Magnus Financial Group LLC Decreases Stake in Tesla, Inc. $TSLA

Magnus Financial Group LLC cut its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 3.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,408 shares of the electric vehicle producer's stock after selling 683 shares during the period. Magnus Financial Group LLC's holdings in Tesla were worth $7,118,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of TSLA. Means Investment CO. Inc. lifted its position in Tesla by 37.7% during the 1st quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer's stock worth $5,984,000 after acquiring an additional 6,323 shares during the period. Focus Financial Network Inc. raised its stake in shares of Tesla by 3.1% in the first quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer's stock worth $5,823,000 after purchasing an additional 670 shares during the last quarter. Siren L.L.C. purchased a new position in shares of Tesla in the first quarter worth about $2,332,000. Zuckerman Investment Group LLC lifted its holdings in shares of Tesla by 6.9% during the first quarter. Zuckerman Investment Group LLC now owns 12,748 shares of the electric vehicle producer's stock worth $3,304,000 after purchasing an additional 826 shares during the period. Finally, Keystone Global Partners LLC purchased a new stake in Tesla in the first quarter valued at approximately $594,000. Institutional investors and hedge funds own 66.20% of the company's stock.

Tesla Stock Performance

Shares of TSLA stock opened at $423.39 on Friday. 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 business's 50 day moving average is $349.83 and its two-hundred day moving average is $312.97. The company has a market capitalization of $1.41 trillion, a P/E ratio of 244.73, a P/E/G ratio of 15.45 and a beta of 2.06.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings data 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). 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 analysts' expectations of $23.18 billion. During the same quarter last year, the firm earned $0.52 earnings per share. The firm's quarterly revenue was down 11.8% compared to the same quarter last year. Analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction dated 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 sale, the senior vice president owned 47,600 shares in the company, valued at $17,314,500. This trade represents a 29.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Vaibhav Taneja sold 4,000 shares of the firm's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $292.89, for a total transaction of $1,171,560.00. Following the completion of the transaction, the chief financial officer directly owned 5,924 shares in the company, valued at $1,735,080.36. This represents a 40.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 208,606 shares of company stock worth $77,360,462. Company insiders own 19.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on TSLA shares. CICC Research lifted their price objective on shares of Tesla from $360.00 to $450.00 and gave the company an "outperform" rating in a research note on Thursday, September 18th. William Blair reissued a "market perform" rating on shares of Tesla in a report on Friday, September 5th. Wedbush reaffirmed an "outperform" rating and issued a $500.00 price target on shares of Tesla in a report on Monday, September 15th. Benchmark reiterated a "buy" rating and set a $475.00 price objective (up previously from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Finally, Piper Sandler upped their target price on Tesla from $400.00 to $500.00 and gave the stock an "overweight" rating in a research note on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, twelve have issued a Hold rating and nine have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $326.74.

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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