Drive Wealth Management LLC Reduces Position in Tesla, Inc. $TSLA

Key Points

• Drive Wealth Management LLC reduced its holdings in Tesla, Inc. by 12.1% during the 2nd quarter, now owning 12,195 shares worth approximately $3.87 million.
• Goldman Sachs Group Inc. significantly increased its position in Tesla by 322.1% during the 1st quarter, holding over 26 million shares valued at nearly $6.89 billion.
• Analysts have set various price targets for Tesla, with Benchmark raising its target to $475.00, while Tesla's consensus rating remains at "Hold" with an average price target of $363.54.

Drive Wealth Management LLC trimmed its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 12.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,195 shares of the electric vehicle producer's stock after selling 1,677 shares during the quarter. Tesla makes up about 0.8% of Drive Wealth Management LLC's portfolio, making the stock its 22nd biggest position. Drive Wealth Management LLC's holdings in Tesla were worth $3,874,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Goldman Sachs Group Inc. lifted its holdings in Tesla by 322.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock valued at $6,891,201,000 after buying an additional 20,291,139 shares in the last quarter. Nuveen LLC purchased a new position in shares of Tesla during the first quarter worth approximately $3,247,619,000. Kingstone Capital Partners Texas LLC raised its stake in shares of Tesla by 581,880.5% during the second quarter. Kingstone Capital Partners Texas LLC now owns 6,436,704 shares of the electric vehicle producer's stock valued at $2,044,683,000 after acquiring an additional 6,435,598 shares in the last quarter. Amundi grew its stake in Tesla by 29.4% in the first quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer's stock worth $4,482,789,000 after purchasing an additional 3,814,610 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Tesla by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock worth $63,983,418,000 after purchasing an additional 3,694,524 shares during the period. Hedge funds and other institutional investors own 66.20% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on TSLA. Benchmark restated a "buy" rating and set a $475.00 price target (up previously from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Needham & Company LLC reiterated a "hold" rating on shares of Tesla in a report on Thursday, July 24th. Bank of America raised their price target on Tesla from $305.00 to $341.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. TD Cowen upped their price objective on shares of Tesla from $374.00 to $509.00 and gave the company a "buy" rating in a report on Thursday, October 9th. Finally, Dbs Bank lifted their target price on shares of Tesla from $300.00 to $450.00 in a research note on Wednesday, September 17th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have issued a Hold rating and ten have assigned a Sell rating to the stock. According to data from MarketBeat.com, Tesla currently has a consensus rating of "Hold" and an average price target of $363.54.

Tesla Stock Performance

Shares of NASDAQ TSLA opened at $439.31 on Monday. The stock has a market cap of $1.46 trillion, a price-to-earnings ratio of 253.94, a PEG ratio of 15.79 and a beta of 2.08. Tesla, Inc. has a 12 month low of $212.11 and a 12 month high of $488.54. The company has a 50 day simple moving average of $387.54 and a two-hundred day simple moving average of $334.06. 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 (NASDAQ:TSLA - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (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 business had revenue of $22.50 billion for the quarter, compared to analysts' expectations of $23.18 billion. During the same period last year, the business earned $0.52 EPS. The company's revenue for the quarter was down 11.8% on a year-over-year basis. As a group, analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Buying and Selling

In other Tesla news, Director James R. Murdoch sold 60,000 shares of the business's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $422.68, for a total value of $25,360,800.00. Following the completion of the transaction, the director directly owned 637,031 shares of the company's stock, valued at approximately $269,260,263.08. The trade was a 8.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Vaibhav Taneja sold 2,606 shares of the company's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the transaction, the chief financial officer directly owned 9,856 shares of the company's stock, valued at $3,473,057.28. The trade was a 20.91% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 202,606 shares of company stock valued at $75,588,902 over the last ninety days. Company insiders own 19.90% of the company's stock.

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.

Want to see what other hedge funds are holding TSLA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tesla, Inc. (NASDAQ:TSLA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.