Oak Grove Capital LLC Sells 3,767 Shares of Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Oak Grove Capital LLC significantly reduced its position in Tesla, Inc. by 78.2%, now holding only 1,050 shares worth approximately $272,000.
• Despite some institutional investors increasing their stakes in Tesla, the company's shares experienced a decline of 1.1%, opening at $335.58 with a market cap of $1.08 trillion.
• Tesla's latest earnings report showed an 11.8% year-over-year revenue decline, posting revenues of $22.50 billion, which fell short of analyst projections.

Oak Grove Capital LLC reduced its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 78.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,050 shares of the electric vehicle producer's stock after selling 3,767 shares during the quarter. Oak Grove Capital LLC's holdings in Tesla were worth $272,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cherry Tree Wealth Management LLC grew its holdings in shares of Tesla by 86.3% during 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 last quarter. First PREMIER Bank grew its holdings in shares of Tesla by 79.2% during 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 last quarter. Newton One Investments LLC grew its holdings in shares of Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after buying an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of Tesla during the first quarter valued at $27,000. Finally, True Wealth Design LLC grew its holdings in shares of Tesla by 79.5% during 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 last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Stock Down 1.1%

Shares of NASDAQ:TSLA opened at $335.58 on Friday. The company has a market cap of $1.08 trillion, a price-to-earnings ratio of 193.98, a PEG ratio of 11.80 and a beta of 2.33. The firm's 50-day simple moving average is $319.71 and its 200-day simple moving average is $306.28. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a fifty-two week low of $202.59 and a fifty-two week high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same quarter last year, the business earned $0.52 EPS. The firm's revenue for the quarter was down 11.8% on a year-over-year basis. As a group, equities research analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on TSLA shares. China Renaissance reissued a "hold" rating and set a $349.00 price objective on shares of Tesla in a report on Friday, July 25th. Glj Research restated a "sell" rating on shares of Tesla in a research report on Thursday, July 24th. Mizuho decreased their target price on shares of Tesla from $390.00 to $375.00 and set an "outperform" rating for the company in a research report on Tuesday, July 8th. HSBC restated a "reduce" rating and set a $120.00 target price on shares of Tesla in a research report on Thursday, July 3rd. Finally, The Goldman Sachs Group decreased their target price on shares of Tesla from $315.00 to $285.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. Ten equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $303.31.

Insider Activity at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,000 shares of Tesla stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total transaction of $600,000.00. Following the completion of the transaction, the chief financial officer owned 5,924 shares in the company, valued at approximately $1,777,200. The trade was a 25.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Xiaotong Zhu sold 15,000 shares of Tesla stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the transaction, the senior vice president owned 67,600 shares of the company's stock, valued at approximately $21,889,556. The trade was 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 company insiders.

About Tesla

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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