SNS Financial Group LLC Reduces Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

SNS Financial Group LLC reduced its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 52.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,568 shares of the electric vehicle producer's stock after selling 3,937 shares during the quarter. SNS Financial Group LLC's holdings in Tesla were worth $925,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Cherry Tree Wealth Management LLC lifted its stake 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 acquiring an additional 44 shares in the last quarter. First PREMIER Bank lifted its stake 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 in the last quarter. Newton One Investments LLC lifted its stake in Tesla by 250.0% during the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after acquiring an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in Tesla during the 1st quarter worth about $27,000. Finally, True Wealth Design LLC lifted its stake in Tesla by 79.5% during the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock worth $28,000 after acquiring an additional 31 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. William Blair lowered Tesla from an "outperform" rating to a "market perform" rating in a research report on Monday, July 7th. Mizuho reduced their price target on Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 8th. HSBC reaffirmed a "reduce" rating and issued a $120.00 price target on shares of Tesla in a research report on Thursday, July 3rd. Stifel Nicolaus set a $450.00 price target on Tesla and gave the company a "buy" rating in a research report on Thursday, April 24th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $500.00 price target on shares of Tesla in a research report on Tuesday, July 8th. Ten investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $300.19.

Tesla Stock Performance

Shares of TSLA stock traded up $10.24 during midday trading on Friday, hitting $329.65. The company had a trading volume of 93,904,102 shares, compared to its average volume of 98,929,970. The company's 50 day simple moving average is $326.27 and its 200 day simple moving average is $317.30. Tesla, Inc. has a 52-week low of $182.00 and a 52-week high of $488.54. The stock has a market cap of $1.06 trillion, a price-to-earnings ratio of 181.13, a PEG ratio of 12.56 and a beta of 2.39. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.54.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing analysts' consensus estimates of $0.53 by ($0.26). The business had revenue of $19.34 billion during the quarter, compared to analysts' expectations of $22.93 billion. Tesla had a net margin of 6.66% and a return on equity of 9.02%. During the same quarter last year, the firm earned $0.45 earnings per share. Research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Transactions at Tesla

In related news, SVP Xiaotong Zhu sold 15,000 shares of the stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 2,000 shares of the stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total value of $600,000.00. Following the sale, the chief financial officer directly owned 5,924 shares in the company, valued at approximately $1,777,200. The trade was a 25.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 835,509 shares of company stock worth $279,420,485 over the last ninety days. 20.70% of the stock is currently owned by company insiders.

Tesla 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.