BNC Wealth Management LLC Sells 1,025 Shares of Tesla, Inc. $TSLA

Key Points

• BNC Wealth Management LLC reduced its stake in Tesla by 2.7%, now holding 36,399 shares valued at approximately $11.56 million.
• Several institutional investors, including Vanguard Group and Goldman Sachs, increased their stakes in Tesla significantly during the first quarter.
• A majority of analysts have given Tesla a "Hold" rating, with an average price target of $326.74, while the company reported lower earnings last quarter than expected, with $0.40 EPS.

BNC Wealth Management LLC decreased its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 2.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,399 shares of the electric vehicle producer's stock after selling 1,025 shares during the period. Tesla makes up 3.4% of BNC Wealth Management LLC's portfolio, making the stock its 6th largest holding. BNC Wealth Management LLC's holdings in Tesla were worth $11,562,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Tesla by 1.5% during the first quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock worth $63,983,418,000 after buying an additional 3,694,524 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Tesla by 322.1% during the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock worth $6,891,201,000 after buying an additional 20,291,139 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Tesla by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 18,174,941 shares of the electric vehicle producer's stock worth $4,710,218,000 after buying an additional 849,091 shares in the last quarter. Amundi boosted its stake in Tesla by 29.4% during the first quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer's stock worth $4,482,789,000 after buying an additional 3,814,610 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in Tesla by 17.6% during the first quarter. Invesco Ltd. now owns 14,786,414 shares of the electric vehicle producer's stock worth $3,832,047,000 after buying an additional 2,211,300 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on TSLA. HSBC reiterated a "reduce" rating and set a $120.00 price target on shares of Tesla in a research note on Thursday, July 3rd. Mizuho lifted their price objective on Tesla from $375.00 to $450.00 and gave the company an "outperform" rating in a report on Tuesday. Baird R W raised Tesla from a "hold" rating to a "strong-buy" rating in a report on Friday, September 19th. Needham & Company LLC reissued a "hold" rating on shares of Tesla in a report on Thursday, July 24th. Finally, Argus reissued a "hold" rating on shares of Tesla in a report on Monday, June 9th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, twelve have issued a Hold rating and nine have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $326.74.

Insider Transactions at Tesla

In other news, Director James R. Murdoch sold 120,000 shares of the business's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the transaction, the director directly owned 697,031 shares in the company, valued at approximately $244,162,988.99. The trade was a 14.69% decrease in their position. 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 the business's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $292.89, for a total value of $1,171,560.00. Following the transaction, the chief financial officer 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. In the last ninety days, insiders sold 208,606 shares of company stock worth $77,360,462. 19.90% of the stock is currently owned by company insiders.

Tesla Price Performance

Shares of TSLA stock opened at $425.85 on Wednesday. The stock has a 50-day moving average price of $345.33 and a 200 day moving average price of $310.67. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The firm has a market cap of $1.42 trillion, a price-to-earnings ratio of 246.16, a PEG ratio of 15.15 and a beta of 2.06. 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 announced its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). The firm had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.Tesla's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.52 earnings per share. Research analysts expect that Tesla, Inc. will post 2.56 EPS for the current 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.