Grimes & Company Inc. Reduces Holdings in Tesla, Inc. (NASDAQ:TSLA)

Grimes & Company Inc. reduced its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 19.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,426 shares of the electric vehicle producer's stock after selling 1,295 shares during the period. Grimes & Company Inc.'s holdings in Tesla were worth $1,406,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Signature Wealth Management Group raised its stake in shares of Tesla by 7.7% in the first quarter. Signature Wealth Management Group now owns 6,105 shares of the electric vehicle producer's stock worth $1,582,000 after buying an additional 437 shares during the period. Avid Wealth Partners LLC purchased a new stake in Tesla in the 1st quarter worth approximately $370,000. Mason & Associates Inc raised its stake in Tesla by 36.8% during the 1st quarter. Mason & Associates Inc now owns 16,239 shares of the electric vehicle producer's stock worth $4,208,000 after acquiring an additional 4,366 shares during the period. Sagespring Wealth Partners LLC lifted its holdings in Tesla by 17.6% during the first quarter. Sagespring Wealth Partners LLC now owns 26,586 shares of the electric vehicle producer's stock valued at $6,890,000 after purchasing an additional 3,986 shares in the last quarter. Finally, Variant Private Wealth LLC boosted its position in shares of Tesla by 49.4% in the first quarter. Variant Private Wealth LLC now owns 9,987 shares of the electric vehicle producer's stock worth $2,588,000 after purchasing an additional 3,304 shares during the period. 66.20% of the stock is currently owned by institutional investors.

Insider Transactions at Tesla

In related news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the company's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total value of $170,636,475.60. Following the transaction, the director now directly owns 855,394 shares of the company's stock, valued at $305,632,276.20. This represents a 35.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robyn M. Denholm sold 112,395 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $274.12, for a total value of $30,809,717.40. Following the completion of the transaction, the director now directly owns 85,000 shares in the company, valued at $23,300,200. This represents a 56.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 833,509 shares of company stock worth $278,648,925. Insiders own 20.70% of the company's stock.

Tesla Price Performance

Shares of TSLA stock opened at $316.73 on Wednesday. The stock's 50-day moving average is $302.42 and its 200 day moving average is $332.66. Tesla, Inc. has a 1-year low of $179.66 and a 1-year high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.54. The company has a market cap of $1.02 trillion, a P/E ratio of 174.03, a PEG ratio of 12.36 and a beta of 2.47.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing analysts' consensus estimates of $0.53 by ($0.26). Tesla had a net margin of 6.66% and a return on equity of 9.02%. The firm had revenue of $19.34 billion for the quarter, compared to analysts' expectations of $22.93 billion. During the same period in the previous year, the company earned $0.45 EPS. Research analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. BNP Paribas set a $137.00 target price on Tesla and gave the company an "underperform" rating in a research note on Wednesday, April 16th. Raymond James Financial cut shares of Tesla to an "outperform" rating in a research report on Tuesday, April 22nd. Oppenheimer reissued a "mixed" rating on shares of Tesla in a report on Tuesday, March 18th. Royal Bank Of Canada cut their target price on shares of Tesla from $314.00 to $307.00 and set an "outperform" rating for the company in a research note on Wednesday, April 23rd. Finally, TD Cowen upgraded shares of Tesla from a "hold" rating to a "buy" rating and lifted their price target for the company from $180.00 to $388.00 in a report on Friday, March 7th. Ten investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $293.67.

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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