Cornerstone Wealth Advisors Inc. Sells 913 Shares of Tesla, Inc. $TSLA

Key Points

• Cornerstone Wealth Advisors Inc. reduced its stake in Tesla, Inc. by 20.0%, selling 913 shares and holding 3,650 shares, which now constitutes about 0.3% of their investment portfolio.
• Tesla's recent quarterly earnings showed a miss on EPS at $0.40 compared to the consensus estimate of $0.43, with a revenue of $22.50 billion, below the expected $23.18 billion.
• Insider trading activity included CFO Vaibhav Taneja and SVP Xiaotong Zhu selling a combined total of 23,606 shares worth over $8 million, indicating a significant decrease in their ownership percentages.

Cornerstone Wealth Advisors Inc. cut its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 20.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,650 shares of the electric vehicle producer's stock after selling 913 shares during the period. Tesla accounts for about 0.3% of Cornerstone Wealth Advisors Inc.'s investment portfolio, making the stock its 25th biggest position. Cornerstone Wealth Advisors Inc.'s holdings in Tesla were worth $1,159,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Cherry Tree Wealth Management LLC raised its stake in shares of Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after acquiring an additional 44 shares during the last quarter. First PREMIER Bank raised its stake in shares of Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after acquiring an additional 42 shares during the last quarter. Newton One Investments LLC raised its stake in shares of Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after acquiring an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of Tesla during the first quarter worth approximately $27,000. Finally, Chelsea Counsel Co. raised its stake in shares of Tesla by 59.7% during the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock worth $28,000 after buying an additional 40 shares during the last quarter. 66.20% of the stock is owned by institutional investors.

Tesla Stock Performance

Shares of TSLA stock opened at $444.72 on Wednesday. The company's fifty day simple moving average is $356.59 and its 200-day simple moving average is $317.64. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The firm has a market cap of $1.48 trillion, a PE ratio of 257.06, a P/E/G ratio of 15.46 and a beta of 2.06. Tesla, Inc. has a 12 month low of $212.11 and a 12 month high of $488.54.

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

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the transaction, the chief financial officer directly owned 9,856 shares of the company's stock, valued at $3,473,057.28. This represents a 20.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the transaction, the senior vice president directly owned 47,600 shares in the company, valued at $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 208,606 shares of company stock valued at $77,360,462. 19.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Morgan Stanley reissued an "overweight" rating and set a $410.00 price target on shares of Tesla in a research note on Friday, September 5th. HSBC boosted their price target on shares of Tesla from $120.00 to $127.00 in a research note on Monday. The Goldman Sachs Group boosted their price target on shares of Tesla from $300.00 to $395.00 and gave the stock a "neutral" rating in a research note on Thursday, September 18th. Benchmark restated a "buy" rating and set a $475.00 price objective (up previously from $350.00) on shares of Tesla in a report on Thursday, June 26th. Finally, UBS Group restated a "sell" rating on shares of Tesla in a report on Monday, September 22nd. 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. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $337.15.

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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