Tesla, Inc. (NASDAQ:TSLA) Shares Sold by Frank Rimerman Advisors LLC

Key Points

• Frank Rimerman Advisors LLC reduced its Tesla holdings by 2.2%, now owning 33,306 shares valued at approximately $8.6 million, making it their 19th largest position.
• Tesla's recent earnings report revealed an EPS of $0.40, missing estimates, with a revenue drop of 11.8% year-over-year, totaling $22.5 billion.
• Equity analysts have mixed opinions on Tesla, with ratings ranging from "sell" to "strong buy", and an average price target of $303.31.

Frank Rimerman Advisors LLC cut its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 2.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 33,306 shares of the electric vehicle producer's stock after selling 764 shares during the period. Tesla makes up 0.7% of Frank Rimerman Advisors LLC's holdings, making the stock its 19th largest position. Frank Rimerman Advisors LLC's holdings in Tesla were worth $8,632,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of TSLA. True Wealth Design LLC boosted its stake in shares of Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock worth $28,000 after buying an additional 31 shares during the last quarter. Navigoe LLC purchased a new stake in shares of Tesla in the fourth quarter worth about $37,000. Cherry Tree Wealth Management LLC boosted its stake in shares of Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 44 shares during the last quarter. First PREMIER Bank boosted its stake in shares of Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 42 shares during the last quarter. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new position in Tesla during the fourth quarter worth approximately $39,000. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Trading Up 2.3%

NASDAQ:TSLA opened at $329.61 on Friday. The firm has a market cap of $1.06 trillion, a PE ratio of 190.53, a price-to-earnings-growth ratio of 11.32 and a beta of 2.33. The stock has a fifty day moving average price of $318.68 and a 200 day moving average price of $308.19. Tesla, Inc. has a 12-month low of $194.67 and a 12-month high of $488.54. 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 (NASDAQ:TSLA - Get Free Report) last released its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). The company had revenue of $22.50 billion during the quarter, compared to analysts' expectations of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company's revenue for the quarter was down 11.8% on a year-over-year basis. During the same quarter last year, the business posted $0.52 earnings per share. Sell-side analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tesla news, Director Kimbal Musk sold 91,588 shares of Tesla stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the completion of the sale, the director directly owned 1,463,220 shares of the company's stock, valued at $522,940,195.80. The trade was a 5.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Xiaotong Zhu sold 15,000 shares of Tesla stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $323.81, for a total value of $4,857,150.00. Following the sale, the senior vice president directly 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 disclosure for this sale can be found here. Insiders sold 602,724 shares of company stock valued at $214,176,831 over the last quarter. Corporate insiders own 20.70% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. China Renaissance reiterated a "hold" rating and set a $349.00 price target on shares of Tesla in a research report on Friday, July 25th. Guggenheim reiterated a "sell" rating and set a $175.00 price target on shares of Tesla in a research report on Wednesday, July 23rd. Wedbush restated an "outperform" rating and issued a $500.00 target price on shares of Tesla in a research report on Monday, August 4th. Morgan Stanley restated an "overweight" rating and issued a $410.00 target price on shares of Tesla in a research report on Friday, June 6th. Finally, Raymond James Financial downgraded Tesla to an "outperform" rating in a research report on Tuesday, April 22nd. Ten research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Tesla currently has an average rating of "Hold" and a consensus price target of $303.31.

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.

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