91,588 shares of the business’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the completion of the sale, the director owned 1,463,220 shares of the company’s stock, valued at approximately $522,940,195.80. The trade was a 5.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the business’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total value of $170,636,475.60. Following the sale, the director directly owned 855,394 shares of the company’s stock, valued at approximately $305,632,276.20. This trade represents a 35.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 599,724 shares of company stock worth $213,126,501 in the last three months. 20.70% of the stock is currently owned by insiders.

Tesla Price Performance

TSLA stock opened at $340.01 on Friday. The stock has a 50-day moving average price of $321.27 and a two-hundred day moving average price of $303.60. Tesla, Inc. has a 12-month low of $202.59 and a 12-month high of $488.54. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.10 trillion, a PE ratio of 196.54, a price-to-earnings-growth ratio of 11.13 and a beta of 2.33.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on TSLA shares. Robert W. Baird reissued a “neutral” rating and issued a $320.00 price target on shares of Tesla in a report on Monday, June 9th. Guggenheim reissued a “sell” rating and issued a $175.00 price target on shares of Tesla in a report on Wednesday, July 23rd. Canaccord Genuity Group boosted their price target on Tesla from $303.00 to $333.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. Benchmark reissued a “buy” rating and issued a $475.00 price target (up from $350.00) on shares of Tesla in a report on Thursday, June 26th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $410.00 price target on shares of Tesla in a report on Friday, June 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fifteen have given a Hold rating and nine have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $303.31.

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.