FCG Investment Co Reduces Stock Position in Tesla, Inc. $TSLA

Key Points

• FCG Investment Co has reduced its holdings in Tesla, Inc. by 42.1% in the second quarter, owning 4,830 shares valued at approximately $1.5 million.
• Several institutional investors have increased their stakes in Tesla, including Evergreen Private Wealth LLC, which boosted its position by 270% during the same period.
• Insider trading activity included Director James R. Murdoch selling 60,000 shares for over $25.3 million, reflecting an 8.61% decrease in his holding.

FCG Investment Co reduced its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 42.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,830 shares of the electric vehicle producer's stock after selling 3,509 shares during the period. Tesla makes up 0.8% of FCG Investment Co's portfolio, making the stock its 29th largest holding. FCG Investment Co's holdings in Tesla were worth $1,534,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Evergreen Private Wealth LLC grew its stake in shares of Tesla by 270.0% in the 2nd quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer's stock worth $35,000 after buying an additional 81 shares in the last quarter. MontVue Capital Management Inc. grew its stake in shares of Tesla by 35.7% in the 2nd quarter. MontVue Capital Management Inc. now owns 2,678 shares of the electric vehicle producer's stock worth $851,000 after buying an additional 704 shares in the last quarter. Embree Financial Group grew its stake in shares of Tesla by 10.0% in the 2nd quarter. Embree Financial Group now owns 1,367 shares of the electric vehicle producer's stock worth $434,000 after buying an additional 124 shares in the last quarter. Strategic Investment Solutions Inc. IL grew its stake in shares of Tesla by 25.5% in the 2nd quarter. Strategic Investment Solutions Inc. IL now owns 7,479 shares of the electric vehicle producer's stock worth $2,376,000 after buying an additional 1,520 shares in the last quarter. Finally, EdgeRock Capital LLC grew its stake in shares of Tesla by 9.1% in the 2nd quarter. EdgeRock Capital LLC now owns 4,170 shares of the electric vehicle producer's stock worth $1,324,000 after buying an additional 348 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director James R. Murdoch sold 60,000 shares of the business's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $422.68, for a total value of $25,360,800.00. Following the completion of the sale, the director owned 637,031 shares in the company, valued at approximately $269,260,263.08. The trade was a 8.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the business'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 completion of the sale, the senior vice president owned 47,600 shares of the company's stock, valued at approximately $17,314,500. This represents a 29.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 208,606 shares of company stock worth $77,360,462. 19.90% of the stock is currently owned by corporate insiders.

Tesla Price Performance

Tesla stock opened at $440.40 on Friday. The stock has a market cap of $1.46 trillion, a price-to-earnings ratio of 254.57, a price-to-earnings-growth ratio of 14.77 and a beta of 2.06. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. Tesla, Inc. has a 1 year low of $212.11 and a 1 year high of $488.54. The firm has a 50-day moving average of $352.05 and a two-hundred day moving average of $314.42.

Tesla (NASDAQ:TSLA - Get Free Report) last released 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%. Tesla's quarterly revenue was down 11.8% on a year-over-year basis. During the same period last year, the firm earned $0.52 earnings per share. On average, research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analysts Set New Price Targets

TSLA has been the subject of a number of recent analyst reports. Glj Research reaffirmed a "sell" rating on shares of Tesla in a research note on Thursday, July 24th. China Renaissance reaffirmed a "hold" rating and set a $349.00 price target on shares of Tesla in a research note on Friday, July 25th. Canaccord Genuity Group lifted their price target on shares of Tesla from $303.00 to $333.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Piper Sandler lifted their price target on shares of Tesla from $400.00 to $500.00 and gave the stock an "overweight" rating in a research note on Monday, September 22nd. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $410.00 price target on shares of Tesla in a research note on Friday, September 5th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, twelve have issued a Hold rating and nine have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $332.33.

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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