Monterey Private Wealth Inc. Reduces Stock Position in Tesla, Inc. $TSLA

Monterey Private Wealth Inc. reduced its holdings in Tesla, Inc. (NASDAQ:TSLA) by 3.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,769 shares of the electric vehicle producer’s stock after selling 472 shares during the period. Tesla makes up 0.9% of Monterey Private Wealth Inc.’s portfolio, making the stock its 20th largest holding. Monterey Private Wealth Inc.’s holdings in Tesla were worth $3,050,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Means Investment CO. Inc. grew its stake in shares of Tesla by 37.7% in the 1st quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer’s stock worth $5,984,000 after buying an additional 6,323 shares in the last quarter. Focus Financial Network Inc. grew its stake in shares of Tesla by 3.1% in the 1st 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 in the last quarter. Zuckerman Investment Group LLC grew its stake in shares of Tesla by 6.9% in the 1st quarter. Zuckerman Investment Group LLC now owns 12,748 shares of the electric vehicle producer’s stock worth $3,304,000 after buying an additional 826 shares in the last quarter. Keystone Global Partners LLC purchased a new position in shares of Tesla during the 1st quarter worth about $594,000. Finally, IFM Investors Pty Ltd grew its holdings in Tesla by 8.5% during the 1st quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer’s stock valued at $153,436,000 after purchasing an additional 46,087 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Tesla

In other news, SVP Xiaotong Zhu sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total value 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 approximately $21,889,556. This represents a 18.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Vaibhav Taneja sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $300.00, for a total transaction of $600,000.00. Following the completion of the sale, the chief financial officer directly owned 5,924 shares of the company’s stock, valued at $1,777,200. The trade was a 25.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 30,564 shares of company stock valued at $9,757,390 in the last ninety days. Corporate insiders own 20.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. China Renaissance reiterated a “hold” rating and set a $349.00 price target on shares of Tesla in a report on Friday, July 25th. UBS Group set a $290.00 price target on shares of Tesla in a report on Monday, June 30th. Argus reiterated a “hold” rating on shares of Tesla in a report on Monday, June 9th. Robert W. Baird reiterated a “neutral” rating and set a $320.00 price target on shares of Tesla in a report on Monday, June 9th. Finally, HSBC reiterated a “reduce” rating and set a $120.00 price target on shares of Tesla in a report on Thursday, July 3rd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fifteen have assigned a Hold rating and nine have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $303.31.

Tesla Price Performance

Tesla stock opened at $349.60 on Thursday. The stock has a market cap of $1.13 trillion, a price-to-earnings ratio of 202.08, a price-to-earnings-growth ratio of 12.23 and a beta of 2.33. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. Tesla, Inc. has a 1 year low of $202.59 and a 1 year high of $488.54. The firm has a 50-day moving average of $322.87 and a two-hundred day moving average of $303.14.

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

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.