Modera Wealth Management LLC Decreases Stake in Tesla, Inc. (NASDAQ:TSLA)

Modera Wealth Management LLC trimmed its position in Tesla, Inc. (NASDAQ:TSLA) by 2.4% during the third quarter, Holdings Channel.com reports. The firm owned 11,859 shares of the electric vehicle producer’s stock after selling 297 shares during the period. Modera Wealth Management LLC’s holdings in Tesla were worth $3,103,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of TSLA. Bank & Trust Co acquired a new position in shares of Tesla in the 2nd quarter valued at $25,000. Clean Yield Group boosted its stake in Tesla by 60.0% in the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after acquiring an additional 48 shares in the last quarter. Abich Financial Wealth Management LLC grew its holdings in shares of Tesla by 168.8% during the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after purchasing an additional 81 shares during the last quarter. Valley Wealth Managers Inc. purchased a new stake in shares of Tesla in the 2nd quarter valued at about $26,000. Finally, M&R Capital Management Inc. boosted its position in shares of Tesla by 263.2% in the 3rd quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock valued at $36,000 after purchasing an additional 100 shares during the period. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Stock Performance

Tesla stock opened at $269.19 on Monday. The stock has a fifty day moving average price of $230.53 and a 200 day moving average price of $207.92. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $271.00. The firm has a market capitalization of $864.12 billion, a P/E ratio of 73.75, a PEG ratio of 7.59 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The company had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. During the same quarter in the prior year, the company posted $0.53 EPS. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. Equities research analysts anticipate that Tesla, Inc. will post 1.75 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently issued reports on TSLA. Roth Mkm reissued a “neutral” rating and set a $85.00 price target on shares of Tesla in a report on Friday, October 11th. Citigroup dropped their target price on Tesla from $274.00 to $258.00 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. Truist Financial lifted their price objective on shares of Tesla from $236.00 to $238.00 and gave the company a “hold” rating in a research report on Thursday. TD Cowen raised their target price on shares of Tesla from $160.00 to $180.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Finally, Royal Bank of Canada boosted their price target on shares of Tesla from $236.00 to $249.00 and gave the stock an “outperform” rating in a research note on Thursday. Eight research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $219.00.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 8,000 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the completion of the sale, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $250.00, for a total value of $2,000,000.00. Following the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 20.70% of the stock is currently owned by insiders.

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.