Advisors Capital Management LLC Sells 800 Shares of Tesla, Inc. $TSLA

Key Points

• Advisors Capital Management LLC sold 800 shares of Tesla, reducing its stake by 3.7%, and now holds 20,990 shares valued at approximately $5.44 million.
• Tesla reported earnings of $0.40 per share, falling short of analysts' expectations of $0.43, with a revenue of $22.5 billion for the quarter.
• Insider trading activity includes CFO Vaibhav Taneja selling 4,000 shares and Director James R. Murdoch selling 120,000 shares, reflecting a significant reduction in their respective holdings.

Advisors Capital Management LLC trimmed its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 3.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,990 shares of the electric vehicle producer's stock after selling 800 shares during the quarter. Advisors Capital Management LLC's holdings in Tesla were worth $5,440,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in TSLA. Brighton Jones LLC raised its stake in Tesla by 11.8% during the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock worth $35,509,000 after acquiring an additional 9,293 shares during the period. Revolve Wealth Partners LLC raised its stake in Tesla by 21.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock worth $2,147,000 after acquiring an additional 931 shares during the period. Mascagni Wealth Management Inc. bought a new stake in Tesla during the 4th quarter worth approximately $346,000. Highview Capital Management LLC DE bought a new stake in Tesla during the 4th quarter worth approximately $2,367,000. Finally, Bison Wealth LLC raised its stake in Tesla by 52.2% during the 4th quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer's stock worth $4,187,000 after acquiring an additional 3,558 shares during the period. 66.20% of the stock is currently owned by institutional investors.

Tesla Trading Up 6.0%

TSLA stock opened at $368.81 on Friday. The firm has a fifty day moving average price of $327.25 and a 200 day moving average price of $302.84. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. The firm has a market cap of $1.19 trillion, a PE ratio of 213.18, a price-to-earnings-growth ratio of 12.13 and a beta of 2.06.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business had revenue of $22.50 billion during the quarter, compared to analysts' expectations of $23.18 billion. During the same period last year, the business posted $0.52 earnings per share. The company's revenue for the quarter was down 11.8% compared to the same quarter last year. Sell-side analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Vaibhav Taneja sold 4,000 shares of the firm's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $292.89, for a total value of $1,171,560.00. Following the completion of the transaction, the chief financial officer directly owned 5,924 shares of the company's stock, valued at approximately $1,735,080.36. This trade represents a 40.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James R. Murdoch sold 120,000 shares of the business's stock in a transaction 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 transaction, the director owned 697,031 shares in the company, valued at $244,162,988.99. This trade represents a 14.69% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 128,606 shares of company stock valued at $44,724,662. 20.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

TSLA has been the topic of a number of recent analyst reports. Royal Bank Of Canada restated an "overweight" rating on shares of Tesla in a research note on Tuesday, July 29th. Benchmark restated a "buy" rating and set a $475.00 target price (up previously from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Mizuho cut their price objective on shares of Tesla from $390.00 to $375.00 and set an "outperform" rating for the company in a report on Tuesday, July 8th. Baird R W downgraded shares of Tesla from a "strong-buy" rating to a "hold" rating in a report on Monday, June 9th. Finally, Stifel Nicolaus set a $440.00 target price on shares of Tesla in a report on Friday, September 5th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fourteen have given a Hold rating and nine have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $303.00.

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.

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