Vivid Wealth Management LLC Cuts Position in Tesla, Inc. $TSLA

Vivid Wealth Management LLC cut its stake in Tesla, Inc. (NASDAQ:TSLA) by 2.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,232 shares of the electric vehicle producer’s stock after selling 274 shares during the quarter. Tesla comprises about 1.7% of Vivid Wealth Management LLC’s portfolio, making the stock its 13th biggest position. Vivid Wealth Management LLC’s holdings in Tesla were worth $3,886,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cherry Tree Wealth Management LLC grew its stake in Tesla by 86.3% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after buying an additional 44 shares during the last quarter. First PREMIER Bank grew its stake in Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after buying an additional 42 shares during the last quarter. Newton One Investments LLC grew its stake in Tesla by 250.0% during the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock worth $27,000 after buying an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new position in Tesla during the 1st quarter worth $27,000. Finally, Chelsea Counsel Co. grew its stake in Tesla by 59.7% during the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock worth $28,000 after buying an additional 40 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Stock Performance

Shares of TSLA stock opened at $413.49 on Friday. The stock has a market cap of $1.37 trillion, a PE ratio of 239.01, a price-to-earnings-growth ratio of 15.01 and a beta of 2.08. The business has a 50-day simple moving average of $375.97 and a 200-day simple moving average of $327.89. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 52-week low of $212.11 and a 52-week high of $488.54.

Tesla (NASDAQ:TSLA) last issued 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 analyst estimates of $23.18 billion. During the same period last year, the firm earned $0.52 EPS. The business’s quarterly revenue was down 11.8% compared to the same quarter last year. On average, equities analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Activity at Tesla

In related news, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction dated 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 transaction, the senior vice president owned 47,600 shares in the company, valued at $17,314,500. The trade was a 29.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James R. Murdoch sold 120,000 shares of Tesla stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the completion of the transaction, the director owned 697,031 shares of the company’s stock, valued at approximately $244,162,988.99. This represents a 14.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 202,606 shares of company stock worth $75,588,902 in the last 90 days. Corporate insiders own 19.90% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on TSLA. Stifel Nicolaus set a $483.00 target price on Tesla and gave the stock a “buy” rating in a research note on Wednesday. Guggenheim reaffirmed a “sell” rating and set a $175.00 price target on shares of Tesla in a research report on Wednesday, July 23rd. HSBC lifted their price target on Tesla from $120.00 to $127.00 in a research report on Monday, September 29th. TD Cowen lifted their price target on Tesla from $374.00 to $509.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, China Renaissance reaffirmed a “hold” rating and set a $349.00 price target on shares of Tesla in a research report on Friday, July 25th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, thirteen have issued a Hold rating and eight have given a Sell rating to the company. According to MarketBeat.com, Tesla has an average rating of “Hold” and an average price target of $354.67.

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.