Strait & Sound Wealth Management LLC Sells 1,562 Shares of Tesla, Inc. $TSLA

Key Points

• Strait & Sound Wealth Management LLC reduced its stake in Tesla by 14.0%, selling 1,562 shares and now holds 9,593 shares, representing approximately 1.2% of its portfolio.
• Notable institutional investors, including Goldman Sachs Group Inc. and Vanguard Group Inc., increased their positions significantly, indicating strong institutional interest in Tesla despite the share sell-off.
• Analysts have mixed ratings on Tesla, with the average target price set at $303.31, reflecting varied confidence in the company's future performance.

Strait & Sound Wealth Management LLC cut its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 14.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 9,593 shares of the electric vehicle producer's stock after selling 1,562 shares during the period. Tesla makes up about 1.2% of Strait & Sound Wealth Management LLC's investment portfolio, making the stock its 19th largest holding. Strait & Sound Wealth Management LLC's holdings in Tesla were worth $2,486,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Acorn Wealth Advisors LLC lifted its position in 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 acquiring an additional 36 shares in the last quarter. Solutions 4 Wealth Ltd lifted its position in Tesla by 2.0% in the 1st quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock valued at $470,000 after acquiring an additional 36 shares in the last quarter. Capital Management Associates Inc lifted its position in Tesla by 3.4% in the 1st quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer's stock valued at $302,000 after acquiring an additional 38 shares in the last quarter. Graney & King LLC lifted its position in Tesla by 18.4% in the 1st quarter. Graney & King LLC now owns 245 shares of the electric vehicle producer's stock valued at $63,000 after acquiring an additional 38 shares in the last quarter. Finally, Mraz Amerine & Associates Inc. lifted its position in Tesla by 3.8% in the 1st quarter. Mraz Amerine & Associates Inc. now owns 1,054 shares of the electric vehicle producer's stock valued at $278,000 after acquiring an additional 39 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Insider Activity at Tesla

In related news, Director James R. Murdoch sold 120,000 shares of the firm's stock in a transaction on 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 completion of the sale, the director directly owned 697,031 shares in the company, valued at $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of the stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $292.89, for a total transaction of $1,171,560.00. Following the completion of the sale, the chief financial officer directly owned 5,924 shares in the company, valued at $1,735,080.36. This trade represents a 40.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 143,606 shares of company stock valued at $49,581,812. 20.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on TSLA shares. Mizuho dropped their price target on shares of Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a report on Tuesday, July 8th. Piper Sandler restated an "overweight" rating and issued a $400.00 target price on shares of Tesla in a report on Tuesday, June 10th. Robert W. Baird reiterated a "neutral" rating and set a $320.00 target price on shares of Tesla in a research note on Monday, June 9th. Benchmark reissued a "buy" rating and set a $475.00 price target (up from $350.00) on shares of Tesla in a report on Thursday, June 26th. Finally, Argus reaffirmed a "hold" rating on shares of Tesla in a report on Monday, June 9th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fourteen have assigned a Hold rating and nine have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $303.00.

Tesla Stock Performance

Tesla stock traded up $0.82 during midday trading on Wednesday, hitting $347.79. The stock had a trading volume of 71,891,567 shares, compared to its average volume of 102,794,297. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 52-week low of $212.11 and a 52-week high of $488.54. The firm's fifty day moving average is $325.50 and its two-hundred day moving average is $302.26. The company has a market capitalization of $1.12 trillion, a PE ratio of 201.03, a P/E/G ratio of 12.08 and a beta of 2.06.

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

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.