Focus Financial Network Inc. Sells 4,631 Shares of Tesla, Inc. $TSLA

Key Points

• Focus Financial Network Inc. reduced its stake in Tesla, Inc. by 20.6%, selling 4,631 shares and now holds 17,836 shares valued at approximately $5.67 million.
• Tesla's stock has seen significant trading activity, with various hedge funds increasing their holdings while some insiders sold large amounts, including Director James R. Murdoch who sold 60,000 shares for over $25 million.
• Recent analyst ratings for Tesla include a target price reduction from $390.00 to $375.00 by Mizuho, while the average consensus target price is currently $307.46.

Focus Financial Network Inc. lessened its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 20.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,836 shares of the electric vehicle producer's stock after selling 4,631 shares during the quarter. Focus Financial Network Inc.'s holdings in Tesla were worth $5,666,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cherry Tree Wealth Management LLC boosted its holdings 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 buying an additional 44 shares during the period. First PREMIER Bank lifted its position in shares of Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after purchasing an additional 42 shares in the last quarter. Pacific Center for Financial Services lifted its position in shares of Tesla by 1,616.7% in the fourth quarter. Pacific Center for Financial Services now owns 103 shares of the electric vehicle producer's stock worth $42,000 after purchasing an additional 97 shares in the last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of Tesla in the first quarter worth $27,000. Finally, Newton One Investments LLC lifted its position in shares of Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after purchasing an additional 75 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Insider Activity at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 20,000 shares of the 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 completion of the transaction, the senior vice president owned 47,600 shares in the company, valued at approximately $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Vaibhav Taneja sold 4,000 shares of the firm's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $292.89, for a total value of $1,171,560.00. Following the transaction, the chief financial officer owned 5,924 shares of the company's stock, valued at $1,735,080.36. The trade was a 40.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 208,606 shares of company stock worth $77,360,462 over the last quarter. 20.70% of the stock is owned by corporate insiders.

Tesla Stock Performance

Shares of NASDAQ TSLA traded up $9.22 during mid-day trading on Friday, reaching $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 52 week low of $212.11 and a 52 week high of $488.54. The firm has a 50-day moving average price of $340.68 and a two-hundred day moving average price of $308.35. The firm has a market capitalization of $1.42 trillion, a price-to-earnings ratio of 246.28, a price-to-earnings-growth ratio of 14.86 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 (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. During the same quarter in the prior year, the company earned $0.52 earnings per share. The company's quarterly revenue was down 11.8% on a year-over-year basis. Analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Analysts Set New Price Targets

TSLA has been the topic of several analyst reports. Morgan Stanley reaffirmed an "overweight" rating and set a $410.00 price target on shares of Tesla in a research report on Friday, September 5th. Glj Research reissued a "sell" rating on shares of Tesla in a research report on Thursday, July 24th. Dbs Bank increased their price objective on shares of Tesla from $300.00 to $450.00 in a research report on Wednesday. The Goldman Sachs Group upped their price target on shares of Tesla from $300.00 to $395.00 and gave the company a "neutral" rating in a research note on Thursday. Finally, Baird R W upgraded shares of Tesla from a "hold" rating to a "strong-buy" rating in a research note on Friday. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have issued a Hold rating and nine have given a Sell rating to the stock. According to MarketBeat.com, Tesla presently has a consensus rating of "Hold" and a consensus price target of $317.70.

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.