HB Wealth Management LLC Sells 7,104 Shares of Tesla, Inc. $TSLA

Key Points

• HB Wealth Management LLC sold 7,104 shares of Tesla, reducing its stake by 7.7%, now holding a total of 84,768 shares valued at approximately $26.93 million.
• Tesla's recent quarterly earnings report showed an EPS of $0.40, missing expectations by $0.03, with revenue declining by 11.8% year-over-year.
• Analysts have mixed ratings on Tesla, with a consensus rating of "Hold" and price targets ranging from $127 to $548, reflecting varied optimism in the stock's future performance.

HB Wealth Management LLC lowered its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 7.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,768 shares of the electric vehicle producer's stock after selling 7,104 shares during the quarter. HB Wealth Management LLC's holdings in Tesla were worth $26,928,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Cherry Tree Wealth Management LLC boosted its position in Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after purchasing an additional 44 shares in the last quarter. First PREMIER Bank boosted its position in Tesla by 79.2% during the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after purchasing an additional 42 shares in the last quarter. Newton One Investments LLC raised its stake in Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after buying an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new stake in Tesla in the first quarter valued at about $27,000. Finally, Chelsea Counsel Co. raised its stake in Tesla by 59.7% in the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock valued at $28,000 after buying an additional 40 shares during the last quarter. Institutional investors own 66.20% of the company's stock.

Tesla Stock Up 0.3%

Shares of TSLA opened at $444.72 on Wednesday. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 12 month low of $212.11 and a 12 month high of $488.54. The stock's 50 day moving average is $356.59 and its two-hundred day moving average is $317.64. The firm has a market cap of $1.48 trillion, a P/E ratio of 257.06, a PEG ratio of 15.46 and a beta of 2.06.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings data 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). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same period in the previous year, the business posted $0.52 earnings per share. The firm's revenue for the quarter was down 11.8% on a year-over-year basis. Analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on TSLA shares. HSBC increased their price target on Tesla from $120.00 to $127.00 in a research note on Monday. Glj Research reiterated a "sell" rating on shares of Tesla in a research note on Thursday, July 24th. Deutsche Bank Aktiengesellschaft increased their price target on Tesla from $345.00 to $435.00 and gave the company a "buy" rating in a research note on Friday, September 26th. Morgan Stanley reiterated an "overweight" rating and issued a $410.00 price target on shares of Tesla in a research note on Friday, September 5th. Finally, Robert W. Baird upgraded Tesla from a "neutral" rating to an "outperform" rating and increased their price target for the company from $320.00 to $548.00 in a research note on Friday, September 19th. Two 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 stock. According to MarketBeat, Tesla presently has a consensus rating of "Hold" and a consensus target price of $337.15.

Insider Buying and Selling at Tesla

In other news, Director James R. Murdoch sold 60,000 shares of Tesla stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $422.68, for a total value of $25,360,800.00. Following the sale, the director directly owned 637,031 shares of the company's stock, valued at $269,260,263.08. The trade was a 8.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the sale, the senior vice president directly owned 47,600 shares in the company, valued at $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 208,606 shares of company stock valued at $77,360,462. Company insiders own 19.90% of the company's stock.

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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