Atalanta Sosnoff Capital LLC Sells 68,590 Shares of Tesla, Inc. $TSLA

Key Points

• Atalanta Sosnoff Capital LLC has reduced its stake in Tesla, Inc. by 35.8%, selling 68,590 shares and now holding 123,063 shares valued at approximately $31.9 million.
• Other investors, like Means Investment CO. Inc. and IFM Investors Pty Ltd, increased their stakes in Tesla, with the former growing its position by 37.7%.
• Tesla recently reported earnings of $0.40 per share, missing analysts' expectations, and revenue estimates fell short as well, highlighting potential concerns over its financial performance.

Atalanta Sosnoff Capital LLC lessened its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 35.8% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 123,063 shares of the electric vehicle producer's stock after selling 68,590 shares during the period. Atalanta Sosnoff Capital LLC's holdings in Tesla were worth $31,893,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in TSLA. Acorn Wealth Advisors LLC increased its stake in Tesla by 1.9% in the first quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock valued at $493,000 after acquiring an additional 36 shares during the last quarter. Solutions 4 Wealth Ltd increased its stake in Tesla by 2.0% in the first quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock valued at $470,000 after acquiring an additional 36 shares during the last quarter. Capital Management Associates Inc increased its stake in Tesla by 3.4% in the first quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer's stock valued at $302,000 after acquiring an additional 38 shares during the last quarter. Graney & King LLC increased its stake in Tesla by 18.4% in the first quarter. Graney & King LLC now owns 245 shares of the electric vehicle producer's stock valued at $63,000 after acquiring an additional 38 shares during the last quarter. Finally, Mraz Amerine & Associates Inc. increased its stake in Tesla by 3.8% in the first quarter. Mraz Amerine & Associates Inc. now owns 1,054 shares of the electric vehicle producer's stock valued at $278,000 after acquiring an additional 39 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Trading Up 3.6%

Shares of NASDAQ TSLA traded up $12.31 during trading hours on Friday, hitting $350.84. The company's stock had a trading volume of 108,740,568 shares, compared to its average volume of 72,012,552. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. The stock has a market cap of $1.13 trillion, a price-to-earnings ratio of 202.80, a P/E/G ratio of 11.81 and a beta of 2.06. Tesla, Inc. has a 12 month low of $210.51 and a 12 month high of $488.54. The business has a 50-day simple moving average of $324.00 and a 200-day simple moving average of $302.65.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results 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 business had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.52 earnings per share. On average, analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on TSLA. China Renaissance reissued a "hold" rating and issued a $349.00 target price on shares of Tesla in a research note on Friday, July 25th. Royal Bank Of Canada reaffirmed an "overweight" rating on shares of Tesla in a research note on Tuesday, July 29th. Wedbush reaffirmed an "outperform" rating and set a $500.00 price objective on shares of Tesla in a research note on Monday, August 4th. Benchmark reaffirmed a "buy" rating and set a $475.00 price objective (up from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Finally, Robert W. Baird reaffirmed a "neutral" rating and set a $320.00 price objective on shares of Tesla in a research note on Monday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, fourteen have assigned a Hold rating and nine have assigned a Sell rating to the company's stock. According to data from MarketBeat, Tesla presently has a consensus rating of "Hold" and an average target price of $303.31.

Insider Buying and Selling at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,000 shares of Tesla stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $300.00, for a total transaction of $600,000.00. Following the sale, the chief financial officer directly owned 5,924 shares of the company's stock, valued at approximately $1,777,200. The trade was a 25.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Xiaotong Zhu sold 15,000 shares of Tesla stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total value of $4,857,150.00. Following the sale, the senior vice president directly owned 67,600 shares in the company, valued at approximately $21,889,556. The trade was a 18.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 143,564 shares of company stock valued at $49,396,070. 20.70% of the stock is currently owned by corporate insiders.

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.