AssuredPartners Investment Advisors LLC Decreases Stake in Tesla, Inc. $TSLA

AssuredPartners Investment Advisors LLC lowered its holdings in Tesla, Inc. (NASDAQ:TSLA) by 21.0% in the 2nd quarter, Holdings Channel reports. The firm owned 17,920 shares of the electric vehicle producer’s stock after selling 4,768 shares during the period. Tesla accounts for 1.4% of AssuredPartners Investment Advisors LLC’s portfolio, making the stock its 19th biggest holding. AssuredPartners Investment Advisors LLC’s holdings in Tesla were worth $5,692,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Means Investment CO. Inc. grew its holdings in shares of Tesla by 37.7% in the first quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer’s stock worth $5,984,000 after acquiring an additional 6,323 shares during the period. Siren L.L.C. bought a new stake in shares of Tesla in the first quarter worth $2,332,000. Zuckerman Investment Group LLC grew its holdings in shares of Tesla by 6.9% in the first 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 period. Keystone Global Partners LLC bought a new stake in shares of Tesla in the first quarter worth $594,000. Finally, Strs Ohio bought a new stake in shares of Tesla in the first quarter worth $205,495,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Price Performance

Shares of Tesla stock opened at $439.31 on Friday. The stock’s 50-day simple moving average is $387.54 and its 200-day simple moving average is $333.25. Tesla, Inc. has a 52 week low of $212.11 and a 52 week high of $488.54. The company has a market capitalization of $1.46 trillion, a price-to-earnings ratio of 253.94, a PEG ratio of 15.41 and a beta of 2.08. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07.

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

Wall Street Analyst Weigh In

Several analysts recently commented on TSLA shares. UBS Group set a $247.00 price objective on Tesla in a report on Monday, October 6th. HSBC lifted their price objective on Tesla from $120.00 to $127.00 in a report on Monday, September 29th. Guggenheim reaffirmed a “sell” rating and issued a $175.00 price objective on shares of Tesla in a report on Wednesday, July 23rd. Mizuho boosted their price target on Tesla from $375.00 to $450.00 and gave the company an “outperform” rating in a report on Tuesday, September 23rd. Finally, Benchmark reissued a “buy” rating and set a $475.00 price target (up previously from $350.00) on shares of Tesla in a report on Thursday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have assigned a Hold rating and ten have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $363.54.

Insider Activity

In other news, Director James R. Murdoch sold 120,000 shares of the business’s stock in a transaction dated 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 transaction, the director directly owned 697,031 shares in the company, valued at $244,162,988.99. The trade was a 14.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction dated 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 owned 9,856 shares in the company, valued at $3,473,057.28. This represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 202,606 shares of company stock worth $75,588,902 over the last ninety days. Corporate 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.