Prostatis Group LLC Has $1.36 Million Holdings in Tesla, Inc. $TSLA

Key Points

• Prostatis Group LLC reduced its stake in Tesla, Inc. by 68.3% during the 1st quarter, holding 5,264 shares now valued at approximately $1.36 million.
• A diverse range of institutional investors increased their positions in Tesla, with notable increases including Cherry Tree Wealth Management by 86.3% and First PREMIER Bank by 79.2%.
• Tesla's recent earnings report showed a decline in revenue and earnings per share, missing expectations with earnings of $0.40 per share against a consensus estimate of $0.43.

Prostatis Group LLC cut its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 68.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,264 shares of the electric vehicle producer's stock after selling 11,363 shares during the quarter. Prostatis Group LLC's holdings in Tesla were worth $1,364,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Cherry Tree Wealth Management LLC raised its holdings in Tesla by 86.3% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after purchasing an additional 44 shares during the last quarter. First PREMIER Bank grew its holdings in Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after acquiring an additional 42 shares during the period. Pacific Center for Financial Services lifted its stake in shares of Tesla by 1,616.7% in the 4th quarter. Pacific Center for Financial Services now owns 103 shares of the electric vehicle producer's stock valued at $42,000 after purchasing an additional 97 shares during the period. Arcadia Investment Management Corp MI bought a new stake in shares of Tesla during the 1st quarter valued at about $27,000. Finally, Newton One Investments LLC grew its stake 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 purchasing an additional 75 shares during the period. Institutional investors and hedge funds own 66.20% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on TSLA. Mizuho cut their price target on Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a report on Tuesday, July 8th. Morgan Stanley reaffirmed an "overweight" rating and issued a $410.00 price target on shares of Tesla in a research note on Friday. Needham & Company LLC reissued a "hold" rating on shares of Tesla in a research report on Thursday, July 24th. Bank of America upped 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. Finally, Baird R W downgraded shares of Tesla from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fourteen have given a Hold rating and nine have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $303.00.

Insider Activity

In other Tesla news, Director James R. Murdoch sold 120,000 shares of the stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the sale, the director owned 697,031 shares of the company's stock, valued at $244,162,988.99. This represents a 14.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 2,000 shares of the business's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total value of $600,000.00. Following the transaction, the chief financial officer owned 5,924 shares in the company, valued at approximately $1,777,200. This represents a 25.24% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 141,000 shares of company stock valued at $48,663,510. 20.70% of the stock is currently owned by company insiders.

Tesla Trading Down 1.3%

Shares of TSLA stock opened at $346.40 on Tuesday. The company's fifty day simple moving average is $324.57 and its two-hundred day simple moving average is $301.95. The stock has a market capitalization of $1.12 trillion, a price-to-earnings ratio of 200.23, a PEG ratio of 12.24 and a beta of 2.06. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. Tesla, Inc. has a 1 year low of $212.11 and a 1 year high of $488.54.

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 firm had revenue of $22.50 billion during the quarter, compared to analysts' expectations of $23.18 billion. During the same quarter in the prior year, the company earned $0.52 earnings per share. The business's revenue for the quarter was down 11.8% compared to the same quarter last year. As a group, analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

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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