Fagan Associates Inc. Lowers Stake in Tesla, Inc. (NASDAQ:TSLA)

Fagan Associates Inc. cut its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 72.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,736 shares of the electric vehicle producer's stock after selling 7,222 shares during the quarter. Fagan Associates Inc.'s holdings in Tesla were worth $709,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TSLA. True Wealth Design LLC increased its holdings in Tesla by 79.5% in the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 31 shares during the last quarter. Horrell Capital Management Inc. grew its stake in shares of Tesla by 75.6% in the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer's stock worth $32,000 after acquiring an additional 34 shares in the last quarter. Navigoe LLC purchased a new stake in shares of Tesla during the 4th quarter worth $37,000. CoreFirst Bank & Trust purchased a new stake in shares of Tesla during the 4th quarter worth $38,000. Finally, Cherry Tree Wealth Management LLC lifted its position in shares of Tesla by 86.3% during 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 last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, 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 sale, the director owned 1,463,220 shares in the company, valued at approximately $522,940,195.80. This represents a 5.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 6,000 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $341.02, for a total transaction of $2,046,120.00. Following the completion of the sale, the chief financial officer owned 1,950 shares of the company's stock, valued at approximately $664,989. This trade represents a 75.47% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 835,509 shares of company stock valued at $279,420,485. 20.70% of the stock is currently owned by insiders.

Tesla Stock Performance

Shares of NASDAQ:TSLA traded up $0.73 during trading on Monday, reaching $330.38. 18,701,116 shares of the company's stock traded hands, compared to its average volume of 98,626,441. 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. The company has a 50 day moving average of $326.27 and a 200-day moving average of $316.26. The stock has a market capitalization of $1.06 trillion, a P/E ratio of 181.06, a price-to-earnings-growth ratio of 12.56 and a beta of 2.39.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a return on equity of 9.02% and a net margin of 6.66%. The firm had revenue of $19.34 billion during the quarter, compared to the consensus estimate of $22.93 billion. During the same quarter last year, the company posted $0.45 EPS. On average, equities analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on TSLA shares. Mizuho decreased their price objective on shares of Tesla from $390.00 to $375.00 and set an "outperform" rating for the company in a research report on Tuesday, July 8th. UBS Group set a $290.00 price objective on shares of Tesla in a research note on Monday, June 30th. JPMorgan Chase & Co. reduced their price objective on Tesla from $120.00 to $115.00 and set an "underweight" rating for the company in a research note on Wednesday, April 23rd. Needham & Company LLC reaffirmed a "hold" rating on shares of Tesla in a research note on Wednesday, April 23rd. Finally, Wedbush restated an "outperform" rating and issued a $500.00 price objective on shares of Tesla in a research report on Tuesday, July 8th. Ten investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Tesla has an average rating of "Hold" and a consensus target price of $300.19.

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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