Tesla, Inc. (NASDAQ:TSLA) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. reduced its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 2.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,978 shares of the electric vehicle producer's stock after selling 1,030 shares during the period. Pinnacle Associates Ltd.'s holdings in Tesla were worth $13,211,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Cherry Tree Wealth Management LLC increased its position in Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 44 shares in the last quarter. First PREMIER Bank increased its position in Tesla by 79.2% during the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 42 shares in the last quarter. Newton One Investments LLC increased its position in Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after buying an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in Tesla during the first quarter worth $27,000. Finally, True Wealth Design LLC grew its position in shares of Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 31 shares during the period. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Stock Performance

Shares of NASDAQ:TSLA traded up $10.76 during trading on Friday, hitting $316.06. 147,437,834 shares of the company traded hands, compared to its average volume of 90,285,424. The stock has a market capitalization of $1.02 trillion, a price-to-earnings ratio of 182.69, a PEG ratio of 11.59 and a beta of 2.39. The business's fifty day moving average is $324.70 and its 200-day moving average is $314.65. Tesla, Inc. has a one year low of $182.00 and a one year high of $488.54. The company has a quick ratio of 1.54, 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 data 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 business had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. During the same period last year, the company earned $0.52 earnings per share. The business's quarterly revenue was down 11.8% compared to the same quarter last year. As a group, equities analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. UBS Group set a $290.00 price objective on Tesla in a research report on Monday, June 30th. Deutsche Bank Aktiengesellschaft lowered their price objective on Tesla from $420.00 to $345.00 and set a "buy" rating for the company in a research report on Friday, March 28th. Canaccord Genuity Group lifted their price objective on Tesla from $303.00 to $333.00 and gave the company a "buy" rating in a research report on Thursday. Bank of America lifted their price objective on Tesla from $305.00 to $341.00 and gave the company a "neutral" rating in a research report on Monday. Finally, Cantor Fitzgerald reduced their target price on Tesla from $425.00 to $355.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Ten equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Tesla presently has a consensus rating of "Hold" and an average target price of $302.75.

Insiders Place Their Bets

In other Tesla news, SVP Xiaotong Zhu sold 15,000 shares of the stock in a transaction on 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 completion of the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total value of $170,636,475.60. Following the transaction, the director directly owned 855,394 shares of the company's stock, valued at approximately $305,632,276.20. The trade was a 35.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 835,509 shares of company stock worth $279,420,485. 20.70% of the stock is owned by company insiders.

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.