Cullinan Associates Inc. Sells 14,000 Shares of Tesla, Inc. (NASDAQ:TSLA)

Cullinan Associates Inc. reduced its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 55.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,200 shares of the electric vehicle producer's stock after selling 14,000 shares during the period. Cullinan Associates Inc.'s holdings in Tesla were worth $2,903,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of TSLA. Cherry Tree Wealth Management LLC increased its stake in Tesla by 86.3% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after purchasing an additional 44 shares during the period. First PREMIER Bank increased its stake in Tesla by 79.2% in the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after purchasing an additional 42 shares during the period. Newton One Investments LLC increased its stake in Tesla by 250.0% in the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after purchasing an additional 75 shares during the period. True Wealth Design LLC increased its stake in Tesla by 79.5% in the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock worth $28,000 after purchasing an additional 31 shares during the period. Finally, Horrell Capital Management Inc. increased its stake in Tesla by 75.6% in the 4th quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer's stock worth $32,000 after purchasing an additional 34 shares during the period. 66.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TSLA has been the topic of several research analyst reports. Wedbush reissued an "outperform" rating and set a $500.00 target price on shares of Tesla in a research note on Friday. Oppenheimer restated a "mixed" rating on shares of Tesla in a research report on Tuesday, March 18th. Raymond James Financial lowered Tesla to an "outperform" rating in a research report on Tuesday, April 22nd. Royal Bank Of Canada dropped their price target on Tesla from $314.00 to $307.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 23rd. Finally, Benchmark restated a "buy" rating and set a $350.00 price target on shares of Tesla in a research report on Wednesday, April 23rd. Ten analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Tesla currently has an average rating of "Hold" and an average price target of $294.58.

Insider Activity at Tesla

In other news, SVP Xiaotong Zhu sold 15,000 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total value of $4,857,150.00. Following the completion of the transaction, the senior vice president now owns 67,600 shares of the company's stock, valued at $21,889,556. This represents a 18.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Kimbal Musk sold 91,588 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total value of $32,732,635.32. Following the completion of the transaction, the director now directly owns 1,463,220 shares of the company's stock, valued at $522,940,195.80. This represents a 5.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 833,509 shares of company stock valued at $278,648,925 over the last quarter. 20.70% of the stock is owned by corporate insiders.

Tesla Stock Up 8.2%

TSLA stock traded up $26.52 during trading hours on Monday, reaching $348.68. 187,841,279 shares of the stock were exchanged, compared to its average volume of 101,510,623. The firm's 50-day moving average is $306.22 and its 200-day moving average is $331.70. The company has a market cap of $1.12 trillion, a price-to-earnings ratio of 191.58, a PEG ratio of 12.05 and a beta of 2.47. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.54. Tesla, Inc. has a 12 month low of $182.00 and a 12 month high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.26). The firm had revenue of $19.34 billion during the quarter, compared to analyst estimates of $22.93 billion. Tesla had a net margin of 6.66% and a return on equity of 9.02%. During the same quarter last year, the business posted $0.45 earnings per share. On average, 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.