Raymond James Financial Inc. Trims Holdings in Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Raymond James Financial Inc. reduced its holdings in Tesla by 2.4% during the 1st quarter, selling 51,812 shares, which leaves them with about 2.15 million shares valued at approximately $557 million.
• Multiple hedge funds, including True Wealth Design LLC and Aldebaran Financial Inc., have increased their stakes in Tesla, indicating a mixed sentiment among institutional investors.
• Tesla reported a missed earnings estimate for the last quarter, with earnings per share of $0.40, below the expected $0.43, alongside a decline in revenue of 11.8% compared to the previous year.

Raymond James Financial Inc. trimmed its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 2.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,152,652 shares of the electric vehicle producer's stock after selling 51,812 shares during the quarter. Raymond James Financial Inc. owned about 0.07% of Tesla worth $557,881,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TSLA. Rinkey Investments grew its holdings in Tesla by 3.5% during the 4th quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer's stock valued at $347,000 after buying an additional 29 shares in the last quarter. True Wealth Design LLC grew its holdings 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 in the last quarter. Aldebaran Financial Inc. grew its holdings in shares of Tesla by 3.1% in the fourth quarter. Aldebaran Financial Inc. now owns 1,174 shares of the electric vehicle producer's stock valued at $490,000 after purchasing an additional 35 shares in the last quarter. Acorn Wealth Advisors LLC grew its holdings in shares of Tesla by 1.9% in the first quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock valued at $493,000 after purchasing an additional 36 shares in the last quarter. Finally, Solutions 4 Wealth Ltd grew its holdings in shares of Tesla by 2.0% in the first quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock valued at $470,000 after purchasing an additional 36 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Price Performance

NASDAQ:TSLA opened at $330.56 on Friday. 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 cap of $1.07 trillion, a price-to-earnings ratio of 191.08, a price-to-earnings-growth ratio of 11.67 and a beta of 2.33. The company has a 50 day moving average price of $320.41 and a 200-day moving average price of $305.81. Tesla, Inc. has a 1-year low of $202.59 and a 1-year high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.03). The business had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%. The company's quarterly revenue was down 11.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.52 earnings per share. Equities research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TSLA. Cfra Research downgraded Tesla from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, April 22nd. Argus reiterated a "hold" rating on shares of Tesla in a research report on Monday, June 9th. Canaccord Genuity Group lifted their target price on Tesla from $303.00 to $333.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Piper Sandler reiterated an "overweight" rating and set a $400.00 target price on shares of Tesla in a research report on Tuesday, June 10th. Finally, Mizuho cut their price target on Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 8th. Ten investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $303.31.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 6,000 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $341.02, for a total transaction of $2,046,120.00. Following the completion of the transaction, the chief financial officer directly owned 1,950 shares of the company's stock, valued at $664,989. This represents a 75.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Kimbal Musk sold 91,588 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value of $32,732,635.32. Following the transaction, the director directly owned 1,463,220 shares of the company's stock, valued at approximately $522,940,195.80. The trade was a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 599,724 shares of company stock valued at $213,126,501. Corporate insiders own 20.70% of the company's stock.

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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