SP Asset Management LLC Cuts Stock Holdings in Tesla, Inc. $TSLA

SP Asset Management LLC lowered its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 41.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,236 shares of the electric vehicle producer’s stock after selling 2,950 shares during the quarter. SP Asset Management LLC’s holdings in Tesla were worth $1,346,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of TSLA. Arcadia Investment Management Corp MI purchased a new position in Tesla in the first quarter valued at $27,000. Chelsea Counsel Co. grew its holdings 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 worth $28,000 after purchasing an additional 40 shares during the last quarter. LGT Financial Advisors LLC purchased a new position in shares of Tesla during the second quarter worth about $29,000. Evergreen Private Wealth LLC grew its holdings in shares of Tesla by 270.0% during 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. Finally, Graybill Wealth Management LTD. purchased a new position in shares of Tesla during the first quarter worth about $36,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Activity at Tesla

In related news, SVP Xiaotong Zhu sold 20,000 shares of the firm’s stock in a transaction dated Thursday, September 11th. The shares were 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 owned 47,600 shares in the company, valued at $17,314,500. This trade represents a 29.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James R. Murdoch sold 60,000 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the completion of the sale, the director owned 637,031 shares of the company’s stock, valued at approximately $269,260,263.08. The trade was a 8.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 202,606 shares of company stock worth $75,588,902 over the last 90 days. Company insiders own 19.90% of the company’s stock.

Tesla Price Performance

Shares of NASDAQ:TSLA opened at $462.07 on Thursday. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.54 trillion, a P/E ratio of 308.05, a PEG ratio of 16.84 and a beta of 2.08. Tesla, Inc. has a 52 week low of $214.25 and a 52 week high of $488.54. The company has a 50-day moving average price of $417.05 and a 200 day moving average price of $352.68.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, October 22nd. The electric vehicle producer reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. The firm had revenue of $28.10 billion during the quarter, compared to the consensus estimate of $24.98 billion. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The firm’s revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.72 earnings per share. Research analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analyst Upgrades and Downgrades

TSLA has been the topic of several research reports. CICC Research raised their price objective on Tesla from $360.00 to $450.00 and gave the stock an “outperform” rating in a report on Thursday, September 18th. BNP Paribas Exane initiated coverage on Tesla in a report on Thursday, October 16th. They set an “underperform” rating and a $307.00 price objective on the stock. New Street Research raised their price objective on Tesla from $465.00 to $520.00 and gave the stock a “buy” rating in a report on Thursday, October 23rd. Needham & Company LLC reissued a “hold” rating on shares of Tesla in a report on Thursday, October 23rd. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $500.00 price target on shares of Tesla in a report on Thursday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have issued a Hold rating and eleven have given a Sell rating to the stock. According to data from MarketBeat, Tesla currently has a consensus rating of “Hold” and an average price target of $391.08.

Tesla 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.