Palumbo Wealth Management LLC Sells 989 Shares of Tesla, Inc. $TSLA

Key Points

• Palumbo Wealth Management LLC sold 989 shares of Tesla, reducing its holdings by 41.2% and leaving it with 1,412 shares valued at approximately $449,000.
• Several other institutional investors have increased their stakes in Tesla, with Cherry Tree Wealth Management LLC increasing its holdings by 86.3% during the first quarter.
• Insider trading activity includes Director James R. Murdoch selling 120,000 shares valued at over $42 million, indicating potential shifts in confidence among executives.

Palumbo Wealth Management LLC reduced its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 41.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,412 shares of the electric vehicle producer's stock after selling 989 shares during the period. Palumbo Wealth Management LLC's holdings in Tesla were worth $449,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cherry Tree Wealth Management LLC grew 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 valued at $25,000 after acquiring an additional 44 shares in the last quarter. First PREMIER Bank boosted 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 purchasing an additional 42 shares during the last quarter. Newton One Investments LLC grew its stake in Tesla by 250.0% in the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after purchasing an additional 75 shares during the period. Arcadia Investment Management Corp MI purchased a new stake in shares of Tesla during the 1st quarter valued at $27,000. Finally, Chelsea Counsel Co. increased its position in shares of Tesla by 59.7% during the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 40 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Tesla news, Director James R. Murdoch sold 120,000 shares of the firm's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the completion of the transaction, the director owned 697,031 shares in the company, valued at $244,162,988.99. This trade represents a 14.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of the company's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $292.89, for a total value of $1,171,560.00. Following the sale, the chief financial officer owned 5,924 shares in the company, valued at approximately $1,735,080.36. This represents a 40.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 208,606 shares of company stock worth $77,360,462 in the last quarter. 19.90% of the stock is owned by company insiders.

Tesla Stock Down 4.4%

Tesla stock opened at $423.39 on Friday. The firm has a 50 day simple moving average of $349.83 and a 200 day simple moving average of $312.97. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54. The firm has a market capitalization of $1.41 trillion, a price-to-earnings ratio of 244.73, a P/E/G ratio of 15.45 and a beta of 2.06.

Tesla (NASDAQ:TSLA - Get Free Report) last posted 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 company had revenue of $22.50 billion for the quarter, compared to analysts' expectations of $23.18 billion. During the same quarter in the prior year, the company earned $0.52 EPS. The company's revenue was down 11.8% on a year-over-year basis. On average, analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analyst Ratings Changes

TSLA has been the topic of a number of research analyst reports. Stifel Nicolaus set a $440.00 price target on shares of Tesla in a report on Friday, September 5th. UBS Group reiterated a "sell" rating on shares of Tesla in a research note on Monday. CICC Research raised their price target on shares of Tesla from $360.00 to $450.00 and gave the stock an "outperform" rating in a research note on Thursday, September 18th. Guggenheim reaffirmed a "sell" rating and issued a $175.00 price target on shares of Tesla in a report on Wednesday, July 23rd. Finally, Glj Research reissued a "sell" rating on shares of Tesla in a report on Thursday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, twelve have issued a Hold rating and nine have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $326.74.

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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