Hartmann Taylor Wealth Management LLC Trims Holdings in Tesla, Inc. $TSLA

Key Points

• Hartmann Taylor Wealth Management LLC reduced its stake in Tesla, Inc. by 57%, leaving it with 755 shares worth approximately $240,000.
• Various institutional investors have increased their holdings in Tesla, with Goldman Sachs increasing its stake by 322.1% in the first quarter.
• Despite a recent stock price that opened at $442.79, Tesla reported a decrease in quarterly earnings, missing analysts' consensus estimates by $0.03 per share.

Hartmann Taylor Wealth Management LLC trimmed its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 57.0% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 755 shares of the electric vehicle producer's stock after selling 1,000 shares during the period. Hartmann Taylor Wealth Management LLC's holdings in Tesla were worth $240,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Tesla by 1.5% during 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 buying an additional 3,694,524 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings 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 worth $6,891,201,000 after buying an additional 20,291,139 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Tesla by 4.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 18,174,941 shares of the electric vehicle producer's stock worth $4,710,218,000 after buying an additional 849,091 shares in the last quarter. Amundi lifted its holdings in Tesla by 29.4% during the 1st quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer's stock worth $4,482,789,000 after buying an additional 3,814,610 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Tesla by 17.6% during the 1st quarter. Invesco Ltd. now owns 14,786,414 shares of the electric vehicle producer's stock worth $3,832,047,000 after buying an additional 2,211,300 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on TSLA shares. HSBC reissued a "reduce" rating and issued a $120.00 price objective on shares of Tesla in a research report on Thursday, July 3rd. Benchmark reissued a "buy" rating and issued a $475.00 price objective (up from $350.00) on shares of Tesla in a research report on Thursday, June 26th. Canaccord Genuity Group increased their price objective on shares of Tesla from $303.00 to $333.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Needham & Company LLC reissued a "hold" rating on shares of Tesla in a research report on Thursday, July 24th. Finally, Bank of America increased their price objective on shares of Tesla from $305.00 to $341.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, twelve 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 an average price target of $326.74.

Tesla Stock Up 4.0%

Shares of NASDAQ:TSLA opened at $442.79 on Thursday. The stock has a market cap of $1.47 trillion, a P/E ratio of 255.95, a P/E/G ratio of 14.86 and a beta of 2.06. The firm has a fifty day moving average price of $347.75 and a 200 day moving average price of $311.58. 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, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). The business had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm's revenue for the quarter was down 11.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.52 EPS. Sell-side analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Insiders Place Their Bets

In other Tesla news, Director James R. Murdoch sold 120,000 shares of the company's stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the transaction, the director owned 697,031 shares in the company, valued at approximately $244,162,988.99. This represents a 14.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of the company's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the transaction, the senior vice president owned 47,600 shares of the company's stock, valued at approximately $17,314,500. The trade was a 29.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 208,606 shares of company stock worth $77,360,462. 19.90% of the stock is 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.

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