Aveo Capital Partners LLC Cuts Stake in Tesla, Inc. (NASDAQ:TSLA)

Aveo Capital Partners LLC reduced its position in Tesla, Inc. (NASDAQ:TSLA) by 64.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,241 shares of the electric vehicle producer’s stock after selling 2,295 shares during the quarter. Aveo Capital Partners LLC’s holdings in Tesla were worth $343,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Susquehanna Fundamental Investments LLC purchased a new position in Tesla in the fourth quarter worth $56,600,000. Means Investment CO. Inc. grew its holdings in 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 purchasing an additional 6,323 shares during the last quarter. Focus Financial Network Inc. lifted its stake in shares of Tesla by 3.1% during the first quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer’s stock worth $5,823,000 after buying an additional 670 shares during the period. IFM Investors Pty Ltd lifted its stake in shares of Tesla by 8.5% during the first quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer’s stock worth $153,436,000 after buying an additional 46,087 shares during the period. Finally, Harvard Management Co. Inc. acquired a new stake in shares of Tesla during the fourth quarter worth $8,158,000. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Trading Up 2.3%

Shares of Tesla stock opened at $329.61 on Monday. The company has a market cap of $1.06 trillion, a P/E ratio of 190.53, a price-to-earnings-growth ratio of 11.46 and a beta of 2.33. The firm has a 50-day simple moving average of $318.68 and a two-hundred day simple moving average of $306.71. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. Tesla, Inc. has a fifty-two week low of $194.67 and a fifty-two week high of $488.54.

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

Insider Activity at Tesla

In other news, SVP Xiaotong Zhu sold 15,000 shares of the business’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the completion of the sale, the senior vice president owned 67,600 shares of the company’s stock, valued at $21,889,556. The trade was a 18.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 sale, the director directly owned 1,463,220 shares of the company’s stock, valued at $522,940,195.80. This represents a 5.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold 602,724 shares of company stock worth $214,176,831 over the last three months. Company insiders own 20.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on TSLA. Roth Mkm lowered their price objective on shares of Tesla from $450.00 to $395.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. Piper Sandler reiterated an “overweight” rating and set a $400.00 price objective on shares of Tesla in a research note on Tuesday, June 10th. The Goldman Sachs Group lowered their price objective on shares of Tesla from $315.00 to $285.00 and set a “neutral” rating for the company in a research note on Friday, July 11th. Stifel Nicolaus set a $450.00 price objective on shares of Tesla and gave the stock a “buy” rating in a research note on Thursday, April 24th. Finally, BNP Paribas set a $137.00 price objective on shares of Tesla and gave the stock an “underperform” rating in a research note on Wednesday, April 16th. Ten investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $303.31.

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.