Tesla, Inc. $TSLA Position Cut by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. has reduced its stake in Tesla by 2.0%, now holding approximately 2,532,600 shares worth $656.35 million, making it the firm's 11th largest holding.
• Numerous investors increased their positions in Tesla during the 1st quarter, with Cherry Tree Wealth Management and First PREMIER Bank growing their stakes by 86.3% and 79.2%, respectively.
• Insiders at Tesla, including CFO Vaibhav Taneja, have sold significant shares recently, totaling 143,564 shares sold over three months worth approximately $49.4 million.

Adage Capital Partners GP L.L.C. decreased its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 2.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,532,600 shares of the electric vehicle producer's stock after selling 52,277 shares during the period. Tesla accounts for 1.2% of Adage Capital Partners GP L.L.C.'s holdings, making the stock its 11th biggest position. Adage Capital Partners GP L.L.C. owned 0.08% of Tesla worth $656,349,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in TSLA. Cherry Tree Wealth Management LLC increased its stake in shares of Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after acquiring an additional 44 shares during the period. First PREMIER Bank grew its position in shares of 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 during the period. Pacific Center for Financial Services grew its position in shares of Tesla by 1,616.7% in the fourth quarter. Pacific Center for Financial Services now owns 103 shares of the electric vehicle producer's stock valued at $42,000 after purchasing an additional 97 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in shares of Tesla in the first quarter valued at about $27,000. Finally, Newton One Investments LLC lifted its stake in shares of Tesla by 250.0% in the first 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 in the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Trading Up 1.4%

Shares of Tesla stock traded up $4.73 during mid-day trading on Wednesday, hitting $334.09. 88,447,202 shares of the stock were exchanged, compared to its average volume of 71,777,912. Tesla, Inc. has a twelve month low of $210.51 and a twelve month high of $488.54. The stock has a market capitalization of $1.08 trillion, a price-to-earnings ratio of 193.12, a price-to-earnings-growth ratio of 11.61 and a beta of 2.06. The company has a 50-day simple moving average of $323.20 and a 200 day simple moving average of $302.79. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share 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 company 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 company earned $0.52 earnings per share. The company's revenue was down 11.8% on a year-over-year basis. Research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. William Blair downgraded shares of Tesla from an "outperform" rating to a "market perform" rating in a research note on Monday, July 7th. Canaccord Genuity Group upped 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. UBS Group set a $290.00 price target on shares of Tesla in a research report on Monday, June 30th. Morgan Stanley restated an "overweight" rating and set a $410.00 price objective on shares of Tesla in a research report on Friday, June 6th. Finally, China Renaissance reaffirmed a "hold" rating and set a $349.00 price target on shares of Tesla in a research note on Friday, July 25th. One 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. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $303.31.

Insider Activity

In other news, Director James R. Murdoch sold 120,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the sale, the director owned 697,031 shares of the company's stock, valued at approximately $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Xiaotong Zhu sold 15,000 shares of Tesla stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the completion of the transaction, the senior vice president directly 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 disclosure for this sale can be found here. Insiders have sold 143,564 shares of company stock worth $49,396,070 over the last 90 days. Company insiders own 20.70% of the company's stock.

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.