McCollum Christoferson Group LLC Sells 840 Shares of Tesla, Inc. (NASDAQ:TSLA)

Key Points

• McCollum Christoferson Group LLC reduced its Tesla holdings by 3.5%, now owning 23,031 shares worth approximately $5.97 million, making it the 27th largest position in their portfolio.
• Institutional investor activity surrounding Tesla has shifted, with Assetmark Inc. boosting its stake by 12.7% and USAdvisors Wealth Management increasing its stake by 45.8% in the first quarter.
• Tesla's earnings missed expectations, reporting $0.40 earnings per share against a forecast of $0.43, while revenue fell to $22.50 billion, down 11.8% from the previous year.

McCollum Christoferson Group LLC reduced its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 3.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,031 shares of the electric vehicle producer's stock after selling 840 shares during the quarter. Tesla makes up about 1.8% of McCollum Christoferson Group LLC's portfolio, making the stock its 27th largest position. McCollum Christoferson Group LLC's holdings in Tesla were worth $5,969,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Assetmark Inc. boosted its stake in Tesla by 12.7% during the first quarter. Assetmark Inc. now owns 343,007 shares of the electric vehicle producer's stock worth $88,894,000 after acquiring an additional 38,627 shares in the last quarter. USAdvisors Wealth Management LLC boosted its stake in Tesla by 45.8% during the first quarter. USAdvisors Wealth Management LLC now owns 1,277 shares of the electric vehicle producer's stock worth $330,000 after acquiring an additional 401 shares in the last quarter. Avantax Advisory Services Inc. boosted its stake in Tesla by 14.5% during the first quarter. Avantax Advisory Services Inc. now owns 165,056 shares of the electric vehicle producer's stock worth $42,776,000 after acquiring an additional 20,934 shares in the last quarter. Tempus Wealth Planning LLC boosted its stake in Tesla by 23.3% during the first quarter. Tempus Wealth Planning LLC now owns 14,188 shares of the electric vehicle producer's stock worth $3,677,000 after acquiring an additional 2,681 shares in the last quarter. Finally, Gilbert & Cook Inc. boosted its stake in Tesla by 3.9% during the first quarter. Gilbert & Cook Inc. now owns 13,109 shares of the electric vehicle producer's stock worth $3,397,000 after acquiring an additional 494 shares in the last quarter. 66.20% of the stock is owned by institutional investors.

Tesla Price Performance

Shares of TSLA stock traded up $10.76 during trading hours on Friday, reaching $316.06. The stock had a trading volume of 147,437,834 shares, compared to its average volume of 90,285,424. The stock's fifty day simple moving average is $324.70 and its 200 day simple moving average is $314.65. The firm has a market capitalization of $1.02 trillion, a PE ratio of 182.69, a PEG ratio of 11.59 and a beta of 2.39. The company has a current ratio of 2.04, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 12 month low of $182.00 and a 12 month high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share 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 analysts' expectations of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.52 earnings per share. On average, equities research analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Activity

In other Tesla news, Director Ira Matthew Ehrenpreis sold 477,572 shares of Tesla stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the transaction, the director directly owned 855,394 shares of the company's stock, valued at approximately $305,632,276.20. This trade represents a 35.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kimbal Musk sold 91,588 shares of Tesla stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 835,509 shares of company stock valued at $279,420,485. Insiders own 20.70% of the company's stock.

Analyst Ratings Changes

TSLA has been the topic of several research analyst reports. China Renaissance reissued a "hold" rating and set a $349.00 target price on shares of Tesla in a research note on Friday. Benchmark restated a "buy" rating and set a $475.00 price objective (up previously from $350.00) on shares of Tesla in a report on Thursday, June 26th. Barclays lowered their price objective on shares of Tesla from $325.00 to $275.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. Stifel Nicolaus set a $450.00 target price on shares of Tesla and gave the company a "buy" rating in a report on Thursday, April 24th. Finally, HSBC reiterated a "reduce" rating and issued a $120.00 target price on shares of Tesla in a report on Thursday, July 3rd. Ten equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $302.75.

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.