Tesla, Inc. (NASDAQ:TSLA) Shares Sold by Cornerstone Advisors LLC

Key Points

• Cornerstone Advisors LLC decreased its Tesla holdings by 19.2% in the first quarter, selling 32,700 shares, leaving them with 137,900 shares valued at approximately $35.7 million.
• Several other investors increased their positions in Tesla, with Cherry Tree Wealth Management LLC boosting their stake by 86.3%, reflecting significant interest from institutional investors.
• Tesla reported a quarterly earnings miss with $0.40 EPS, falling short of the expected $0.43 EPS, and its revenue declined 11.8% year-over-year to $22.5 billion.

Cornerstone Advisors LLC cut its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 19.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 137,900 shares of the electric vehicle producer's stock after selling 32,700 shares during the period. Tesla comprises 1.5% of Cornerstone Advisors LLC's portfolio, making the stock its 11th biggest position. Cornerstone Advisors LLC's holdings in Tesla were worth $35,738,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Susquehanna Fundamental Investments LLC purchased a new position in Tesla during the 4th quarter worth $56,600,000. Means Investment CO. Inc. grew its stake in Tesla by 37.7% during the 1st quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer's stock valued at $5,984,000 after purchasing an additional 6,323 shares during the last quarter. Focus Financial Network Inc. grew its stake in Tesla by 3.1% during the 1st quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer's stock valued at $5,823,000 after purchasing an additional 670 shares during the last quarter. IFM Investors Pty Ltd grew its stake in Tesla by 8.5% during the 1st quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer's stock valued at $153,436,000 after purchasing an additional 46,087 shares during the last quarter. Finally, Harvard Management Co. Inc. purchased a new stake in Tesla during the 4th quarter valued at about $8,158,000. 66.20% of the stock is owned by institutional investors.

Tesla Stock Up 0.7%

Shares of NASDAQ TSLA traded up $2.36 during mid-day trading on Thursday, hitting $322.27. The company had a trading volume of 66,349,220 shares, compared to its average volume of 91,453,784. Tesla, Inc. has a 1-year low of $192.04 and a 1-year high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The company has a market capitalization of $1.04 trillion, a PE ratio of 186.28, a price-to-earnings-growth ratio of 11.24 and a beta of 2.33. The business's 50-day simple moving average is $319.07 and its 200 day simple moving average is $308.84.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $23.18 billion. During the same quarter in the prior year, the business earned $0.52 earnings per share. The firm's quarterly revenue was down 11.8% on a year-over-year basis. On average, analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insiders Place Their Bets

In other Tesla news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total value of $170,636,475.60. Following the sale, the director directly owned 855,394 shares in the company, valued at $305,632,276.20. This trade represents a 35.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 2,000 shares of Tesla stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $300.00, for a total value of $600,000.00. Following the sale, the chief financial officer owned 5,924 shares in the company, valued at $1,777,200. This trade represents a 25.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 606,724 shares of company stock valued at $215,376,831 in the last three months. Corporate insiders own 20.70% of the company's stock.

Analysts Set New Price Targets

TSLA has been the topic of several research analyst reports. JPMorgan Chase & Co. dropped their price target on Tesla from $120.00 to $115.00 and set an "underweight" rating on the stock in a research note on Wednesday, April 23rd. Cfra Research downgraded Tesla from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, April 22nd. Morgan Stanley restated an "overweight" rating and issued a $410.00 target price on shares of Tesla in a research note on Friday, June 6th. Royal Bank Of Canada restated an "overweight" rating on shares of Tesla in a research note on Tuesday, July 29th. Finally, Mizuho lowered their target price on Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 8th. Ten analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $303.31.

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.