SCS Capital Management LLC Sells 28,366 Shares of Tesla, Inc. $TSLA

Key Points

• SCS Capital Management LLC has reduced its Tesla stake by 76.1%, selling 28,366 shares to hold 8,902 shares worth approximately $2.3 million.
• Insider transactions have seen SVP Xiaotong Zhu sell 15,000 shares and Director James R. Murdoch sell 120,000 shares, resulting in significant decreases in their ownership stakes.
• Despite these sales, several analysts maintain a positive outlook on Tesla, with ratings ranging from "Buy" to "Hold" and a consensus target price of $303.00.

SCS Capital Management LLC trimmed its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 76.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,902 shares of the electric vehicle producer's stock after selling 28,366 shares during the period. SCS Capital Management LLC's holdings in Tesla were worth $2,307,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Cherry Tree Wealth Management LLC grew its holdings in shares of Tesla by 86.3% during the first 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 shares of Tesla by 79.2% during the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after purchasing an additional 42 shares during the last quarter. Newton One Investments LLC grew its holdings in shares of 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 last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of Tesla during the first quarter worth $27,000. Finally, Centennial Bank AR grew its holdings in shares of Tesla by 833.3% during the first quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer's stock worth $29,000 after purchasing an additional 100 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors.

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 15,000 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the sale, the senior vice president owned 67,600 shares of the company's stock, valued at $21,889,556. This trade represents a 18.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James R. Murdoch sold 120,000 shares of the firm's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the sale, the director directly owned 697,031 shares in the company, valued at approximately $244,162,988.99. This represents a 14.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 143,606 shares of company stock valued at $49,581,812 over the last 90 days. 20.70% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Wedbush restated an "outperform" rating and set a $500.00 target price on shares of Tesla in a report on Monday, August 4th. Mizuho decreased their target price on Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a report on Tuesday, July 8th. China Renaissance reaffirmed a "hold" rating and set a $349.00 price target on shares of Tesla in a research note on Friday, July 25th. Benchmark reaffirmed a "buy" rating and set a $475.00 price target (up previously from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Finally, Glj Research reaffirmed a "sell" rating on shares of Tesla in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fourteen have given a Hold rating and nine have issued a Sell rating to the company's stock. Based on data from MarketBeat, Tesla currently has a consensus rating of "Hold" and a consensus target price of $303.00.

Tesla Trading Up 0.2%

NASDAQ:TSLA opened at $346.97 on Wednesday. Tesla, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54. The business's 50-day moving average price is $325.50 and its two-hundred day moving average price is $302.26. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $1.12 trillion, a price-to-earnings ratio of 200.56, a PEG ratio of 12.08 and a beta of 2.06.

Tesla (NASDAQ:TSLA - Get Free Report) last released 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 company had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. 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 posted $0.52 EPS. On average, equities analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

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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