1832 Asset Management L.P. Sells 638,012 Shares of Tesla, Inc. $TSLA

Key Points

• 1832 Asset Management L.P. has reduced its stake in Tesla by 95.9%, selling 638,012 shares to hold a total of 26,934 shares valued at approximately $6.98 million.
• Several institutional investors have adjusted their positions in Tesla, with True Wealth Design LLC increasing its holdings by 79.5% during the last quarter.
• Tesla's stock is currently trading at $340.01, with a market cap of $1.10 trillion, amidst a backdrop of mixed earnings results and fluctuations in analyst ratings.

1832 Asset Management L.P. lessened its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 95.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 26,934 shares of the electric vehicle producer's stock after selling 638,012 shares during the period. 1832 Asset Management L.P.'s holdings in Tesla were worth $6,980,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TSLA. True Wealth Design LLC grew its holdings in Tesla by 79.5% during the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 31 shares during the period. Acorn Wealth Advisors LLC lifted its position in shares of Tesla by 1.9% during the 1st quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock valued at $493,000 after buying an additional 36 shares during the last quarter. Solutions 4 Wealth Ltd lifted its position in shares of Tesla by 2.0% during the 1st quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock valued at $470,000 after buying an additional 36 shares during the last quarter. Capital Management Associates Inc grew its stake in shares of Tesla by 3.4% during the 1st quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer's stock worth $302,000 after acquiring an additional 38 shares during the period. Finally, Mraz Amerine & Associates Inc. increased its holdings in Tesla by 3.8% in the 1st quarter. Mraz Amerine & Associates Inc. now owns 1,054 shares of the electric vehicle producer's stock worth $278,000 after acquiring an additional 39 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Trading Up 6.2%

Tesla stock opened at $340.01 on Monday. 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 fifty-two week low of $202.59 and a fifty-two week high of $488.54. The stock has a market cap of $1.10 trillion, a P/E ratio of 196.54, a PEG ratio of 11.82 and a beta of 2.33. The firm's fifty day moving average price is $321.27 and its 200-day moving average price is $302.58.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 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 business had revenue of $22.50 billion for the quarter, compared to analysts' expectations of $23.18 billion. During the same quarter in the previous year, the firm earned $0.52 earnings per share. Tesla's quarterly revenue was down 11.8% compared to the same quarter last year. Equities research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Activity at Tesla

In other news, SVP Xiaotong Zhu sold 15,000 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the sale, the senior vice president owned 67,600 shares in the company, valued at approximately $21,889,556. This trade represents a 18.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kimbal Musk sold 91,588 shares of the company's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the completion of the transaction, the director owned 1,463,220 shares of the company's stock, valued at $522,940,195.80. This trade represents a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 599,724 shares of company stock valued at $213,126,501 in the last ninety days. 20.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

TSLA has been the topic of several recent research reports. The Goldman Sachs Group reaffirmed a "neutral" rating on shares of Tesla in a report on Sunday, August 17th. Baird R W cut shares of Tesla from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 9th. Guggenheim reiterated a "sell" rating and issued a $175.00 price objective on shares of Tesla in a research note on Wednesday, July 23rd. China Renaissance restated a "hold" rating and set a $349.00 target price on shares of Tesla in a research report on Friday, July 25th. Finally, Morgan Stanley reaffirmed an "overweight" rating and issued a $410.00 price target on shares of Tesla in a report on Friday, June 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fifteen have given a Hold rating and nine have assigned a Sell rating to the company's stock. According to MarketBeat.com, Tesla presently has a consensus rating of "Hold" and a consensus price target of $303.31.

Tesla 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.

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