Convergence Investment Partners LLC Decreases Holdings in Tesla, Inc. (NASDAQ:TSLA)

Convergence Investment Partners LLC lessened its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 75.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,158 shares of the electric vehicle producer's stock after selling 9,788 shares during the quarter. Convergence Investment Partners LLC's holdings in Tesla were worth $818,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Cherry Tree Wealth Management LLC lifted its holdings in shares of Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 44 shares in the last quarter. First PREMIER Bank lifted its holdings in shares of Tesla by 79.2% during the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 42 shares in the last quarter. Newton One Investments LLC lifted its holdings in shares of Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after buying an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of Tesla during the first quarter worth $27,000. Finally, True Wealth Design LLC lifted its holdings in shares of Tesla by 79.5% during the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock worth $28,000 after buying an additional 31 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Insiders Place Their Bets

In other Tesla news, Director Kimbal Musk sold 91,588 shares of the firm's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value of $32,732,635.32. Following the sale, the director owned 1,463,220 shares of the company's stock, valued at $522,940,195.80. This trade represents a 5.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Vaibhav Taneja sold 2,000 shares of the firm's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total value of $600,000.00. Following the completion of the sale, the chief financial officer directly owned 5,924 shares in the company, valued at approximately $1,777,200. The trade was a 25.24% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 835,509 shares of company stock worth $279,420,485. 20.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on TSLA shares. Mizuho dropped their target price on Tesla from $390.00 to $375.00 and set an "outperform" rating for the company in a report on Tuesday, July 8th. Wedbush restated an "outperform" rating and issued a $500.00 price target on shares of Tesla in a research report on Tuesday, July 22nd. UBS Group set a $290.00 price target on Tesla in a research report on Monday, June 30th. Piper Sandler restated an "overweight" rating and issued a $400.00 price target on shares of Tesla in a research report on Tuesday, June 10th. Finally, Morgan Stanley restated an "overweight" rating and issued a $410.00 price target on shares of Tesla in a research report on Friday, June 6th. Ten investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Tesla has an average rating of "Hold" and a consensus price target of $302.75.

Tesla Price Performance

NASDAQ TSLA traded up $10.76 during trading hours on Friday, hitting $316.06. The company had a trading volume of 147,437,834 shares, compared to its average volume of 90,285,424. Tesla, Inc. has a 52 week low of $182.00 and a 52 week high of $488.54. The firm has a 50 day simple moving average of $324.70 and a 200 day simple moving average of $314.09. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.54 and a current ratio of 2.04. The firm has a market capitalization of $1.02 trillion, a price-to-earnings ratio of 182.69, a PEG ratio of 12.00 and a beta of 2.39.

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