Johnson & White Wealth Management LLC Reduces Position in Tesla, Inc. $TSLA

Key Points

• Johnson & White Wealth Management LLC reduced its stake in Tesla by 50.8% during Q2, owning 970 shares worth $308,000 after selling 1,000 shares.
• Several institutional investors increased their positions in Tesla, with notable increases from Cherry Tree Wealth Management LLC and First PREMIER Bank, boosting their stakes by 86.3% and 79.2% respectively.
• Insider trading activity includes CFO Vaibhav Taneja selling 2,606 shares, and Director James R. Murdoch selling 60,000 shares, marking decreases of 20.91% and 8.61% in their holdings.

Johnson & White Wealth Management LLC lessened its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 50.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 970 shares of the electric vehicle producer's stock after selling 1,000 shares during the quarter. Johnson & White Wealth Management LLC's holdings in Tesla were worth $308,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in TSLA. Cherry Tree Wealth Management LLC boosted its stake in shares of 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 during the period. First PREMIER Bank boosted its stake in shares of 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 during the period. Newton One Investments LLC boosted its stake in shares of Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after purchasing an additional 75 shares during the period. Arcadia Investment Management Corp MI purchased a new stake in shares of Tesla during the first quarter valued at approximately $27,000. Finally, Chelsea Counsel Co. boosted its stake in shares of Tesla by 59.7% during the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 40 shares during the period. Hedge funds and other institutional investors own 66.20% of the company's stock.

Insider Buying and Selling

In related news, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the sale, the chief financial officer directly owned 9,856 shares in the company, valued at approximately $3,473,057.28. This trade represents a 20.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James R. Murdoch sold 60,000 shares of Tesla stock in a transaction dated 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 completion of the sale, the director 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 208,606 shares of company stock worth $77,360,462. 19.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

TSLA has been the subject of a number of research analyst reports. Bank of America raised their price target on Tesla from $305.00 to $341.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Baird R W raised Tesla from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 19th. HSBC reaffirmed a "reduce" rating and issued a $120.00 price target on shares of Tesla in a research note on Thursday, July 3rd. Dbs Bank raised their price target on Tesla from $300.00 to $450.00 in a research note on Wednesday, September 17th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Tesla from $345.00 to $435.00 and gave the stock a "buy" rating in a research note on Friday. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned 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 stock has an average rating of "Hold" and a consensus price target of $332.33.

Tesla Price Performance

Shares of NASDAQ:TSLA opened at $443.21 on Tuesday. Tesla, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The business has a fifty day moving average price of $354.34 and a 200-day moving average price of $316.75. The company has a market capitalization of $1.47 trillion, a PE ratio of 256.19, a PEG ratio of 15.36 and a beta of 2.06.

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 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 company had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. During the same quarter in the previous year, the business earned $0.52 earnings per share. Tesla's revenue was down 11.8% compared to the same quarter last year. As a group, equities analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

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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