Clear Harbor Asset Management LLC Sells 1,636 Shares of Tesla, Inc. $TSLA

Key Points

• Clear Harbor Asset Management LLC reduced its stake in Tesla, Inc. by 19.8%, selling 1,636 shares, and now holds a total of 6,609 shares valued at approximately $2.1 million.
• Tesla reported earnings of $0.40 per share for the latest quarter, falling short of analyst expectations, with revenues down 11.8% year-over-year.
• Wall Street analysts have a mixed outlook on Tesla, with two strong buy ratings, eighteen buy ratings, and a consensus price target of $317.70.

Clear Harbor Asset Management LLC lessened its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 19.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,609 shares of the electric vehicle producer's stock after selling 1,636 shares during the quarter. Clear Harbor Asset Management LLC's holdings in Tesla were worth $2,099,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Acorn Wealth Advisors LLC raised its position 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 raised its position in shares of 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 buying an additional 36 shares in the last quarter. ACT Wealth Management LLC raised its position in shares of 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 buying an additional 36 shares in the last quarter. Capital Management Associates Inc raised its position in shares of Tesla by 3.4% during the 1st quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer's stock valued at $302,000 after buying an additional 38 shares in the last quarter. Finally, Graney & King LLC raised its position in shares of Tesla by 18.4% during the 1st quarter. Graney & King LLC now owns 245 shares of the electric vehicle producer's stock valued at $63,000 after buying an additional 38 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Price Performance

Shares of TSLA opened at $426.07 on Monday. The company has a 50 day moving average price of $340.68 and a 200-day moving average price of $308.67. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54. The stock has a market capitalization of $1.42 trillion, a PE ratio of 246.28, a PEG ratio of 14.86 and a beta of 2.06. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.03). The firm had revenue of $22.50 billion for 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 company's revenue was down 11.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.52 EPS. Equities analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TSLA. UBS Group set a $290.00 target price on shares of Tesla in a research note on Monday, June 30th. Dbs Bank increased their price objective on shares of Tesla from $300.00 to $450.00 in a research report on Wednesday, September 17th. William Blair restated a "market perform" rating on shares of Tesla in a research report on Friday, September 5th. Bank of America increased their price target on Tesla from $305.00 to $341.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Finally, Canaccord Genuity Group raised their price target on Tesla from $303.00 to $333.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have issued a Hold rating and nine have assigned a Sell rating to the company. According to MarketBeat, Tesla currently has an average rating of "Hold" and a consensus price target of $317.70.

Insider Buying and Selling

In related news, CFO Vaibhav Taneja sold 4,000 shares of the business's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $292.89, for a total transaction of $1,171,560.00. Following the completion of the transaction, the chief financial officer owned 5,924 shares in the company, valued at $1,735,080.36. The trade was a 40.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the transaction, the senior vice president owned 47,600 shares of the company's stock, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 208,606 shares of company stock worth $77,360,462 in the last 90 days. 19.90% of the stock is 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.

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