Pacific Capital Wealth Advisors Inc. Sells 1,023 Shares of Tesla, Inc. $TSLA

Key Points

• Pacific Capital Wealth Advisors Inc. has decreased its holdings in Tesla by 25.1%, selling 1,023 shares to end the second quarter with 3,059 shares valued at approximately $899,000.
• Despite some investors reducing their Tesla stakes, others like Clarus Wealth Advisors and Key Client Fiduciary Advisors have increased their investments by 16.7% and 16.8% respectively during the same period.
• Tesla's stock value has shown a significant increase of 3.6%, and the company reported a Q2 earnings per share (EPS) of $0.40, missing estimates by $0.03.

Pacific Capital Wealth Advisors Inc. reduced its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 25.1% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,059 shares of the electric vehicle producer's stock after selling 1,023 shares during the period. Pacific Capital Wealth Advisors Inc.'s holdings in Tesla were worth $899,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of TSLA. Clarus Wealth Advisors lifted its position in Tesla by 16.7% during the second quarter. Clarus Wealth Advisors now owns 5,454 shares of the electric vehicle producer's stock valued at $1,624,000 after acquiring an additional 780 shares during the last quarter. Key Client Fiduciary Advisors LLC lifted its holdings in shares of Tesla by 16.8% during the 2nd quarter. Key Client Fiduciary Advisors LLC now owns 16,282 shares of the electric vehicle producer's stock valued at $5,172,000 after purchasing an additional 2,337 shares during the last quarter. MFG Wealth Management Inc. boosted its position in shares of Tesla by 2.5% in the 2nd quarter. MFG Wealth Management Inc. now owns 8,641 shares of the electric vehicle producer's stock worth $2,745,000 after purchasing an additional 207 shares in the last quarter. Bay Rivers Group grew its stake in Tesla by 3.7% during the 2nd quarter. Bay Rivers Group now owns 3,909 shares of the electric vehicle producer's stock worth $1,242,000 after buying an additional 141 shares during the last quarter. Finally, Riversedge Advisors LLC increased its position in Tesla by 125.9% during the 2nd quarter. Riversedge Advisors LLC now owns 2,602 shares of the electric vehicle producer's stock valued at $827,000 after buying an additional 1,450 shares in the last quarter. Institutional investors own 66.20% of the company's stock.

Tesla Stock Up 3.6%

TSLA stock opened at $410.04 on Tuesday. The firm has a 50-day simple moving average of $331.21 and a 200-day simple moving average of $304.53. Tesla, Inc. has a 52 week low of $212.11 and a 52 week high of $488.54. The stock has a market capitalization of $1.32 trillion, a P/E ratio of 237.02, a P/E/G ratio of 13.81 and a beta of 2.06. 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 (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 analyst estimates of $23.18 billion. During the same period in the prior year, the firm earned $0.52 earnings per share. The business's revenue was down 11.8% on a year-over-year basis. Equities analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Transactions at Tesla

In other news, CFO Vaibhav Taneja sold 4,000 shares of the company's stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $292.89, for a total value of $1,171,560.00. Following the completion of the sale, the chief financial officer directly owned 5,924 shares in the company, valued at $1,735,080.36. This represents a 40.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James R. Murdoch sold 120,000 shares of the stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the completion of the sale, the director directly owned 697,031 shares of the company's stock, valued at approximately $244,162,988.99. This represents a 14.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 148,606 shares of company stock worth $51,999,662 in the last ninety days. Insiders own 20.70% of the company's stock.

Analyst Upgrades and Downgrades

TSLA has been the topic of a number of research analyst reports. Bank of America boosted their price target on Tesla from $305.00 to $341.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. UBS Group set a $290.00 target price on Tesla in a research note on Monday, June 30th. HSBC restated a "reduce" rating and issued a $120.00 price objective on shares of Tesla in a research note on Thursday, July 3rd. Benchmark restated a "buy" rating and set a $475.00 price objective (up from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Finally, Guggenheim reiterated a "sell" rating and set a $175.00 price objective on shares of Tesla in a research note on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, fourteen have issued a Hold rating and nine have assigned a Sell rating to the stock. According to data from MarketBeat, Tesla has a consensus rating of "Hold" and an average target price of $303.00.

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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