Procyon Advisors LLC Reduces Stock Position in Tesla, Inc. $TSLA

Procyon Advisors LLC lowered its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 84.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,093 shares of the electric vehicle producer's stock after selling 55,877 shares during the quarter. Procyon Advisors LLC's holdings in Tesla were worth $3,210,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Pallas Capital Advisors LLC boosted its holdings in Tesla by 80.7% in the second quarter. Pallas Capital Advisors LLC now owns 8,195 shares of the electric vehicle producer's stock worth $2,603,000 after purchasing an additional 3,660 shares during the last quarter. Affinity Capital Advisors LLC raised its position in Tesla by 5.7% in the second quarter. Affinity Capital Advisors LLC now owns 7,306 shares of the electric vehicle producer's stock worth $2,321,000 after acquiring an additional 393 shares during the period. GSG Advisors LLC raised its position in Tesla by 17.0% in the second quarter. GSG Advisors LLC now owns 3,015 shares of the electric vehicle producer's stock worth $958,000 after acquiring an additional 438 shares during the period. Baron Wealth Management LLC raised its position in Tesla by 33.7% in the second quarter. Baron Wealth Management LLC now owns 4,944 shares of the electric vehicle producer's stock worth $1,571,000 after acquiring an additional 1,245 shares during the period. Finally, Lifelong Wealth Advisors Inc. raised its position in Tesla by 4.4% in the second quarter. Lifelong Wealth Advisors Inc. now owns 1,508 shares of the electric vehicle producer's stock worth $479,000 after acquiring an additional 64 shares during the period. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Trading Up 2.8%

Shares of TSLA opened at $421.62 on Wednesday. Tesla, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The firm has a market capitalization of $1.36 trillion, a price-to-earnings ratio of 243.71, a PEG ratio of 14.30 and a beta of 2.06. The company has a 50-day moving average of $333.69 and a 200 day moving average of $305.35.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings results 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). The business had revenue of $22.50 billion during 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 company's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.52 EPS. On average, research analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Activity

In related news, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction on Monday, September 8th. The shares were sold at an average price of $352.38, for a total transaction of $918,302.28. Following the sale, the chief financial officer directly owned 9,856 shares of the company's stock, valued at approximately $3,473,057.28. This represents a 20.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director James R. Murdoch sold 120,000 shares of the stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the sale, the director directly owned 697,031 shares in the company, valued at $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 148,606 shares of company stock valued at $51,999,662 in the last ninety days. Insiders own 20.70% of the company's stock.

Wall Street Analysts Forecast Growth

TSLA has been the topic of several recent research reports. Robert W. Baird reiterated a "neutral" rating and issued a $320.00 price target on shares of Tesla in a research report on Monday, June 9th. Needham & Company LLC reiterated a "hold" rating on shares of Tesla in a research report on Thursday, July 24th. Bank of America increased their price target on shares of Tesla from $305.00 to $341.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Guggenheim reiterated a "sell" rating and issued a $175.00 price target on shares of Tesla in a research report on Wednesday, July 23rd. Finally, China Renaissance reiterated a "hold" rating and issued a $349.00 price target on shares of Tesla in a research report on Friday, July 25th. 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 issued a Sell rating to the stock. According to MarketBeat.com, the stock currently 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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