Arthur M. Cohen & Associates LLC Cuts Holdings in Tesla, Inc. (NASDAQ:TSLA)

Arthur M. Cohen & Associates LLC reduced its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 41.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,445 shares of the electric vehicle producer's stock after selling 1,711 shares during the quarter. Arthur M. Cohen & Associates LLC's holdings in Tesla were worth $634,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Thurston Springer Miller Herd & Titak Inc. grew its holdings in shares of Tesla by 176.5% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,963 shares of the electric vehicle producer's stock valued at $509,000 after buying an additional 1,253 shares during the last quarter. Boltwood Capital Management grew its holdings in shares of Tesla by 2.1% during the first quarter. Boltwood Capital Management now owns 1,960 shares of the electric vehicle producer's stock valued at $508,000 after buying an additional 40 shares during the last quarter. ACT Advisors LLC. grew its holdings in shares of Tesla by 32.3% during the first quarter. ACT Advisors LLC. now owns 1,299 shares of the electric vehicle producer's stock valued at $337,000 after buying an additional 317 shares during the last quarter. Diligent Investors LLC grew its holdings in shares of Tesla by 15.7% during the first quarter. Diligent Investors LLC now owns 8,096 shares of the electric vehicle producer's stock valued at $2,098,000 after buying an additional 1,099 shares during the last quarter. Finally, Eclectic Associates Inc. ADV boosted its holdings in Tesla by 14.6% during the first quarter. Eclectic Associates Inc. ADV now owns 3,275 shares of the electric vehicle producer's stock worth $849,000 after purchasing an additional 418 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Stock Performance

Shares of NASDAQ TSLA traded down $47.37 during midday trading on Thursday, hitting $284.68. The company's stock had a trading volume of 286,093,850 shares, compared to its average volume of 99,310,614. The stock has a fifty day moving average price of $291.12 and a 200 day moving average price of $334.34. Tesla, Inc. has a one year low of $167.41 and a one year high of $488.54. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $916.94 billion, a price-to-earnings ratio of 139.55, a P/E/G ratio of 5.86 and a beta of 2.47.

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 analysts' consensus estimates of $0.53 by ($0.26). The firm had revenue of $19.34 billion for the quarter, compared to the consensus estimate of $22.93 billion. Tesla had a return on equity of 10.31% and a net margin of 7.26%. During the same period last year, the company posted $0.45 EPS. On average, research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Vaibhav Taneja sold 1,000 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $350.00, for a total transaction of $350,000.00. Following the sale, the chief financial officer now owns 1,950 shares of the company's stock, valued at approximately $682,500. This represents a 33.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joseph Gebbia purchased 4,000 shares of the business's stock in a transaction on Thursday, April 24th. The stock was bought at an average cost of $256.31 per share, with a total value of $1,025,240.00. Following the purchase, the director now owns 4,111 shares in the company, valued at approximately $1,053,690.41. This represents a 3,603.60% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 870,721 shares of company stock valued at $286,248,728. Company insiders own 20.70% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Piper Sandler set a $400.00 price target on shares of Tesla in a report on Tuesday, May 6th. Stifel Nicolaus set a $450.00 price target on shares of Tesla and gave the stock a "buy" rating in a report on Thursday, April 24th. JPMorgan Chase & Co. cut their price target on shares of Tesla from $120.00 to $115.00 and set an "underweight" rating on the stock in a report on Wednesday, April 23rd. Cowen upgraded shares of Tesla from a "hold" rating to a "buy" rating in a report on Thursday, March 6th. Finally, BNP Paribas set a $137.00 price target on shares of Tesla and gave the stock an "underperform" rating in a report on Wednesday, April 16th. Ten investment analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Tesla currently has an average rating of "Hold" and an average target price of $293.97.

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.