Nations Financial Group Inc. IA ADV Sells 8,025 Shares of Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Nations Financial Group Inc. IA ADV reduced its Tesla holdings by 35.1%, selling 8,025 shares in the first quarter, leaving it with a total of 14,844 shares valued at approximately $3.8 million.
• Insider transactions revealed significant sales, including a 477,572 share sale by Director Ira Matthew Ehrenpreis, amounting to over $170 million, reducing his ownership by 35.83%.
• Wall Street sentiment is mixed, with ratings ranging from sell to strong buy and an average consensus target price of $303.31.

Nations Financial Group Inc. IA ADV cut its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 35.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,844 shares of the electric vehicle producer's stock after selling 8,025 shares during the quarter. Nations Financial Group Inc. IA ADV's holdings in Tesla were worth $3,847,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. True Wealth Design LLC raised its stake in shares of Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after buying an additional 31 shares during the period. Navigoe LLC bought a new stake in shares of Tesla in the fourth quarter valued at $37,000. Cherry Tree Wealth Management LLC raised its stake in shares of Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after buying an additional 44 shares during the period. First PREMIER Bank raised its stake in shares of Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after buying an additional 42 shares during the period. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Tesla in the fourth quarter valued at $39,000. 66.20% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TSLA. William Blair lowered Tesla from an "outperform" rating to a "market perform" rating in a research note on Monday, July 7th. Cantor Fitzgerald reduced their target price on Tesla from $425.00 to $355.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Argus restated a "hold" rating on shares of Tesla in a research report on Monday, June 9th. Wedbush reiterated an "outperform" rating and issued a $500.00 price objective on shares of Tesla in a report on Monday, August 4th. Finally, HSBC reiterated a "reduce" rating and issued a $120.00 price objective on shares of Tesla in a report on Thursday, July 3rd. Ten research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $303.31.

Insiders Place Their Bets

In other Tesla news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the transaction, the director owned 855,394 shares in the company, valued at $305,632,276.20. The trade was a 35.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Xiaotong Zhu sold 15,000 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total value of $4,857,150.00. Following the transaction, the senior vice president owned 67,600 shares of the company's stock, valued at $21,889,556. This trade represents a 18.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 599,724 shares of company stock worth $213,126,501 over the last three months. 20.70% of the stock is currently owned by corporate insiders.

Tesla Price Performance

Shares of Tesla stock opened at $335.58 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. The stock's fifty day moving average is $319.71 and its 200 day moving average is $306.28. The stock has a market cap of $1.08 trillion, a P/E ratio of 193.98, a P/E/G ratio of 11.80 and a beta of 2.33. Tesla, Inc. has a one year low of $202.59 and a one year high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%. The firm had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. During the same period last year, the firm posted $0.52 earnings per share. The company's revenue for the quarter was down 11.8% compared to the same quarter last year. Sell-side analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

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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