Exchange Traded Concepts LLC Decreases Stock Position in Tesla, Inc. $TSLA

Key Points

• Exchange Traded Concepts LLC has reduced its holdings in Tesla, Inc. by 36.8%, selling 166,708 shares and now owning 286,506 shares valued at approximately $91 million.
• Other hedge funds have shown increased activity in Tesla, with Goldman Sachs boosting its stake by 322.1% and GAMMA Investing LLC raising its position by an astonishing 27,378.6%.
• Insider trading was notable, with Director James R. Murdoch selling 60,000 shares and CFO Vaibhav Taneja selling 2,606 shares, reflecting decreases of 8.61% and 20.91% in their respective positions.

Exchange Traded Concepts LLC lowered its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 36.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 286,506 shares of the electric vehicle producer's stock after selling 166,708 shares during the period. Tesla makes up 1.1% of Exchange Traded Concepts LLC's portfolio, making the stock its 12th biggest position. Exchange Traded Concepts LLC's holdings in Tesla were worth $91,011,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Tesla by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock valued at $63,983,418,000 after purchasing an additional 3,694,524 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of 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 purchasing an additional 20,291,139 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Tesla by 4.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 18,174,941 shares of the electric vehicle producer's stock valued at $4,710,218,000 after acquiring an additional 849,091 shares during the last quarter. Amundi increased its stake in Tesla by 29.4% in the 1st 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 during the period. Finally, Invesco Ltd. grew its stake in shares of Tesla by 17.6% in the first quarter. Invesco Ltd. now owns 14,786,414 shares of the electric vehicle producer's stock worth $3,832,047,000 after acquiring an additional 2,211,300 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Trading Up 2.2%

NASDAQ TSLA traded up $9.22 on Friday, reaching $426.07. 92,721,496 shares of the company were exchanged, compared to its average volume of 86,324,392. The stock has a market capitalization of $1.42 trillion, a P/E ratio of 246.28, a price-to-earnings-growth ratio of 14.86 and a beta of 2.06. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The business's fifty day moving average price is $340.68 and its 200 day moving average price is $308.35.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $22.50 billion during the quarter, compared to analysts' expectations of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm's revenue was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.52 earnings per share. Analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have weighed in on TSLA. Guggenheim restated a "sell" rating and set a $175.00 price target on shares of Tesla in a report on Wednesday, July 23rd. Morgan Stanley reiterated an "overweight" rating and issued a $410.00 price objective on shares of Tesla in a research report on Friday, September 5th. HSBC reiterated a "reduce" rating and set a $120.00 target price on shares of Tesla in a research report on Thursday, July 3rd. Argus reiterated a "hold" rating on shares of Tesla in a report on Monday, June 9th. Finally, Glj Research reissued a "sell" rating on shares of Tesla in a report on Thursday, July 24th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have issued a Hold rating and nine have given a Sell rating to the stock. According to data from MarketBeat.com, Tesla has a consensus rating of "Hold" and a consensus price target of $317.70.

Insider Buying and Selling

In other Tesla news, Director James R. Murdoch sold 120,000 shares of the business's stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the transaction, the director directly owned 697,031 shares in the company, valued at $244,162,988.99. The trade was a 14.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Xiaotong Zhu sold 20,000 shares of the company's 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 transaction, the senior vice president owned 47,600 shares in the company, valued at $17,314,500. This represents a 29.59% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 208,606 shares of company stock worth $77,360,462. Company insiders own 20.70% 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.