Riverbridge Partners LLC Reduces Stake in Tesla, Inc. $TSLA

Key Points

• Riverbridge Partners LLC has reduced its stake in Tesla by 3.2%, holding 198,985 shares valued at approximately $63.2 million at the end of the second quarter.
• Insider selling has been significant, with CFO Vaibhav Taneja selling 2,606 shares and Director James R. Murdoch offloading 60,000 shares, reflecting overall decreasing positions among company insiders.
• Tesla's recent quarterly earnings showed an EPS of $0.40, missing estimates, with revenue down 11.8% year-over-year at $22.5 billion.

Riverbridge Partners LLC lowered its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 3.2% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 198,985 shares of the electric vehicle producer's stock after selling 6,583 shares during the quarter. Riverbridge Partners LLC's holdings in Tesla were worth $63,210,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Conrad Siegel Investment Advisors Inc. boosted its position in shares of Tesla by 3.6% in the 2nd quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer's stock valued at $310,000 after purchasing an additional 34 shares during the period. Acorn Wealth Advisors LLC boosted its position in shares of Tesla by 1.9% in the 1st 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 during the period. Solutions 4 Wealth Ltd lifted its position in Tesla by 2.0% during the 1st quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock worth $470,000 after acquiring an additional 36 shares during the period. ACT Wealth Management LLC lifted its position in Tesla by 0.7% during the 2nd quarter. ACT Wealth Management LLC now owns 5,405 shares of the electric vehicle producer's stock worth $1,717,000 after acquiring an additional 36 shares during the period. Finally, Capital Management Associates Inc lifted its position in Tesla by 3.4% during the 1st quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer's stock worth $302,000 after acquiring an additional 38 shares during the period. Hedge funds and other institutional investors own 66.20% of the company's stock.

Insider Transactions at Tesla

In other news, CFO Vaibhav Taneja sold 2,606 shares of the firm's stock in a transaction on Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the sale, the chief financial officer owned 9,856 shares in the company, valued at $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James R. Murdoch sold 60,000 shares of the firm's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $422.68, for a total value of $25,360,800.00. Following the sale, the director owned 637,031 shares in the company, valued at $269,260,263.08. This trade represents a 8.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 208,606 shares of company stock worth $77,360,462 over the last quarter. 19.90% of the stock is currently owned by insiders.

Tesla Stock Performance

Tesla stock opened at $442.79 on Thursday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. The stock has a fifty day moving average of $347.75 and a two-hundred day moving average of $311.58. The company has a market capitalization of $1.47 trillion, a price-to-earnings ratio of 255.95, a PEG ratio of 14.86 and a beta of 2.06. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same quarter last year, the business earned $0.52 EPS. Tesla's revenue for the quarter was down 11.8% compared to the same quarter last year. On average, analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on TSLA. Dbs Bank increased their price objective on Tesla from $300.00 to $450.00 in a research report on Wednesday, September 17th. Stifel Nicolaus set a $440.00 price objective on Tesla in a research report on Friday, September 5th. Canaccord Genuity Group increased their price objective on Tesla from $303.00 to $333.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Wedbush reissued an "outperform" rating and set a $500.00 target price on shares of Tesla in a research note on Monday, September 15th. Finally, UBS Group reissued a "sell" rating on shares of Tesla in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, twelve have assigned a Hold rating and nine have given a Sell rating to the company. According to data from MarketBeat, Tesla presently has a consensus rating of "Hold" and an average price target of $326.74.

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.

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