Circle Wealth Management LLC Sells 10,161 Shares of Tesla, Inc. $TSLA

Key Points

• Circle Wealth Management LLC reduced its stake in Tesla by 40.8% in the first quarter, selling 10,161 shares and leaving it with 14,753 shares valued at approximately $3.82 million.
• Various institutional investors have altered their positions in Tesla, with Vanguard Group Inc. increasing its holdings by 1.5% and Goldman Sachs Group Inc. boosting theirs by 322.1% during the same period.
• Despite a missed earnings estimate for the most recent quarter, Tesla reported $22.5 billion in revenue, which was down 11.8% year-over-year.

Circle Wealth Management LLC decreased its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 40.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,753 shares of the electric vehicle producer's stock after selling 10,161 shares during the period. Circle Wealth Management LLC's holdings in Tesla were worth $3,823,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Tesla by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock valued at $63,983,418,000 after buying an additional 3,694,524 shares during the period. Northern Trust Corp increased its position in Tesla by 21.6% during the fourth quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock valued at $11,541,592,000 after acquiring an additional 5,075,418 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Tesla by 322.1% in 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 purchasing an additional 20,291,139 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Tesla by 0.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,536,519 shares of the electric vehicle producer's stock valued at $9,908,828,000 after purchasing an additional 158,697 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Tesla by 4.9% in the 1st 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 purchasing an additional 849,091 shares during the period. Hedge funds and other institutional investors own 66.20% of the company's stock.

Insider Activity at Tesla

In related news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the company's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the transaction, the director owned 855,394 shares in the company, valued at approximately $305,632,276.20. This represents a 35.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Xiaotong Zhu sold 15,000 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the transaction, the senior vice president directly owned 67,600 shares of the company's stock, valued at $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. Insiders sold a total of 599,724 shares of company stock worth $213,126,501 over the last ninety days. 20.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. China Renaissance restated a "hold" rating and set a $349.00 target price on shares of Tesla in a research report on Friday, July 25th. Piper Sandler restated an "overweight" rating and issued a $400.00 price objective on shares of Tesla in a research note on Tuesday, June 10th. UBS Group set a $290.00 target price on Tesla in a research report on Monday, June 30th. Daiwa Capital Markets reissued a "neutral" rating on shares of Tesla in a report on Sunday, July 27th. Finally, Morgan Stanley reaffirmed an "overweight" rating and issued a $410.00 price objective on shares of Tesla in a research note on Friday, June 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, fifteen have issued a Hold rating and nine have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $303.31.

Tesla Price Performance

Shares of Tesla stock opened at $320.11 on Friday. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 52 week low of $202.59 and a 52 week high of $488.54. The stock's 50-day simple moving average is $320.98 and its 200-day simple moving average is $303.96. The company has a market capitalization of $1.03 trillion, a price-to-earnings ratio of 185.03, a PEG ratio of 11.26 and a beta of 2.33.

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 net margin of 6.54% and a return on equity of 7.98%. The business had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. During the same period last year, the business posted $0.52 EPS. The firm's revenue for the quarter was down 11.8% compared to the same quarter last year. As a group, analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

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.

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