ARK Investment Management LLC Sells 181,294 Shares of Tesla, Inc. $TSLA

Key Points

• ARK Investment Management LLC reduced its stake in Tesla by 5.6%, selling 181,294 shares during the second quarter, bringing its total ownership to 3,077,464 shares.
• Several institutional investors have also increased their positions in Tesla, with Brighton Jones LLC raising its stake by 11.8% and Bison Wealth LLC by 52.2% in the fourth quarter.
• Tesla's recent earnings report showed a 12-month revenue decline of 11.8% year-over-year, with earnings per share missing estimates by $0.03.

ARK Investment Management LLC decreased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 5.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,077,464 shares of the electric vehicle producer's stock after selling 181,294 shares during the quarter. Tesla makes up approximately 7.2% of ARK Investment Management LLC's holdings, making the stock its biggest holding. ARK Investment Management LLC owned 0.10% of Tesla worth $977,587,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of TSLA. Brighton Jones LLC raised its stake in Tesla by 11.8% during the fourth 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 increased its stake in shares of Tesla by 21.2% in the fourth 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. Bison Wealth LLC increased its stake in shares of Tesla by 52.2% in the fourth quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer's stock valued at $4,187,000 after purchasing an additional 3,558 shares during the period. GAMMA Investing LLC increased its stake in shares of Tesla by 6.0% in the first quarter. GAMMA Investing LLC now owns 37,862 shares of the electric vehicle producer's stock valued at $9,812,000 after purchasing an additional 2,153 shares during the period. Finally, Manning & Napier Advisors LLC acquired a new stake in shares of Tesla in the first quarter valued at approximately $464,000. Institutional investors and hedge funds own 66.20% of the company's stock.

Insider Buying and Selling

In related news, SVP Xiaotong Zhu sold 20,000 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the sale, the senior vice president directly owned 47,600 shares in the company, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James R. Murdoch sold 60,000 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the sale, the director owned 637,031 shares of the company's stock, valued at $269,260,263.08. The trade was a 8.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 202,606 shares of company stock worth $75,588,902. Corporate insiders own 19.90% of the company's stock.

Tesla Trading Down 1.1%

Tesla stock opened at $442.60 on Wednesday. The firm has a 50 day simple moving average of $391.74 and a 200-day simple moving average of $336.26. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The stock has a market capitalization of $1.47 trillion, a PE ratio of 255.84, a price-to-earnings-growth ratio of 16.08 and a beta of 2.08. Tesla, Inc. has a 12-month low of $212.11 and a 12-month high of $488.54.

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

Analysts Set New Price Targets

TSLA has been the topic of several analyst reports. Wedbush restated an "outperform" rating and issued a $600.00 price target on shares of Tesla in a research note on Monday. Industrial Alliance Securities set a $300.00 price target on shares of Tesla in a research note on Monday, October 13th. Morgan Stanley restated an "overweight" rating on shares of Tesla in a research note on Wednesday, October 15th. Evercore ISI raised their price target on shares of Tesla from $235.00 to $300.00 and gave the company an "in-line" rating in a research note on Monday, October 13th. Finally, Baird R W upgraded shares of Tesla from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 19th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have issued a Hold rating and ten have assigned 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 $363.54.

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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