Selective Wealth Management Inc. Lowers Stock Holdings in Tesla, Inc. $TSLA

Selective Wealth Management Inc. trimmed its position in Tesla, Inc. (NASDAQ:TSLA) by 8.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,276 shares of the electric vehicle producer’s stock after selling 125 shares during the quarter. Selective Wealth Management Inc.’s holdings in Tesla were worth $378,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of TSLA. Cherry Tree Wealth Management LLC raised its stake in Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after purchasing an additional 44 shares in the last quarter. First PREMIER Bank raised its stake in Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after purchasing an additional 42 shares in the last quarter. Newton One Investments LLC raised its stake in Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock valued at $27,000 after purchasing an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new stake in Tesla in the first quarter valued at approximately $27,000. Finally, Chelsea Counsel Co. raised its stake in Tesla by 59.7% in the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Tesla

In related news, Director James R. Murdoch sold 120,000 shares of the firm’s stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the completion of the sale, the director owned 697,031 shares of the company’s stock, valued at $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the sale, the senior vice president directly owned 47,600 shares of the company’s stock, valued at $17,314,500. The trade was a 29.59% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 208,606 shares of company stock worth $77,360,462. Insiders own 20.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Wedbush reaffirmed an “outperform” rating and issued a $500.00 target price on shares of Tesla in a research note on Monday. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research report on Thursday, July 24th. HSBC reiterated a “reduce” rating and set a $120.00 price target on shares of Tesla in a research report on Thursday, July 3rd. Canaccord Genuity Group increased their price target on shares of Tesla from $303.00 to $333.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Finally, William Blair reiterated a “market perform” rating on shares of Tesla in a research report on Friday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, fourteen have assigned a Hold rating and nine have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $310.79.

Tesla Stock Down 2.1%

Shares of Tesla stock opened at $416.85 on Friday. 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 52-week low of $212.11 and a 52-week high of $488.54. The stock has a market capitalization of $1.34 trillion, a price-to-earnings ratio of 240.95, a P/E/G ratio of 14.86 and a beta of 2.06. The company’s 50 day moving average price is $338.43 and its 200-day moving average price is $307.09.

Tesla (NASDAQ:TSLA) last issued its earnings results 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 return on equity of 7.98% and a net margin of 6.54%.The firm had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. During the same quarter in the prior year, the business posted $0.52 EPS. The firm’s revenue for the quarter was down 11.8% on a year-over-year basis. Equities research analysts forecast that Tesla, Inc. will post 2.56 EPS 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.