Chung Wu Investment Group LLC Reduces Stake in Tesla, Inc. $TSLA

Key Points

• Chung Wu Investment Group LLC reduced its stake in Tesla, Inc. by 75.2% during the second quarter, now holding only 300 shares valued at approximately $95,000.
• Several institutional investors, including Vanguard Group and Goldman Sachs, significantly increased their stakes in Tesla during the first quarter, with Vanguard now owning over 246 million shares valued at nearly $64 billion.
• Analyst ratings for Tesla are mixed: while Wedbush upgraded the price target to $600, the consensus rating remains a "Hold" with a target price of $344.40.

Chung Wu Investment Group LLC reduced its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 75.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 300 shares of the electric vehicle producer's stock after selling 910 shares during the period. Chung Wu Investment Group LLC's holdings in Tesla were worth $95,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Tesla by 1.5% in the 1st 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 during the last quarter. Goldman Sachs Group Inc. lifted its position 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 valued at $6,891,201,000 after purchasing an additional 20,291,139 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position 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 valued at $4,710,218,000 after purchasing an additional 849,091 shares in the last quarter. Amundi lifted its position in Tesla by 29.4% during the first quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer's stock valued at $4,482,789,000 after purchasing an additional 3,814,610 shares in the last quarter. Finally, Invesco Ltd. lifted its position in Tesla by 17.6% during the first quarter. Invesco Ltd. now owns 14,786,414 shares of the electric vehicle producer's stock valued at $3,832,047,000 after purchasing an additional 2,211,300 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on TSLA shares. Wedbush lifted their target price on Tesla from $500.00 to $600.00 and gave the company an "outperform" rating in a research report on Friday, September 26th. Royal Bank Of Canada reiterated a "buy" rating on shares of Tesla in a research report on Friday, September 26th. UBS Group set a $247.00 target price on Tesla in a research report on Monday. Stifel Nicolaus set a $440.00 target price on Tesla in a research report on Friday, September 5th. Finally, Dbs Bank raised their price target on Tesla from $300.00 to $450.00 in a report on Wednesday, September 17th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, thirteen have assigned a Hold rating and eight have given a Sell rating to the stock. According to data from MarketBeat.com, Tesla has a consensus rating of "Hold" and a consensus target price of $344.40.

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the sale, the senior vice president directly owned 47,600 shares of the company's stock, valued at approximately $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James R. Murdoch sold 60,000 shares of Tesla stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $422.68, for a total value of $25,360,800.00. Following the completion of the transaction, the director owned 637,031 shares of the company's stock, valued at approximately $269,260,263.08. This represents a 8.61% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 202,606 shares of company stock valued at $75,588,902. 19.90% of the stock is currently owned by insiders.

Tesla Trading Up 5.4%

Shares of TSLA stock opened at $453.25 on Tuesday. Tesla, Inc. has a 12-month low of $212.11 and a 12-month 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 stock's 50-day moving average price is $366.57 and its 200-day moving average price is $324.02. The stock has a market capitalization of $1.51 trillion, a price-to-earnings ratio of 261.99, a price-to-earnings-growth ratio of 14.93 and a beta of 2.08.

Tesla (NASDAQ:TSLA - Get Free Report) last issued 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). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. During the same period last year, the firm posted $0.52 earnings per share. The company's revenue for the quarter was down 11.8% compared to the same quarter last year. Equities research analysts predict that Tesla, Inc. will post 2.56 EPS 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.

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