Fortis Capital Advisors LLC Decreases Stock Position in Tesla, Inc. $TSLA

Key Points

• Fortis Capital Advisors LLC reduced its stake in Tesla, Inc. by 21.2%, now holding 15,198 shares valued at approximately $3.94 million.
• Goldman Sachs increased its holdings by 322.1%, owning over 26.5 million shares, demonstrating significant institutional interest in Tesla.
• Despite recent insider selling, analysts maintain a consensus rating of “Hold” on Tesla stocks, with price targets ranging from $290 to $500.

Fortis Capital Advisors LLC decreased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 21.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 15,198 shares of the electric vehicle producer's stock after selling 4,090 shares during the period. Tesla makes up approximately 0.8% of Fortis Capital Advisors LLC's investment portfolio, making the stock its 20th largest holding. Fortis Capital Advisors LLC's holdings in Tesla were worth $3,939,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Goldman Sachs Group Inc. increased its stake in Tesla by 322.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock valued at $6,891,201,000 after purchasing an additional 20,291,139 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Tesla during the first quarter valued at $3,247,619,000. GAMMA Investing LLC grew its holdings in shares of Tesla by 27,378.6% during the first quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer's stock valued at $2,542,960,000 after buying an additional 9,776,607 shares during the last quarter. Amundi increased its position in shares of Tesla by 29.4% in the 1st quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer's stock valued at $4,482,789,000 after acquiring an additional 3,814,610 shares during the period. Finally, Vanguard Group Inc. raised its stake in Tesla by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock worth $63,983,418,000 after acquiring an additional 3,694,524 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Royal Bank Of Canada reiterated an "overweight" rating on shares of Tesla in a research note on Tuesday, July 29th. William Blair reaffirmed a "market perform" rating on shares of Tesla in a report on Friday. Wedbush reiterated an "outperform" rating and issued a $500.00 price target on shares of Tesla in a report on Monday, August 4th. UBS Group set a $290.00 price target on shares of Tesla in a research report on Monday, June 30th. Finally, China Renaissance restated a "hold" rating and set a $349.00 price objective on shares of Tesla in a research note on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fourteen have assigned a Hold rating and nine have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $303.00.

Insiders Place Their Bets

In related news, Director James R. Murdoch sold 120,000 shares of Tesla stock in a transaction dated 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 completion of the transaction, the director owned 697,031 shares in the company, valued at $244,162,988.99. The trade was a 14.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of the company's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $292.89, for a total value of $1,171,560.00. Following the completion of the transaction, the chief financial officer directly owned 5,924 shares of the company's stock, valued at $1,735,080.36. The trade was a 40.31% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 143,606 shares of company stock worth $49,581,812. Company insiders own 20.70% of the company's stock.

Tesla Trading Up 0.2%

Tesla stock opened at $346.97 on Wednesday. The firm has a market cap of $1.12 trillion, a PE ratio of 200.56, a P/E/G ratio of 12.08 and a beta of 2.06. Tesla, Inc. has a 12 month low of $212.11 and a 12 month high of $488.54. The stock's 50 day simple moving average is $325.50 and its two-hundred day simple moving average is $302.26. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA - Get Free Report) last posted 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). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same quarter in the prior year, the firm earned $0.52 earnings per share. The business's revenue for the quarter was down 11.8% on a year-over-year basis. Analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

About Tesla

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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