CCM Investment Advisers LLC Sells 27,595 Shares of Tesla, Inc. (NASDAQ:TSLA)

CCM Investment Advisers LLC lessened its position in Tesla, Inc. (NASDAQ:TSLA) by 95.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,419 shares of the electric vehicle producer’s stock after selling 27,595 shares during the period. CCM Investment Advisers LLC’s holdings in Tesla were worth $368,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TSLA. Wealth Group Ltd. bought a new stake in shares of Tesla in the fourth quarter valued at about $275,000. Comprehensive Financial Planning Inc. PA bought a new stake in Tesla in the 4th quarter valued at approximately $1,361,000. Tallon Kerry Patrick acquired a new position in Tesla during the 4th quarter worth approximately $374,000. Eagle Capital Management LLC bought a new position in Tesla in the fourth quarter valued at $331,000. Finally, Brighton Jones LLC boosted its stake in shares of Tesla by 11.8% during the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer’s stock worth $35,509,000 after buying an additional 9,293 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors.

Insider Activity at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $250.00, for a total value of $1,000,000.00. Following the completion of the transaction, the chief financial officer now directly owns 26,950 shares in the company, valued at approximately $6,737,500. This represents a 12.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of Tesla stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the transaction, the director now owns 855,394 shares in the company, valued at approximately $305,632,276.20. This trade represents a 35.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 818,509 shares of company stock worth $273,791,775 in the last quarter. 20.70% of the stock is owned by insiders.

Tesla Stock Performance

NASDAQ TSLA opened at $319.11 on Friday. The firm’s fifty day moving average price is $297.32 and its two-hundred day moving average price is $332.97. The stock has a market cap of $1.03 trillion, a PE ratio of 156.43, a PEG ratio of 5.86 and a beta of 2.47. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02. Tesla, Inc. has a fifty-two week low of $176.92 and a fifty-two week high of $488.54.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). The firm had revenue of $19.34 billion for the quarter, compared to the consensus estimate of $22.93 billion. Tesla had a return on equity of 10.31% and a net margin of 7.26%. During the same quarter in the prior year, the firm earned $0.45 EPS. On average, equities analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have weighed in on the company. The Goldman Sachs Group lowered their price target on Tesla from $295.00 to $285.00 and set a “neutral” rating on the stock in a research report on Friday, June 6th. Royal Bank of Canada lowered their target price on shares of Tesla from $314.00 to $307.00 and set an “outperform” rating on the stock in a report on Wednesday, April 23rd. Truist Financial set a $280.00 price target on shares of Tesla in a research note on Tuesday, April 22nd. Canaccord Genuity Group lowered their price objective on shares of Tesla from $404.00 to $303.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. Finally, Stifel Nicolaus set a $450.00 target price on shares of Tesla and gave the company a “buy” rating in a research note on Thursday, April 24th. Ten investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $293.67.

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.