Lazari Capital Management Inc. Sells 704 Shares of Tesla, Inc. $TSLA

Key Points

• Lazari Capital Management Inc. reduced its Tesla holdings by 6.0%, selling 704 shares and now owns 11,031 shares valued at approximately $3.5 million.
• Institutional investors now hold 66.20% of Tesla’s stock, indicating a significant allocation towards the electric vehicle producer among hedge funds.
• Analysts have mixed ratings on Tesla, with a consensus rating of "Hold" and an average target price of $332.33, despite some brokerages upping their price targets significantly.

Lazari Capital Management Inc. reduced its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 6.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,031 shares of the electric vehicle producer's stock after selling 704 shares during the quarter. Tesla comprises 1.3% of Lazari Capital Management Inc.'s holdings, making the stock its 14th largest holding. Lazari Capital Management Inc.'s holdings in Tesla were worth $3,504,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Brighton Jones LLC grew its stake in Tesla by 11.8% in the fourth quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock valued at $35,509,000 after acquiring an additional 9,293 shares during the period. Revolve Wealth Partners LLC grew its stake in Tesla by 21.2% in 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 acquiring an additional 931 shares during the period. Bison Wealth LLC grew its stake in Tesla by 52.2% in the fourth quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer's stock valued at $4,187,000 after acquiring an additional 3,558 shares during the period. Mechanics Bank Trust Department acquired a new stake in Tesla in the first quarter valued at approximately $288,000. Finally, Mid American Wealth Advisory Group Inc. grew its stake in Tesla by 94.4% in the first quarter. Mid American Wealth Advisory Group Inc. now owns 1,314 shares of the electric vehicle producer's stock valued at $341,000 after acquiring an additional 638 shares during the period. 66.20% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on TSLA. Dbs Bank raised their price objective on Tesla from $300.00 to $450.00 in a research note on Wednesday, September 17th. Benchmark reaffirmed a "buy" rating and set a $475.00 target price (up previously from $350.00) on shares of Tesla in a research report on Thursday, June 26th. Guggenheim reaffirmed a "sell" rating and set a $175.00 target price on shares of Tesla in a research report on Wednesday, July 23rd. Argus reaffirmed a "hold" rating on shares of Tesla in a research report on Monday, June 9th. Finally, CICC Research lifted their target price on Tesla from $360.00 to $450.00 and gave the company an "outperform" rating in a research report on Thursday, September 18th. Two equities 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. According to data from MarketBeat.com, Tesla currently has a consensus rating of "Hold" and an average price target of $332.33.

Tesla Stock Performance

Shares of Tesla stock opened at $443.21 on Tuesday. The business's fifty day simple moving average is $354.34 and its 200 day simple moving average is $316.75. The firm has a market capitalization of $1.47 trillion, a P/E ratio of 256.19, a price-to-earnings-growth ratio of 15.36 and a beta of 2.06. Tesla, Inc. has a 12 month low of $212.11 and a 12 month high of $488.54. 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 (NASDAQ:TSLA - Get Free Report) last issued its quarterly 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 business had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The business's revenue was down 11.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.52 earnings per share. As a group, analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Buying and Selling at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the business's stock in a transaction on Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the sale, the chief financial officer directly owned 9,856 shares in the company, valued at $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of the business's stock in a transaction on Thursday, September 11th. The shares were 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 owned 47,600 shares in the company, valued at approximately $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 208,606 shares of company stock worth $77,360,462 over the last ninety days. 19.90% of the stock is currently owned by company 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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