Nearwater Capital Markets Ltd Lowers Position in Tesla, Inc. $TSLA

Key Points

• Nearwater Capital Markets Ltd reduced its stake in Tesla, Inc. by 61.4%, selling 145,000 shares and now holding 91,000 shares valued at approximately $23.58 million.
• Insider transactions included a sale of 15,000 shares by SVP Xiaotong Zhu and a sale of 4,000 shares by CFO Vaibhav Taneja, indicating significant insider selling activity.
• Major analysts have adjusted ratings on Tesla, with Baird R W downgrading the stock to a "hold," while Morgan Stanley and Piper Sandler maintained "overweight" ratings with target prices of $410.00 and $400.00 respectively.

Nearwater Capital Markets Ltd decreased its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 61.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 91,000 shares of the electric vehicle producer's stock after selling 145,000 shares during the period. Nearwater Capital Markets Ltd's holdings in Tesla were worth $23,584,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in TSLA. Brighton Jones LLC lifted its stake in shares of 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 purchasing an additional 9,293 shares during the period. Revolve Wealth Partners LLC lifted its stake in shares of 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 purchasing an additional 931 shares during the period. Mascagni Wealth Management Inc. acquired a new stake in shares of Tesla in the fourth quarter valued at about $346,000. Highview Capital Management LLC DE acquired a new stake in shares of Tesla in the fourth quarter valued at about $2,367,000. Finally, Bison Wealth LLC lifted its stake in shares of 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 purchasing an additional 3,558 shares during the period. Hedge funds and other institutional investors own 66.20% of the company's stock.

Insider Activity

In related news, 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 completion of the sale, the senior vice president directly owned 67,600 shares in the company, valued at approximately $21,889,556. The trade was a 18.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of the business's stock in a transaction that occurred on 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 sale, the chief financial officer owned 5,924 shares of the company's stock, valued at approximately $1,735,080.36. The trade was a 40.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 143,564 shares of company stock valued at $49,396,070 over the last 90 days. Insiders own 20.70% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on TSLA shares. Baird R W cut shares of Tesla from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 9th. Piper Sandler reiterated an "overweight" rating and issued a $400.00 price objective on shares of Tesla in a research note on Tuesday, June 10th. The Goldman Sachs Group restated a "neutral" rating on shares of Tesla in a research report on Sunday, August 17th. Morgan Stanley restated an "overweight" rating and set a $410.00 target price on shares of Tesla in a research report on Friday, June 6th. Finally, Wedbush restated an "outperform" rating and set a $500.00 target price on shares of Tesla in a research report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fourteen have given a Hold rating and nine have given a Sell rating to the company. According to MarketBeat, Tesla currently has a consensus rating of "Hold" and a consensus price target of $303.31.

Tesla Stock Performance

NASDAQ:TSLA opened at $338.53 on Friday. The firm has a 50 day simple moving average of $323.45 and a 200-day simple moving average of $302.67. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The firm has a market cap of $1.09 trillion, a PE ratio of 195.68, a P/E/G ratio of 11.66 and a beta of 2.06. Tesla, Inc. has a 1-year low of $210.51 and a 1-year high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business's quarterly revenue was down 11.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.52 EPS. On average, equities analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

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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