Alpha Cubed Investments LLC Sells 22,246 Shares of Tesla, Inc. (NASDAQ:TSLA)

Alpha Cubed Investments LLC lessened its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 31.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,404 shares of the electric vehicle producer's stock after selling 22,246 shares during the period. Alpha Cubed Investments LLC's holdings in Tesla were worth $12,804,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Tesla by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 243,193,181 shares of the electric vehicle producer's stock valued at $98,211,134,000 after acquiring an additional 3,571,793 shares in the last quarter. Geode Capital Management LLC grew its holdings in Tesla by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 61,011,604 shares of the electric vehicle producer's stock worth $24,566,217,000 after purchasing an additional 1,655,203 shares during the period. Norges Bank bought a new position in Tesla during the fourth quarter worth about $14,420,248,000. FMR LLC grew its holdings in Tesla by 40.1% during the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer's stock worth $13,997,660,000 after purchasing an additional 9,920,325 shares during the period. Finally, Northern Trust Corp grew its holdings in Tesla by 21.6% during the fourth quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock worth $11,541,592,000 after purchasing an additional 5,075,418 shares during the period. Institutional investors own 66.20% of the company's stock.

Wall Street Analyst Weigh In

TSLA has been the subject of a number of research analyst reports. Oppenheimer reiterated a "mixed" rating on shares of Tesla in a report on Tuesday, March 18th. BNP Paribas set a $137.00 price target on Tesla and gave the stock an "underperform" rating in a report on Wednesday, April 16th. Royal Bank Of Canada reduced their price target on Tesla from $314.00 to $307.00 and set an "outperform" rating for the company in a report on Wednesday, April 23rd. Morgan Stanley reiterated an "overweight" rating and set a $410.00 price target on shares of Tesla in a report on Friday, June 6th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on Tesla from $420.00 to $345.00 and set a "buy" rating for the company in a report on Friday, March 28th. Ten analysts have rated the stock with a sell rating, fourteen have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $300.19.

Insider Activity at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,000 shares of the business's stock in a transaction 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 of the company's stock, valued at approximately $1,777,200. The trade was a 25.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kimbal Musk sold 91,588 shares of the business'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 sale, the director directly owned 1,463,220 shares in the company, valued at approximately $522,940,195.80. The trade was a 5.89% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 835,509 shares of company stock worth $279,420,485. Corporate insiders own 20.70% of the company's stock.

Tesla Price Performance

TSLA traded up $3.64 during trading on Friday, hitting $313.51. 78,861,329 shares of the stock traded hands, compared to its average volume of 99,821,915. Tesla, Inc. has a twelve month low of $182.00 and a twelve month high of $488.54. The company has a market cap of $1.01 trillion, a price-to-earnings ratio of 172.26, a PEG ratio of 9.22 and a beta of 2.39. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.54. The business has a 50 day moving average price of $322.60 and a 200 day moving average price of $321.24.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a net margin of 6.66% and a return on equity of 9.02%. The firm had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. During the same quarter in the prior year, the firm earned $0.45 earnings per share. Equities research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

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.