Bell Bank Sells 2,503 Shares of Tesla, Inc. $TSLA

Key Points

• Bell Bank has reduced its holdings in Tesla by 16.7% during the 2nd quarter, now owning 12,453 shares valued at approximately $3.96 million.
• A variety of institutional investors have significantly increased their positions in Tesla, with Cherry Tree Wealth Management growing its stake by 86.3% during the 1st quarter.
• Tesla's recent earnings report showed a revenue decline of 11.8% year-over-year, with earnings per share at $0.40, missing analysts' expectations by $0.03.

Bell Bank lessened its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 16.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,453 shares of the electric vehicle producer's stock after selling 2,503 shares during the period. Bell Bank's holdings in Tesla were worth $3,956,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Acorn Wealth Advisors LLC boosted its holdings in shares of Tesla by 1.9% during the 1st quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock valued at $493,000 after buying an additional 36 shares in the last quarter. Solutions 4 Wealth Ltd increased its stake in Tesla by 2.0% during the 1st quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock valued at $470,000 after purchasing an additional 36 shares in the last quarter. ACT Wealth Management LLC increased its stake in Tesla by 0.7% during the 2nd quarter. ACT Wealth Management LLC now owns 5,405 shares of the electric vehicle producer's stock valued at $1,717,000 after purchasing an additional 36 shares in the last quarter. Capital Management Associates Inc raised its holdings 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 worth $302,000 after buying an additional 38 shares during the last quarter. Finally, Graney & King LLC lifted its stake in shares of Tesla by 18.4% in the first quarter. Graney & King LLC now owns 245 shares of the electric vehicle producer's stock worth $63,000 after buying an additional 38 shares in the last quarter. Institutional investors own 66.20% of the company's stock.

Insiders Place Their Bets

In other Tesla news, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction 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 transaction, the senior vice president directly owned 47,600 shares of the company's stock, valued at $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction on Monday, July 7th. The stock was sold at an average price of $292.89, for a total transaction of $1,171,560.00. Following the transaction, the chief financial officer directly owned 5,924 shares of the company's stock, valued at $1,735,080.36. The trade was a 40.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 208,606 shares of company stock valued at $77,360,462 over the last three months. 20.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

TSLA has been the subject of several analyst reports. Wedbush reissued an "outperform" rating and set a $500.00 price target on shares of Tesla in a research report on Monday, September 15th. Guggenheim reissued a "sell" rating and set a $175.00 price target on shares of Tesla in a research report on Wednesday, July 23rd. Morgan Stanley restated an "overweight" rating and set a $410.00 target price on shares of Tesla in a research note on Friday, September 5th. Robert W. Baird upgraded shares of Tesla from a "neutral" rating to an "outperform" rating and upped their target price for the company from $320.00 to $548.00 in a research note on Friday. Finally, China Renaissance restated a "hold" rating and set a $349.00 target price on shares of Tesla in a research note on Friday, July 25th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, twelve have given a Hold rating and nine have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $324.53.

Tesla Price Performance

Shares of TSLA stock traded up $7.96 on Monday, reaching $434.03. The company's stock had a trading volume of 89,666,260 shares, compared to its average volume of 103,313,813. The stock's fifty day simple moving average is $340.68 and its 200-day simple moving average is $308.67. Tesla, Inc. has a 1 year low of $212.11 and a 1 year high of $488.54. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $1.44 trillion, a price-to-earnings ratio of 250.89, a price-to-earnings-growth ratio of 14.86 and a beta of 2.06.

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 for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). The business had revenue of $22.50 billion during the quarter, compared to analysts' expectations of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period last year, the business posted $0.52 earnings per share. Analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

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.