Menlo Advisors LLC Sells 1,929 Shares of Tesla, Inc. (NASDAQ:TSLA)

Menlo Advisors LLC cut its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 9.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 19,140 shares of the electric vehicle producer's stock after selling 1,929 shares during the period. Tesla accounts for 2.4% of Menlo Advisors LLC's holdings, making the stock its 17th biggest holding. Menlo Advisors LLC's holdings in Tesla were worth $4,960,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Tesla by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 243,193,181 shares of the electric vehicle producer's stock valued at $98,211,134,000 after acquiring an additional 3,571,793 shares in the last quarter. Geode Capital Management LLC boosted its stake in Tesla by 2.8% in the fourth quarter. Geode Capital Management LLC now owns 61,011,604 shares of the electric vehicle producer's stock valued at $24,566,217,000 after acquiring an additional 1,655,203 shares in the last quarter. Norges Bank acquired a new stake in Tesla in the fourth quarter valued at approximately $14,420,248,000. FMR LLC boosted its stake in Tesla by 40.1% in the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer's stock valued at $13,997,660,000 after acquiring an additional 9,920,325 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in Tesla by 21.6% in the fourth quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock valued at $11,541,592,000 after acquiring an additional 5,075,418 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on TSLA. Cantor Fitzgerald lowered their price objective on shares of Tesla from $425.00 to $355.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Needham & Company LLC reiterated a "hold" rating on shares of Tesla in a research note on Wednesday, April 23rd. Raymond James downgraded shares of Tesla to an "outperform" rating in a research note on Tuesday, April 22nd. Morgan Stanley reiterated an "overweight" rating on shares of Tesla in a research note on Friday. Finally, Truist Financial set a $280.00 price objective on shares of Tesla in a research note on Tuesday, April 22nd. Ten analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $294.27.

Tesla Stock Up 3.7%

Shares of NASDAQ TSLA opened at $295.14 on Friday. The company's 50-day simple moving average is $292.17 and its 200-day simple moving average is $333.56. Tesla, Inc. has a 52-week low of $167.41 and a 52-week high of $488.54. The firm has a market cap of $950.63 billion, a price-to-earnings ratio of 144.68, a price-to-earnings-growth ratio of 5.86 and a beta of 2.47. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a net margin of 7.26% and a return on equity of 10.31%. The company had revenue of $19.34 billion during the quarter, compared to analyst estimates of $22.93 billion. During the same quarter last year, the business earned $0.45 EPS. Equities analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Activity at Tesla

In other Tesla news, Director James R. Murdoch sold 54,776 shares of the business's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $240.79, for a total value of $13,189,513.04. Following the transaction, the director now directly owns 477,011 shares in the company, valued at $114,859,478.69. The trade was a 10.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 1,000 shares of the firm's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $350.00, for a total value of $350,000.00. Following the sale, the chief financial officer now directly owns 1,950 shares of the company's stock, valued at approximately $682,500. This trade represents a 33.90% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 870,721 shares of company stock valued at $286,248,728. Corporate insiders own 20.70% of the company's stock.

Tesla 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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