Tesla, Inc. $TSLA Shares Sold by Firsthand Capital Management Inc.

Key Points

• Firsthand Capital Management Inc. reduced its stake in Tesla, Inc. by 33.3% during the first quarter, owning 2,000 shares valued at $518,000.
• Insider transactions included Director James R. Murdoch selling 120,000 shares for approximately $42 million, reducing his position by 14.69%.
• Analysts have mixed ratings on Tesla, with a consensus rating of "Hold" and a target price of $303.31, reflecting varied expectations for the company's stock performance.

Firsthand Capital Management Inc. decreased its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 33.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,000 shares of the electric vehicle producer's stock after selling 1,000 shares during the quarter. Tesla accounts for about 1.3% of Firsthand Capital Management Inc.'s holdings, making the stock its 20th biggest holding. Firsthand Capital Management Inc.'s holdings in Tesla were worth $518,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cherry Tree Wealth Management LLC boosted 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 valued at $25,000 after purchasing an additional 44 shares during the period. First PREMIER Bank raised its holdings in Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 42 shares in the last quarter. Newton One Investments LLC raised its holdings in Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after acquiring an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in Tesla in the first quarter valued at approximately $27,000. Finally, Centennial Bank AR raised its holdings in Tesla by 833.3% in the first quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer's stock valued at $29,000 after acquiring an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Insider Buying and Selling

In related news, Director James R. Murdoch sold 120,000 shares of the business's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 2,000 shares of the business's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total transaction of $600,000.00. Following the completion of the transaction, the chief financial officer directly owned 5,924 shares of the company's stock, valued at $1,777,200. The trade was a 25.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 143,564 shares of company stock worth $49,396,070 in the last three months. Corporate insiders own 20.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on TSLA shares. UBS Group set a $290.00 target price on shares of Tesla in a report on Monday, June 30th. Argus reaffirmed a "hold" rating on shares of Tesla in a report on Monday, June 9th. HSBC reaffirmed a "reduce" rating and issued a $120.00 target price on shares of Tesla in a report on Thursday, July 3rd. Needham & Company LLC reissued a "hold" rating on shares of Tesla in a report on Thursday, July 24th. Finally, Guggenheim reissued a "sell" rating and set a $175.00 price objective on shares of Tesla in a report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, fifteen have assigned a Hold rating and nine have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $303.31.

Tesla Stock Performance

NASDAQ:TSLA traded up $4.73 during midday trading on Wednesday, reaching $334.09. The stock had a trading volume of 88,423,670 shares, compared to its average volume of 103,650,383. The firm has a fifty day simple moving average of $323.07 and a two-hundred day simple moving average of $302.58. Tesla, Inc. has a 12-month low of $210.51 and a 12-month high of $488.54. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The stock has a market cap of $1.08 trillion, a P/E ratio of 193.12, a P/E/G ratio of 11.61 and a beta of 2.06.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The company had revenue of $22.50 billion for the quarter, compared to analysts' expectations of $23.18 billion. During the same quarter in the previous year, the firm posted $0.52 earnings per share. Tesla's revenue for the quarter was down 11.8% on a year-over-year basis. On average, equities analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

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.