Greenleaf Trust Cuts Position in Tesla, Inc. $TSLA

Key Points

• Greenleaf Trust decreased its holdings in Tesla by 3.1% in Q2, now owning 51,935 shares worth approximately $16.5 million.
• Tesla reported Q2 earnings of $0.40 per share, missing estimates of $0.43, with revenue down 11.8% year-over-year.
• Several hedge funds have recently increased their positions in Tesla, indicating a growing interest in the stock, with 66.20% of shares owned by institutional investors.

Greenleaf Trust reduced its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 3.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 51,935 shares of the electric vehicle producer's stock after selling 1,689 shares during the period. Greenleaf Trust's holdings in Tesla were worth $16,498,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Poinciana Advisors Group LLC purchased a new stake in Tesla during the 2nd quarter worth about $251,000. Capital Investment Advisors LLC raised its position in shares of Tesla by 37.2% during the 2nd quarter. Capital Investment Advisors LLC now owns 32,882 shares of the electric vehicle producer's stock worth $10,445,000 after acquiring an additional 8,921 shares in the last quarter. Leverty Financial Group LLC acquired a new position in Tesla in the second quarter valued at approximately $224,000. Centennial Wealth Advisory LLC increased its stake in Tesla by 12.1% in the second quarter. Centennial Wealth Advisory LLC now owns 2,176 shares of the electric vehicle producer's stock valued at $691,000 after purchasing an additional 235 shares during the last quarter. Finally, Northwest Wealth Management LLC raised its holdings in Tesla by 1.0% during the second quarter. Northwest Wealth Management LLC now owns 10,525 shares of the electric vehicle producer's stock worth $3,343,000 after purchasing an additional 108 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Trading Up 0.3%

NASDAQ TSLA opened at $444.72 on Wednesday. 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 capitalization of $1.48 trillion, a P/E ratio of 257.06, a P/E/G ratio of 15.46 and a beta of 2.06. 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 $356.59 and a 200 day moving average price of $317.64.

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). The company had revenue of $22.50 billion for the quarter, compared to analysts' expectations of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.Tesla's revenue for the quarter was down 11.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.52 earnings per share. Equities research analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Mizuho increased their target price on shares of Tesla from $375.00 to $450.00 and gave the company an "outperform" rating in a research report on Tuesday, September 23rd. Dbs Bank raised their price objective on Tesla from $300.00 to $450.00 in a report on Wednesday, September 17th. HSBC lifted their target price on Tesla from $120.00 to $127.00 in a research report on Monday. Bank of America upped their target price on Tesla from $305.00 to $341.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Finally, Daiwa Capital Markets reaffirmed a "neutral" rating on shares of Tesla in a research report on Sunday, July 27th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, twelve have issued a Hold rating and nine have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $337.15.

Insider Transactions at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 20,000 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the sale, the senior vice president 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James R. Murdoch sold 120,000 shares of the company's stock in a transaction that occurred on 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 completion of the sale, the director directly owned 697,031 shares in the company, valued at approximately $244,162,988.99. The trade was a 14.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold 208,606 shares of company stock valued at $77,360,462 in the last 90 days. 19.90% of the stock is currently owned by insiders.

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.

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.