Advisors Asset Management Inc. Sells 755 Shares of Tesla, Inc. $TSLA

Key Points

• Advisors Asset Management Inc. reduced its Tesla holdings by 8.6%, selling 755 shares to hold a total of 8,063 shares valued at approximately $2,090,000.
• Other institutional investors, such as Brighton Jones LLC and Revolve Wealth Partners LLC, increased their Tesla shares by over 11% and 21%, respectively, highlighting a mixed sentiment among institutional players.
• Despite a missed earnings consensus estimate of $0.03, Tesla generated $22.50 billion in revenue, though this represented a decline of 11.8% year-over-year.

Advisors Asset Management Inc. cut its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 8.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,063 shares of the electric vehicle producer's stock after selling 755 shares during the quarter. Advisors Asset Management Inc.'s holdings in Tesla were worth $2,090,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of TSLA. Brighton Jones LLC raised its holdings in shares of Tesla by 11.8% in the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock valued at $35,509,000 after purchasing an additional 9,293 shares during the period. Revolve Wealth Partners LLC raised its holdings in shares of Tesla by 21.2% in the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock valued at $2,147,000 after purchasing an additional 931 shares during the period. Mascagni Wealth Management Inc. bought a new stake in shares of Tesla in the 4th quarter valued at about $346,000. Highview Capital Management LLC DE bought a new stake in shares of Tesla in the 4th quarter valued at about $2,367,000. Finally, Bison Wealth LLC grew its stake in Tesla by 52.2% in the 4th quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer's stock valued at $4,187,000 after buying an additional 3,558 shares during the last quarter. 66.20% of the stock is owned by institutional investors.

Analyst Ratings Changes

TSLA has been the topic of a number of research reports. William Blair reiterated a "market perform" rating on shares of Tesla in a research note on Friday. 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 note on Thursday, July 24th. HSBC reiterated a "reduce" rating and issued a $120.00 price target on shares of Tesla in a research note on Thursday, July 3rd. Piper Sandler reiterated an "overweight" rating and issued a $400.00 price target on shares of Tesla in a research note on Tuesday, June 10th. Finally, Robert W. Baird reiterated a "neutral" rating and issued a $320.00 price target on shares of Tesla in a research note on Monday, June 9th. One 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $303.31.

Tesla Stock Performance

NASDAQ TSLA opened at $350.84 on Monday. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $1.13 trillion, a price-to-earnings ratio of 202.80, a P/E/G ratio of 12.24 and a beta of 2.06. The firm's 50 day simple moving average is $324.00 and its 200 day simple moving average is $301.88. Tesla, Inc. has a 1 year low of $210.51 and a 1 year high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly 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). The firm had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The business's revenue was down 11.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.52 EPS. As a group, research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Vaibhav Taneja sold 2,000 shares of the stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total transaction of $600,000.00. Following the sale, the chief financial officer owned 5,924 shares in the company, valued at approximately $1,777,200. This trade represents a 25.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Xiaotong Zhu sold 15,000 shares of the stock in a transaction that occurred 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 sale, the senior vice president owned 67,600 shares in the company, valued at $21,889,556. This represents a 18.16% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 141,000 shares of company stock worth $48,663,510. Corporate insiders own 20.70% of the company's stock.

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.

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