Nicholas Wealth LLC. Lowers Position in Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Nicholas Wealth LLC reduced its stake in Tesla by 20.5% in the first quarter, selling 3,991 shares, which left them with 15,487 shares valued at approximately $4 million.
• Institutional investors now hold 66.20% of Tesla's stock, showcasing significant interest from hedge funds, including new large positions from Susquehanna Fundamental Investments and Harvard Management Co.
• Analysts have varied opinions on Tesla, with a consensus rating of "Hold" and a target price averaging $302.75, while some increases and decreases in price targets reflect differing outlooks for the company's future.

Nicholas Wealth LLC. decreased its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 20.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,487 shares of the electric vehicle producer's stock after selling 3,991 shares during the period. Tesla comprises approximately 2.3% of Nicholas Wealth LLC.'s investment portfolio, making the stock its 6th biggest holding. Nicholas Wealth LLC.'s holdings in Tesla were worth $4,014,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Avantax Advisory Services Inc. grew its position in Tesla by 14.5% during the first quarter. Avantax Advisory Services Inc. now owns 165,056 shares of the electric vehicle producer's stock worth $42,776,000 after buying an additional 20,934 shares in the last quarter. Tempus Wealth Planning LLC grew its position in Tesla by 23.3% during the first quarter. Tempus Wealth Planning LLC now owns 14,188 shares of the electric vehicle producer's stock worth $3,677,000 after buying an additional 2,681 shares in the last quarter. Gilbert & Cook Inc. grew its position in Tesla by 3.9% during the first quarter. Gilbert & Cook Inc. now owns 13,109 shares of the electric vehicle producer's stock worth $3,397,000 after buying an additional 494 shares in the last quarter. Brookwood Investment Group LLC acquired a new stake in Tesla during the first quarter worth approximately $2,578,000. Finally, Kelman Lazarov Inc. grew its position in Tesla by 2.1% during the first quarter. Kelman Lazarov Inc. now owns 6,789 shares of the electric vehicle producer's stock worth $1,759,000 after buying an additional 139 shares in the last quarter. Institutional investors own 66.20% of the company's stock.

Tesla Stock Performance

Shares of NASDAQ TSLA traded up $13.17 during midday trading on Monday, reaching $329.23. The company's stock had a trading volume of 67,322,329 shares, compared to its average volume of 108,157,156. Tesla, Inc. has a 12-month low of $182.00 and a 12-month high of $488.54. The firm has a 50 day moving average price of $324.70 and a 200-day moving average price of $313.53. The stock has a market capitalization of $1.06 trillion, a P/E ratio of 190.31, a PEG ratio of 9.93 and a beta of 2.39. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55.

Tesla (NASDAQ:TSLA - Get Free Report) last posted 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 firm had revenue of $22.50 billion during the quarter, compared to analysts' expectations of $23.18 billion. During the same quarter in the previous year, the company posted $0.52 EPS. Tesla's revenue for the quarter was down 11.8% on a year-over-year basis. As a group, equities analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total value of $170,636,475.60. Following the transaction, the director owned 855,394 shares in the company, valued at approximately $305,632,276.20. This represents a 35.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Xiaotong Zhu sold 15,000 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total value of $4,857,150.00. Following the completion of the transaction, the senior vice president owned 67,600 shares in the company, valued at approximately $21,889,556. The trade was a 18.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 835,509 shares of company stock valued at $279,420,485 in the last quarter. 20.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

TSLA has been the topic of a number of analyst reports. JPMorgan Chase & Co. reduced their price target on Tesla from $120.00 to $115.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 23rd. Guggenheim restated a "sell" rating and set a $175.00 target price on shares of Tesla in a research note on Wednesday, July 23rd. Argus restated a "hold" rating on shares of Tesla in a research note on Monday, June 9th. Truist Financial set a $280.00 target price on Tesla in a research note on Tuesday, April 22nd. Finally, Barclays cut their target price on Tesla from $325.00 to $275.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Ten research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Tesla currently has a consensus rating of "Hold" and an average target price of $302.75.

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.