Tesla, Inc. $TSLA Shares Sold by Innova Wealth Partners

Innova Wealth Partners trimmed its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 18.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 748 shares of the electric vehicle producer’s stock after selling 165 shares during the period. Innova Wealth Partners’ holdings in Tesla were worth $238,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cherry Tree Wealth Management LLC lifted its position in shares of Tesla by 86.3% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after acquiring an additional 44 shares during the period. First PREMIER Bank lifted its position in shares of Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after acquiring an additional 42 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in shares of Tesla during the 1st quarter valued at approximately $27,000. Newton One Investments LLC raised its position in shares of Tesla by 250.0% during the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock worth $27,000 after purchasing an additional 75 shares during the last quarter. Finally, Chelsea Counsel Co. raised its position in shares of Tesla by 59.7% during the 1st 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. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TSLA has been the subject of several research reports. Piper Sandler lifted their price objective on Tesla from $400.00 to $500.00 and gave the stock an “overweight” rating in a research report on Monday, September 22nd. Melius Research set a $520.00 price objective on Tesla and gave the stock a “buy” rating in a research report on Monday. Canaccord Genuity Group lifted their price objective on Tesla from $333.00 to $490.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Mizuho lifted their price objective on Tesla from $375.00 to $450.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 23rd. Finally, Evercore ISI lifted their price objective on Tesla from $235.00 to $300.00 and gave the stock an “in-line” rating in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, thirteen have assigned a Hold rating and eight have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $363.03.

Insider Buying and Selling at Tesla

In other news, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the sale, the chief financial officer owned 9,856 shares in the company, valued at approximately $3,473,057.28. This represents a 20.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the sale, the senior vice president owned 47,600 shares in the company, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 202,606 shares of company stock valued at $75,588,902 in the last ninety days. Insiders own 19.90% of the company’s stock.

Tesla Stock Up 1.4%

Shares of NASDAQ TSLA opened at $435.15 on Thursday. Tesla, Inc. has a 52-week low of $212.11 and a 52-week high of $488.54. The firm has a fifty day moving average of $383.21 and a 200-day moving average of $330.90. The stock has a market capitalization of $1.45 trillion, a PE ratio of 251.53, a P/E/G ratio of 15.47 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 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 return on equity of 7.98% and a net margin of 6.54%.The business had revenue of $22.50 billion for the quarter, compared to analysts’ expectations of $23.18 billion. During the same period last year, the company posted $0.52 earnings per share. The firm’s revenue for the quarter was down 11.8% on a year-over-year basis. On average, analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current 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.