NewEdge Advisors LLC Sells 15,507 Shares of Tesla, Inc. $TSLA

Key Points

• NewEdge Advisors LLC reduced its stake in Tesla by 5.5%, selling 15,507 shares during the first quarter, valuing its remaining holdings at approximately $68.43 million.
• Investment activity surrounding Tesla includes significant increases from several firms, with Centennial Bank AR boosting its position by 833.3%, reaching 112 shares worth about $29,000.
• Analysts have mixed ratings on Tesla stock, with one analyst rating it as a Strong Buy and a consensus target price of $303.31, while the stock recently reported earnings below expectations.

NewEdge Advisors LLC trimmed its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 5.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 265,425 shares of the electric vehicle producer's stock after selling 15,507 shares during the quarter. NewEdge Advisors LLC's holdings in Tesla were worth $68,434,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Cherry Tree Wealth Management LLC increased its holdings 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 worth $25,000 after purchasing an additional 44 shares during the last quarter. First PREMIER Bank grew its position in Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after acquiring an additional 42 shares in the last quarter. Newton One Investments LLC grew its position in Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after acquiring an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in Tesla in the first quarter worth about $27,000. Finally, Centennial Bank AR boosted its position in shares of Tesla by 833.3% during the first quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer's stock valued at $29,000 after buying an additional 100 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TSLA. William Blair lowered Tesla from an "outperform" rating to a "market perform" rating in a report on Monday, July 7th. Benchmark reaffirmed a "buy" rating and set a $475.00 price target (up from $350.00) on shares of Tesla in a research report on Thursday, June 26th. China Renaissance reissued a "hold" rating and issued a $349.00 target price on shares of Tesla in a research report on Friday, July 25th. Wedbush reaffirmed an "outperform" rating and issued a $500.00 price target on shares of Tesla in a report on Monday, August 4th. Finally, UBS Group set a $290.00 price target on shares of Tesla in a report on Monday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fourteen have assigned a Hold rating and nine have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $303.31.

Insider Buying and Selling at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 4,000 shares of the 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 directly owned 5,924 shares of the company's stock, valued at $1,735,080.36. This trade represents a 40.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 15,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the sale, the senior vice president directly owned 67,600 shares of the company's stock, valued at approximately $21,889,556. This trade represents a 18.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 143,564 shares of company stock valued at $49,396,070. 20.70% of the stock is currently owned by company insiders.

Tesla Stock Up 1.3%

TSLA stock opened at $338.53 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. The company's 50 day moving average is $323.45 and its 200 day moving average is $302.67. The stock has a market cap of $1.09 trillion, a price-to-earnings ratio of 195.68, a price-to-earnings-growth 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 issued its quarterly earnings results 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). The business had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm's revenue was down 11.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.52 earnings per share. Sell-side analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal 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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