HB Wealth Management LLC Sells 333,772 Shares of Tesla, Inc. (NASDAQ:TSLA)

Key Points

• HB Wealth Management LLC has reduced its holdings in Tesla, Inc. by 78.4%, now owning 91,872 shares after selling 333,772 shares during the 1st quarter.
• Tesla's quarterly earnings report showed a miss in earnings per share at $0.40, below analysts' estimates of $0.43, with a revenue decrease of 11.8% compared to the same quarter last year.
• Multiple hedge funds have recently adjusted their stakes in Tesla, indicating a mixture of buying and selling activity among institutional investors.

HB Wealth Management LLC lowered its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 78.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 91,872 shares of the electric vehicle producer's stock after selling 333,772 shares during the period. HB Wealth Management LLC's holdings in Tesla were worth $23,810,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC bought a new stake in shares of Tesla in the 4th quarter valued at about $56,600,000. Means Investment CO. Inc. lifted its stake in shares of Tesla by 37.7% in the 1st quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer's stock valued at $5,984,000 after acquiring an additional 6,323 shares during the last quarter. Focus Financial Network Inc. lifted its stake in shares of Tesla by 3.1% in the 1st quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer's stock valued at $5,823,000 after acquiring an additional 670 shares during the last quarter. IFM Investors Pty Ltd grew its stake in shares of Tesla by 8.5% in the first quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer's stock worth $153,436,000 after purchasing an additional 46,087 shares during the last quarter. Finally, Harvard Management Co. Inc. bought a new stake in shares of Tesla in the fourth quarter worth about $8,158,000. Institutional investors own 66.20% of the company's stock.

Tesla Trading Up 3.5%

Tesla stock opened at $316.06 on Friday. The business has a 50-day simple moving average of $324.70 and a two-hundred day simple moving average of $314.65. The company has a market cap of $1.02 trillion, a P/E ratio of 182.69, a P/E/G ratio of 11.59 and a beta of 2.39. Tesla, Inc. has a 52-week low of $182.00 and a 52-week high of $488.54. The company has a quick ratio of 1.54, a current ratio of 2.04 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). The firm had revenue of $22.50 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.52 earnings per share. Analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Buying and Selling at Tesla

In other news, SVP Xiaotong Zhu sold 15,000 shares of Tesla stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the transaction, the senior vice president owned 67,600 shares in the company, valued at $21,889,556. This trade represents a 18.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kimbal Musk sold 91,588 shares of Tesla stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the transaction, the director owned 1,463,220 shares in the company, valued at $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 835,509 shares of company stock worth $279,420,485. Insiders own 20.70% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TSLA. Stifel Nicolaus set a $450.00 target price on Tesla and gave the stock a "buy" rating in a research note on Thursday, April 24th. Piper Sandler reissued an "overweight" rating and issued a $400.00 target price on shares of Tesla in a research note on Tuesday, June 10th. Benchmark reissued a "buy" rating and issued a $475.00 target price (up from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Morgan Stanley reissued an "overweight" rating and issued a $410.00 price target on shares of Tesla in a research note on Friday, June 6th. Finally, Bank of America increased their price target on shares of Tesla from $305.00 to $341.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Ten equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $302.75.

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.

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