Floyd Financial Group LLC Sells 8,012 Shares of Tesla, Inc. $TSLA

Key Points

• Floyd Financial Group LLC significantly reduced its holdings in Tesla by 86.3%, selling 8,012 shares and now owning just 1,274 shares valued at approximately $402,000.
• Despite being a major player, Tesla's latest earnings report showed a decline in revenue by 11.8% year-over-year, with earnings per share of $0.40, missing the estimated $0.43.
• Currently, Tesla has a market capitalization of $1.41 trillion and a stock price fluctuation range between a one-year low of $212.11 and a one-year high of $488.54.

Floyd Financial Group LLC lessened its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 86.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,274 shares of the electric vehicle producer's stock after selling 8,012 shares during the quarter. Floyd Financial Group LLC's holdings in Tesla were worth $402,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Conrad Siegel Investment Advisors Inc. boosted its stake in shares of Tesla by 3.6% during the 2nd quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer's stock valued at $310,000 after purchasing an additional 34 shares in the last quarter. Acorn Wealth Advisors LLC lifted its holdings in Tesla by 1.9% in the first quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock worth $493,000 after buying an additional 36 shares during the period. Solutions 4 Wealth Ltd boosted its position in Tesla by 2.0% during the 1st quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock valued at $470,000 after acquiring an additional 36 shares in the last quarter. ACT Wealth Management LLC grew its holdings in shares of Tesla by 0.7% during the 2nd quarter. ACT Wealth Management LLC now owns 5,405 shares of the electric vehicle producer's stock worth $1,717,000 after acquiring an additional 36 shares during the period. Finally, Capital Management Associates Inc grew its holdings in shares of Tesla by 3.4% during the 1st quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer's stock worth $302,000 after acquiring an additional 38 shares during the period. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Stock Performance

Shares of TSLA stock opened at $423.39 on Friday. The company has a market capitalization of $1.41 trillion, a price-to-earnings ratio of 244.73, a price-to-earnings-growth ratio of 15.45 and a beta of 2.06. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. Tesla, Inc. has a one year low of $212.11 and a one year high of $488.54. The company's 50-day moving average is $349.83 and its 200 day moving average is $312.97.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its earnings results 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 firm had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The company's quarterly revenue was down 11.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.52 EPS. Sell-side analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Wedbush restated an "outperform" rating and set a $500.00 price target on shares of Tesla in a research report on Monday, September 15th. China Renaissance reissued a "hold" rating and set a $349.00 price objective on shares of Tesla in a research report on Friday, July 25th. Baird R W upgraded shares of Tesla from a "hold" rating to a "strong-buy" rating in a report on Friday, September 19th. Robert W. Baird upgraded shares of Tesla from a "neutral" rating to an "outperform" rating and increased their price target for the stock from $320.00 to $548.00 in a research note on Friday, September 19th. Finally, UBS Group reissued a "sell" rating on shares of Tesla in a research report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, twelve have assigned a Hold rating and nine have issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $326.74.

Insider Buying and Selling at Tesla

In other news, 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 transaction of $7,275,000.00. Following the transaction, the senior vice president directly owned 47,600 shares of the company's stock, valued at $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction on Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the sale, the chief financial officer directly owned 9,856 shares in the company, valued at $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 208,606 shares of company stock worth $77,360,462. Insiders own 19.90% 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.

Want to see what other hedge funds are holding TSLA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tesla, Inc. (NASDAQ:TSLA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.