Horizon Investments LLC Decreases Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Horizon Investments LLC has reduced its stake in Tesla by 27.7%, holding 47,306 shares after selling 18,103 shares, which are now valued at approximately $12.26 million.
• Analyst ratings for Tesla vary, with ten analysts giving it a sell rating and an average target price of $303.31, while the current market situation shows the stock is down 1.1% recently.
• In other insider activity, Director Kimbal Musk sold 91,588 shares of Tesla stock, resulting in a 5.89% decrease in his position, while a total of 599,724 shares have been sold by insiders over the last 90 days.

Horizon Investments LLC trimmed its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 27.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 47,306 shares of the electric vehicle producer's stock after selling 18,103 shares during the period. Horizon Investments LLC's holdings in Tesla were worth $12,260,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Eagle Capital Management LLC purchased a new stake in Tesla during the fourth quarter valued at approximately $331,000. Brighton Jones LLC increased its holdings in Tesla by 11.8% during the fourth quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock valued at $35,509,000 after buying an additional 9,293 shares during the last quarter. Revolve Wealth Partners LLC increased its holdings in Tesla by 21.2% during the fourth quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock valued at $2,147,000 after buying an additional 931 shares during the last quarter. Mascagni Wealth Management Inc. purchased a new stake in Tesla during the fourth quarter valued at approximately $346,000. Finally, Highview Capital Management LLC DE purchased a new stake in Tesla during the fourth quarter valued at approximately $2,367,000. 66.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the stock. Piper Sandler reaffirmed an "overweight" rating and set a $400.00 target price on shares of Tesla in a report on Tuesday, June 10th. Mizuho reduced their price objective on shares of Tesla from $390.00 to $375.00 and set an "outperform" rating for the company in a research note on Tuesday, July 8th. UBS Group set a $290.00 price objective on shares of Tesla in a research note on Monday, June 30th. William Blair cut shares of Tesla from an "outperform" rating to a "market perform" rating in a research note on Monday, July 7th. Finally, Barclays reduced their price objective on shares of Tesla from $325.00 to $275.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Ten equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Tesla has an average rating of "Hold" and an average price target of $303.31.

Tesla Stock Down 1.1%

Shares of Tesla stock opened at $335.58 on Friday. The firm's 50 day moving average price is $319.71 and its 200-day moving average price is $306.28. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 52-week low of $202.59 and a 52-week high of $488.54. The company has a market cap of $1.08 trillion, a P/E ratio of 193.98, a PEG ratio of 11.80 and a beta of 2.33.

Tesla (NASDAQ:TSLA - Get Free Report) last released its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). The company had revenue of $22.50 billion during 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 last year, the business earned $0.52 earnings per share. On average, sell-side analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Activity at Tesla

In related news, Director Kimbal Musk sold 91,588 shares of Tesla stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total value of $32,732,635.32. Following the completion of the sale, the director directly owned 1,463,220 shares in the company, valued at $522,940,195.80. This trade represents a 5.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of Tesla stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the sale, the director owned 855,394 shares of the company's stock, valued at $305,632,276.20. This trade represents a 35.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 599,724 shares of company stock valued at $213,126,501 over the last 90 days. Company insiders own 20.70% 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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