Empower Advisory Group LLC Decreases Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Empower Advisory Group LLC lessened its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 32.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 569,115 shares of the electric vehicle producer's stock after selling 273,536 shares during the period. Empower Advisory Group LLC's holdings in Tesla were worth $147,492,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Cherry Tree Wealth Management LLC increased 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 purchasing an additional 44 shares in the last quarter. First PREMIER Bank boosted its holdings 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 buying an additional 42 shares during the period. Newton One Investments LLC grew 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 valued at $27,000 after buying an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI bought a new stake in Tesla during the 1st quarter valued at $27,000. Finally, True Wealth Design LLC lifted its position in shares of Tesla by 79.5% during the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock worth $28,000 after acquiring an additional 31 shares in the last quarter. Institutional investors own 66.20% of the company's stock.

Insiders Place Their Bets

In other Tesla news, CFO Vaibhav Taneja sold 2,000 shares of the business's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total transaction of $600,000.00. Following the transaction, the chief financial officer directly owned 5,924 shares of the company's stock, valued at approximately $1,777,200. The trade was a 25.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the firm's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the sale, the director directly owned 855,394 shares of the company's stock, valued at approximately $305,632,276.20. This represents a 35.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 606,724 shares of company stock valued at $215,376,831 in the last 90 days. 20.70% of the stock is owned by corporate insiders.

Tesla Price Performance

Shares of Tesla stock opened at $309.26 on Tuesday. The firm has a market cap of $997.50 billion, a PE ratio of 178.76, a price-to-earnings-growth ratio of 10.63 and a beta of 2.33. The company's fifty day simple moving average is $321.62 and its two-hundred day simple moving average is $309.49. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. 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 posted 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). 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 firm's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.52 earnings per share. As a group, equities analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TSLA. William Blair cut Tesla from an "outperform" rating to a "market perform" rating in a research report on Monday, July 7th. Morgan Stanley reaffirmed an "overweight" rating and set a $410.00 target price on shares of Tesla in a report on Friday, June 6th. BNP Paribas set a $137.00 price target on shares of Tesla and gave the stock an "underperform" rating in a report on Wednesday, April 16th. Benchmark reaffirmed a "buy" rating and set a $475.00 price objective (up previously from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Finally, Stifel Nicolaus set a $450.00 target price on shares of Tesla and gave the stock a "buy" rating in a report on Thursday, April 24th. Ten research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Tesla presently has a consensus rating of "Hold" and a consensus price target of $303.31.

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.

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