Tesla, Inc. (NASDAQ:TSLA) Position Reduced by ARQ Wealth Advisors LLC

ARQ Wealth Advisors LLC cut its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 45.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,142 shares of the electric vehicle producer's stock after selling 960 shares during the period. ARQ Wealth Advisors LLC's holdings in Tesla were worth $296,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Rinkey Investments increased its stake in Tesla by 3.5% during the 4th quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer's stock worth $347,000 after buying an additional 29 shares during the period. True Wealth Design LLC increased its stake in shares of Tesla by 79.5% during the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock worth $28,000 after buying an additional 31 shares during the period. Horrell Capital Management Inc. raised its holdings in Tesla by 75.6% in the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer's stock valued at $32,000 after acquiring an additional 34 shares in the last quarter. Aldebaran Financial Inc. lifted its stake in Tesla by 3.1% in the fourth quarter. Aldebaran Financial Inc. now owns 1,174 shares of the electric vehicle producer's stock worth $490,000 after acquiring an additional 35 shares during the last quarter. Finally, Acorn Wealth Advisors LLC grew its holdings in Tesla by 1.9% during the 1st quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock worth $493,000 after acquiring an additional 36 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TSLA has been the topic of several research reports. Glj Research reaffirmed a "sell" rating and set a $19.05 price objective (down previously from $24.86) on shares of Tesla in a report on Monday, April 21st. Piper Sandler reaffirmed an "overweight" rating and set a $400.00 price objective on shares of Tesla in a research note on Tuesday, June 10th. William Blair downgraded Tesla from an "outperform" rating to a "market perform" rating in a research note on Monday, July 7th. Baird R W cut Tesla from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 9th. Finally, Cantor Fitzgerald decreased their price target on Tesla from $425.00 to $355.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Ten equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $300.19.

Insider Buying and Selling

In related news, Director Kimbal Musk sold 91,588 shares of the business's stock in a transaction dated 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 completion of the sale, the director directly owned 1,463,220 shares of the company's stock, valued at $522,940,195.80. The trade was a 5.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Vaibhav Taneja sold 6,000 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $341.02, for a total value of $2,046,120.00. Following the transaction, the chief financial officer directly owned 1,950 shares in the company, valued at approximately $664,989. This represents a 75.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 835,509 shares of company stock worth $279,420,485 over the last 90 days. 20.70% of the stock is currently owned by corporate insiders.

Tesla Trading Up 3.2%

Shares of TSLA traded up $10.24 during trading hours on Friday, hitting $329.65. The stock had a trading volume of 93,904,102 shares, compared to its average volume of 98,929,970. The company's fifty day simple moving average is $326.27 and its 200 day simple moving average is $316.70. Tesla, Inc. has a 12-month low of $182.00 and a 12-month high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.54 and a current ratio of 2.00. The firm has a market cap of $1.06 trillion, a P/E ratio of 181.13, a P/E/G ratio of 12.56 and a beta of 2.39.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share 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 business had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. During the same quarter in the previous year, the firm posted $0.45 EPS. Equities research analysts forecast that Tesla, Inc. will post 2.56 EPS 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.