Tesla, Inc. $TSLA Position Reduced by Ferguson Wellman Capital Management Inc.

Key Points

• Ferguson Wellman Capital Management Inc. reduced its stake in Tesla by 6.1%, holding approximately $8.18 million worth of shares after selling 1,665 shares in the second quarter.
• Multiple large investors, including Goldman Sachs and GAMMA Investing, made significant increases to their Tesla holdings, with Goldman Sachs raising its stake by 322.1%.
• Tesla reported a miss on earnings per share with $0.40 for the latest quarter, falling short of the consensus estimate of $0.43, alongside a revenue decline of 11.8% compared to the same period last year.

Ferguson Wellman Capital Management Inc. lessened its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 6.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,756 shares of the electric vehicle producer's stock after selling 1,665 shares during the quarter. Ferguson Wellman Capital Management Inc.'s holdings in Tesla were worth $8,182,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of TSLA. Cherry Tree Wealth Management LLC increased its stake in Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after purchasing an additional 44 shares during the last quarter. First PREMIER Bank lifted its position in Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after purchasing an additional 42 shares during the period. Newton One Investments LLC grew its stake in shares of Tesla by 250.0% during the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after acquiring an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of Tesla in the 1st quarter valued at approximately $27,000. Finally, Chelsea Counsel Co. lifted its holdings in Tesla by 59.7% during the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 40 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Royal Bank Of Canada reaffirmed an "overweight" rating on shares of Tesla in a research note on Tuesday, July 29th. William Blair restated a "market perform" rating on shares of Tesla in a research report on Friday, September 5th. HSBC reaffirmed a "reduce" rating and set a $120.00 price objective on shares of Tesla in a research report on Thursday, July 3rd. The Goldman Sachs Group lifted their target price on Tesla from $300.00 to $395.00 and gave the company a "neutral" rating in a research report on Thursday. Finally, Wedbush reaffirmed an "outperform" rating and set a $500.00 target price on shares of Tesla in a research report on Monday, September 15th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have assigned a Hold rating and nine have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $317.70.

Tesla Stock Up 2.2%

TSLA traded up $9.22 during trading hours on Friday, hitting $426.07. 92,721,496 shares of the company's stock were exchanged, compared to its average volume of 86,324,392. Tesla, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54. The stock has a market cap of $1.42 trillion, a price-to-earnings ratio of 246.28, a PEG ratio of 14.86 and a beta of 2.06. The stock's 50-day moving average is $340.68 and its two-hundred day moving average is $308.35. 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 (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. During the same quarter last year, the firm posted $0.52 EPS. The business's revenue for the quarter was down 11.8% compared to the same quarter last year. Sell-side analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Activity

In other Tesla news, Director James R. Murdoch sold 120,000 shares of Tesla stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the sale, the director owned 697,031 shares of the company's stock, valued at $244,162,988.99. The trade was a 14.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of the company's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the sale, the senior vice president owned 47,600 shares of the company's stock, valued at $17,314,500. This trade represents a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 208,606 shares of company stock valued at $77,360,462 in the last ninety days. Corporate 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.