Apex Wealth Management LLC Reduces Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Apex Wealth Management LLC trimmed its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 11.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,656 shares of the electric vehicle producer's stock after selling 1,606 shares during the quarter. Tesla accounts for about 3.0% of Apex Wealth Management LLC's portfolio, making the stock its 11th largest position. Apex Wealth Management LLC's holdings in Tesla were worth $3,280,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Tesla by 1.5% during 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 purchasing an additional 3,571,793 shares during the last quarter. Geode Capital Management LLC grew its stake in Tesla by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 61,011,604 shares of the electric vehicle producer's stock valued at $24,566,217,000 after purchasing an additional 1,655,203 shares during the last quarter. Norges Bank purchased a new stake in Tesla during the 4th quarter valued at about $14,420,248,000. FMR LLC grew its stake in Tesla by 40.1% during the 4th quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer's stock valued at $13,997,660,000 after purchasing an additional 9,920,325 shares during the last quarter. Finally, Northern Trust Corp grew its stake in Tesla by 21.6% during the 4th quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock valued at $11,541,592,000 after purchasing an additional 5,075,418 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on TSLA shares. Royal Bank Of Canada dropped their price target on Tesla from $314.00 to $307.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 23rd. BNP Paribas set a $137.00 price target on Tesla and gave the company an "underperform" rating in a research note on Wednesday, April 16th. Piper Sandler reiterated an "overweight" rating and set a $400.00 price target on shares of Tesla in a research note on Tuesday, June 10th. Oppenheimer reiterated a "mixed" rating on shares of Tesla in a research note on Tuesday, March 18th. Finally, Robert W. Baird reiterated a "neutral" rating and set a $320.00 price target on shares of Tesla in a research note on Monday, June 9th. Ten research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Tesla has a consensus rating of "Hold" and an average target price of $301.60.

Tesla Price Performance

Shares of Tesla stock opened at $313.56 on Monday. The business has a 50 day simple moving average of $320.93 and a two-hundred day simple moving average of $324.35. Tesla, Inc. has a 12 month low of $182.00 and a 12 month high of $488.54. The stock has a market capitalization of $1.01 trillion, a P/E ratio of 172.29, a PEG ratio of 9.17 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.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.53 by ($0.26). The company had revenue of $19.34 billion during the quarter, compared to analysts' expectations of $22.93 billion. Tesla had a net margin of 6.66% and a return on equity of 9.02%. During the same quarter last year, the company earned $0.45 earnings per share. As a group, analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Kimbal Musk sold 91,588 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value 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. This trade represents a 5.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 2,564 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $285.71, for a total value of $732,560.44. Following the completion of the sale, the chief financial officer owned 5,924 shares in the company, valued at approximately $1,692,546.04. The trade was a 30.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 829,509 shares of company stock valued at $277,648,925. 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.

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