SOA Wealth Advisors LLC. Lowers Holdings in Tesla, Inc. $TSLA

SOA Wealth Advisors LLC. trimmed its holdings in Tesla, Inc. (NASDAQ:TSLA) by 27.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 7,709 shares of the electric vehicle producer’s stock after selling 2,886 shares during the quarter. SOA Wealth Advisors LLC.’s holdings in Tesla were worth $2,449,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its position in shares of Tesla by 322.1% during the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer’s stock worth $6,891,201,000 after buying an additional 20,291,139 shares during the period. Nuveen LLC purchased a new position in shares of Tesla during the first quarter worth $3,247,619,000. Kingstone Capital Partners Texas LLC boosted its position in shares of Tesla by 581,880.5% during the second quarter. Kingstone Capital Partners Texas LLC now owns 6,436,704 shares of the electric vehicle producer’s stock worth $2,044,683,000 after buying an additional 6,435,598 shares during the period. Amundi boosted its position in shares of Tesla by 29.4% during the first quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer’s stock worth $4,482,789,000 after buying an additional 3,814,610 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Tesla by 1.5% during the first quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer’s stock worth $63,983,418,000 after buying an additional 3,694,524 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on TSLA shares. Dbs Bank raised their price target on Tesla from $300.00 to $450.00 in a research report on Wednesday, September 17th. Robert W. Baird upgraded Tesla from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $320.00 to $548.00 in a research report on Friday, September 19th. Glj Research reiterated a “sell” rating on shares of Tesla in a research note on Thursday, July 24th. Piper Sandler increased their price objective on Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a research note on Monday, September 22nd. Finally, Benchmark reiterated a “buy” rating and issued a $475.00 price objective (up from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, twelve have issued a Hold rating and eight have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $341.46.

Insiders Place Their Bets

In other Tesla news, Director James R. Murdoch sold 120,000 shares of the firm’s stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the transaction, the director owned 697,031 shares of the company’s stock, valued at approximately $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of the firm’s stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $292.89, for a total value of $1,171,560.00. Following the transaction, the chief financial officer directly owned 5,924 shares in the company, valued at approximately $1,735,080.36. The trade was a 40.31% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 208,606 shares of company stock valued at $77,360,462. 19.90% of the stock is currently owned by insiders.

Tesla Stock Down 5.1%

Tesla stock opened at $436.00 on Friday. Tesla, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The stock has a market cap of $1.45 trillion, a PE ratio of 252.02, a P/E/G ratio of 15.97 and a beta of 2.08. The stock’s fifty day moving average is $361.74 and its two-hundred day moving average is $319.98.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share 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 business had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same quarter in the prior year, the business earned $0.52 earnings per share. The firm’s quarterly revenue was down 11.8% on a year-over-year basis. On average, sell-side analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

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.