Rehmann Capital Advisory Group Reduces Position in Tesla, Inc. $TSLA

Key Points

• Rehmann Capital Advisory Group reduced its position in Tesla, Inc. by 6.4% during the second quarter, owning 16,694 shares valued at approximately $5.3 million after selling 1,148 shares.
• Insider selling included notable transactions, with Xiaotong Zhu selling 20,000 shares for about $7.3 million and James R. Murdoch selling 120,000 shares valued at over $42 million.
• Despite recent developments, analysts maintain a mix of ratings on Tesla, with two analysts rating it as a Strong Buy and a total of ten assigning a Sell rating, reflecting varied market sentiment.

Rehmann Capital Advisory Group lessened its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 6.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,694 shares of the electric vehicle producer's stock after selling 1,148 shares during the quarter. Rehmann Capital Advisory Group's holdings in Tesla were worth $5,303,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Siren L.L.C. bought a new stake in shares of Tesla during the 1st quarter valued at $2,332,000. Zuckerman Investment Group LLC raised its position in shares of Tesla by 6.9% during the 1st quarter. Zuckerman Investment Group LLC now owns 12,748 shares of the electric vehicle producer's stock valued at $3,304,000 after purchasing an additional 826 shares during the period. Keystone Global Partners LLC bought a new stake in shares of Tesla during the 1st quarter valued at $594,000. Strs Ohio bought a new stake in shares of Tesla during the 1st quarter valued at $205,495,000. Finally, IFM Investors Pty Ltd raised its position in shares of Tesla by 8.5% during the 1st quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer's stock valued at $153,436,000 after purchasing an additional 46,087 shares during the period. 66.20% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the transaction, the senior vice president directly owned 47,600 shares of the company's stock, valued at approximately $17,314,500. The trade was a 29.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James R. Murdoch sold 120,000 shares of Tesla stock in a transaction dated 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 transaction, the director directly owned 697,031 shares of the company's stock, valued at approximately $244,162,988.99. This represents a 14.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 202,606 shares of company stock valued at $75,588,902. Company insiders own 19.90% of the company's stock.

Tesla Stock Performance

Tesla stock opened at $442.60 on Wednesday. The company's 50-day moving average price is $391.74 and its 200-day moving average price is $336.26. Tesla, Inc. has a twelve month low of $212.11 and a twelve month high of $488.54. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.47 trillion, a PE ratio of 255.84, a price-to-earnings-growth ratio of 16.08 and a beta of 2.08.

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 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 quarter last year, the firm earned $0.52 earnings per share. The business's quarterly revenue was down 11.8% on a year-over-year basis. On average, equities research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have issued reports on TSLA shares. Piper Sandler lifted their price target on shares of Tesla from $400.00 to $500.00 and gave the company an "overweight" rating in a report on Monday, September 22nd. China Renaissance reiterated a "hold" rating and issued a $349.00 price target on shares of Tesla in a report on Friday, July 25th. Dbs Bank lifted their price target on shares of Tesla from $300.00 to $450.00 in a report on Wednesday, September 17th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Tesla from $345.00 to $435.00 and gave the company a "buy" rating in a report on Friday, September 26th. Finally, Baird R W upgraded shares of Tesla from a "hold" rating to a "strong-buy" rating in a report on Friday, September 19th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have issued a Hold rating and ten have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $363.54.

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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