CMH Wealth Management LLC Sells 2,016 Shares of Tesla, Inc. $TSLA

Key Points

• CMH Wealth Management LLC reduced its holdings in Tesla, Inc. by 6.2% during Q2 2023, now owning 30,559 shares valued at approximately $9.7 million.
• Several institutional investors have actively adjusted their Tesla positions, with Goldman Sachs increasing its stake by 322.1% in Q1 2023, acquiring over 20 million shares.
• Tesla reported a missed earnings estimate with $0.40 EPS for the last quarter, below the consensus estimate of $0.43, alongside a revenue decrease of 11.8% year-over-year.

CMH Wealth Management LLC reduced its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 6.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,559 shares of the electric vehicle producer's stock after selling 2,016 shares during the quarter. Tesla accounts for approximately 2.3% of CMH Wealth Management LLC's portfolio, making the stock its 15th largest holding. CMH Wealth Management LLC's holdings in Tesla were worth $9,707,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in TSLA. Goldman Sachs Group Inc. raised its holdings 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 buying an additional 20,291,139 shares during the last quarter. Nuveen LLC purchased a new stake in Tesla in the 1st quarter worth $3,247,619,000. GAMMA Investing LLC raised its position in shares of Tesla by 27,378.6% during the first quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer's stock valued at $2,542,960,000 after buying an additional 9,776,607 shares during the last quarter. Kingstone Capital Partners Texas LLC lifted its position in Tesla by 581,880.5% during the second quarter. Kingstone Capital Partners Texas LLC now owns 6,436,704 shares of the electric vehicle producer's stock valued at $2,044,683,000 after purchasing an additional 6,435,598 shares during the last quarter. Finally, Amundi increased 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 acquiring an additional 3,814,610 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Price Performance

Shares of TSLA traded up $8.14 during midday trading on Monday, hitting $434.21. 95,410,695 shares of the company traded hands, compared to its average volume of 103,367,305. The firm has a market cap of $1.44 trillion, a P/E ratio of 250.99, a PEG ratio of 14.86 and a beta of 2.06. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. Tesla, Inc. has a one year low of $212.11 and a one year high of $488.54. The stock has a 50-day moving average of $340.68 and a 200-day moving average of $308.67.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share 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 firm 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 earned $0.52 EPS. Tesla's revenue was down 11.8% on a year-over-year basis. As a group, sell-side analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on TSLA shares. Baird R W raised shares of Tesla from a "hold" rating to a "strong-buy" rating in a report on Friday. Robert W. Baird upgraded shares of Tesla from a "neutral" rating to an "outperform" rating and raised their price objective for the company from $320.00 to $548.00 in a research note on Friday. Glj Research reiterated a "sell" rating on shares of Tesla in a research note on Thursday, July 24th. Morgan Stanley restated an "overweight" rating and issued a $410.00 target price on shares of Tesla in a research report on Friday, September 5th. Finally, Stifel Nicolaus set a $440.00 price objective on shares of Tesla in a research note on Friday, September 5th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, twelve have issued a Hold rating and nine have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $324.53.

Insider Activity

In other news, CFO Vaibhav Taneja sold 2,606 shares of the firm's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the transaction, the chief financial officer owned 9,856 shares of the company's stock, valued at approximately $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James R. Murdoch sold 60,000 shares of the business's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the completion of the transaction, the director directly owned 637,031 shares in the company, valued at $269,260,263.08. This represents a 8.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 208,606 shares of company stock valued at $77,360,462 in the last 90 days. Company insiders own 20.70% of the company's stock.

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.