Delap Wealth Advisory LLC Cuts Stock Position in Tesla, Inc. $TSLA

Delap Wealth Advisory LLC reduced its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 78.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 700 shares of the electric vehicle producer's stock after selling 2,598 shares during the period. Delap Wealth Advisory LLC's holdings in Tesla were worth $222,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. First Merchants Corp raised its stake in shares of Tesla by 1.3% during the second quarter. First Merchants Corp now owns 2,413 shares of the electric vehicle producer's stock valued at $767,000 after acquiring an additional 31 shares in the last quarter. KWB Wealth raised its position in Tesla by 2.4% during the 2nd quarter. KWB Wealth now owns 1,381 shares of the electric vehicle producer's stock valued at $439,000 after purchasing an additional 33 shares in the last quarter. Conrad Siegel Investment Advisors Inc. raised its position in Tesla by 3.6% during the 2nd quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer's stock valued at $310,000 after purchasing an additional 34 shares in the last quarter. Guyasuta Investment Advisors Inc. raised its position in Tesla by 0.7% during the 2nd quarter. Guyasuta Investment Advisors Inc. now owns 5,107 shares of the electric vehicle producer's stock valued at $1,622,000 after purchasing an additional 34 shares in the last quarter. Finally, Acorn Creek Capital LLC raised its position in Tesla by 1.6% during the 2nd quarter. Acorn Creek Capital LLC now owns 2,194 shares of the electric vehicle producer's stock valued at $697,000 after purchasing an additional 34 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Tesla

In other news, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction on Monday, September 8th. The shares were sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of the sale, the chief financial officer directly owned 9,856 shares in the company, valued at approximately $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of the firm's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the transaction, the senior vice president owned 47,600 shares of the company's stock, valued at $17,314,500. This trade represents a 29.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold 202,606 shares of company stock valued at $75,588,902 in the last three months. 19.90% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on TSLA shares. TD Cowen lifted their price objective on Tesla from $374.00 to $509.00 and gave the company a "buy" rating in a report on Thursday, October 9th. Guggenheim restated a "sell" rating and issued a $175.00 price target on shares of Tesla in a report on Wednesday, July 23rd. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Tesla from $345.00 to $435.00 and gave the company a "buy" rating in a report on Friday, September 26th. Daiwa Capital Markets reissued a "neutral" rating on shares of Tesla in a research note on Sunday, July 27th. Finally, The Goldman Sachs Group boosted their price objective on shares of Tesla from $395.00 to $425.00 and gave the stock a "neutral" rating in a research note on Friday, October 3rd. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, thirteen have given a Hold rating and eight have issued a Sell rating to the stock. According to MarketBeat, Tesla currently has a consensus rating of "Hold" and a consensus price target of $363.03.

Tesla Stock Performance

Shares of TSLA stock opened at $435.15 on Thursday. The business's fifty day simple moving average is $383.21 and its 200-day simple moving average is $330.90. The company has a market cap of $1.45 trillion, a PE ratio of 251.53, a PEG ratio of 15.47 and a beta of 2.08. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. 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 issued its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The business had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same period in the previous year, the company posted $0.52 earnings per share. The business's revenue for the quarter was down 11.8% on a year-over-year basis. Analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

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.

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