Tesla, Inc. $TSLA Shares Sold by Forvis Mazars Wealth Advisors LLC

Key Points

• Forvis Mazars Wealth Advisors LLC reduced its stake in Tesla by 9.6% in the first quarter, bringing their total holding to 7,509 shares valued at approximately $1.95 million.
• Recent insider activity revealed that Director Ira Matthew Ehrenpreis sold 477,572 shares of Tesla, representing a 35.83% decrease in his ownership, while SVP Xiaotong Zhu sold 15,000 shares, decreasing his position by 18.16%.
• Tesla's stock currently has an average rating of "Hold" from analysts, with price targets ranging from $175 to $400, and recent earnings showed a decline in revenue year-over-year.

Forvis Mazars Wealth Advisors LLC lowered its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 9.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,509 shares of the electric vehicle producer's stock after selling 799 shares during the period. Forvis Mazars Wealth Advisors LLC's holdings in Tesla were worth $1,946,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Tesla by 1.5% during the first quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock valued at $63,983,418,000 after acquiring an additional 3,694,524 shares during the period. Northern Trust Corp grew its position in Tesla by 21.6% during the fourth quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock valued at $11,541,592,000 after acquiring an additional 5,075,418 shares during the period. Goldman Sachs Group Inc. grew its position in Tesla by 322.1% during the first 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 acquiring an additional 20,291,139 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Tesla by 0.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,536,519 shares of the electric vehicle producer's stock valued at $9,908,828,000 after acquiring an additional 158,697 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Tesla by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 18,174,941 shares of the electric vehicle producer's stock valued at $4,710,218,000 after acquiring an additional 849,091 shares during the period. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Stock Down 1.9%

TSLA traded down $6.2090 on Wednesday, reaching $323.1010. The company's stock had a trading volume of 65,935,357 shares, compared to its average volume of 105,198,398. The stock has a market cap of $1.04 trillion, a price-to-earnings ratio of 186.59, a price-to-earnings-growth ratio of 11.65 and a beta of 2.33. Tesla, Inc. has a 1 year low of $202.59 and a 1 year high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The business's 50 day moving average is $321.01 and its 200 day moving average is $304.26.

Tesla (NASDAQ:TSLA - Get Free Report) last issued 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). The business had revenue of $22.50 billion during the quarter, compared to analysts' expectations of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company's revenue for the quarter was down 11.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 EPS. As a group, research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Transactions at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,000 shares of the stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $300.00, for a total transaction of $600,000.00. Following the transaction, the chief financial officer owned 5,924 shares of the company's stock, valued at $1,777,200. This trade represents a 25.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kimbal Musk sold 91,588 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value of $32,732,635.32. Following the transaction, the director directly owned 1,463,220 shares in the company, valued at approximately $522,940,195.80. This represents a 5.89% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 599,724 shares of company stock worth $213,126,501. 20.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

TSLA has been the subject of a number of research reports. Morgan Stanley reissued an "overweight" rating and set a $410.00 price target on shares of Tesla in a research report on Friday, June 6th. Wedbush reaffirmed an "outperform" rating and issued a $500.00 target price on shares of Tesla in a research report on Monday, August 4th. Canaccord Genuity Group upped their target price on Tesla from $303.00 to $333.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Baird R W downgraded Tesla from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 9th. Finally, JPMorgan Chase & Co. decreased their target price on Tesla from $120.00 to $115.00 and set an "underweight" rating for the company in a research report on Wednesday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fifteen have assigned a Hold rating and nine have given a Sell rating to the company's stock. According to data from MarketBeat, Tesla presently has an average rating of "Hold" and a consensus target price of $303.31.

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.