Tesla, Inc. (NASDAQ:TSLA) Shares Sold by NWK Group Inc.

Key Points

• NWK Group Inc. reduced its Tesla holdings by 9.5%, now owning 26,674 shares worth about $6.9 million, making it the 14th largest position in their portfolio.
• A significant insider sale occurred, with Director Ira Matthew Ehrenpreis selling 477,572 shares for over $170 million, which represented a 35.83% decrease in his ownership.
• Research firms have mixed views on Tesla, with ten analysts giving a sell rating and a consensus price target of $303.31, indicating cautious sentiment surrounding the stock's performance.

NWK Group Inc. trimmed its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 9.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 26,674 shares of the electric vehicle producer's stock after selling 2,792 shares during the quarter. Tesla accounts for about 3.2% of NWK Group Inc.'s investment portfolio, making the stock its 14th biggest position. NWK Group Inc.'s holdings in Tesla were worth $6,913,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of TSLA. Rinkey Investments boosted its holdings in Tesla by 3.5% during the fourth quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer's stock worth $347,000 after purchasing an additional 29 shares during the last quarter. True Wealth Design LLC boosted its holdings in Tesla by 79.5% during the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock worth $28,000 after purchasing an additional 31 shares during the last quarter. Aldebaran Financial Inc. boosted its holdings in Tesla by 3.1% during the fourth quarter. Aldebaran Financial Inc. now owns 1,174 shares of the electric vehicle producer's stock worth $490,000 after purchasing an additional 35 shares during the last quarter. Acorn Wealth Advisors LLC boosted its holdings in Tesla by 1.9% during the first quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock worth $493,000 after purchasing an additional 36 shares during the last quarter. Finally, Solutions 4 Wealth Ltd grew its position in shares of 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 during the period. 66.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on TSLA. Raymond James Financial cut shares of Tesla to an "outperform" rating in a research report on Tuesday, April 22nd. Truist Financial set a $280.00 price objective on Tesla in a research report on Tuesday, April 22nd. Barclays cut their price objective on Tesla from $325.00 to $275.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Argus restated a "hold" rating on shares of Tesla in a report on Monday, June 9th. Finally, Roth Mkm lowered their price target on shares of Tesla from $450.00 to $395.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Ten research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $303.31.

Insider Buying and Selling

In other news, Director Ira Matthew Ehrenpreis sold 477,572 shares of Tesla stock in a transaction 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 completion of the transaction, the director directly owned 855,394 shares in the company, valued at approximately $305,632,276.20. The trade was a 35.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kimbal Musk sold 91,588 shares of Tesla stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total value of $32,732,635.32. Following the completion of the transaction, the director owned 1,463,220 shares of the company's stock, valued at approximately $522,940,195.80. This trade represents a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 602,724 shares of company stock valued at $214,176,831 in the last ninety days. 20.70% of the stock is owned by company insiders.

Tesla Stock Performance

NASDAQ:TSLA opened at $329.61 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The business has a fifty day simple moving average of $318.68 and a two-hundred day simple moving average of $308.19. Tesla, Inc. has a 1 year low of $194.67 and a 1 year high of $488.54. The company has a market capitalization of $1.06 trillion, a P/E ratio of 190.53, a P/E/G ratio of 11.32 and a beta of 2.33.

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). Tesla had a return on equity of 7.98% and a net margin of 6.54%. The firm had revenue of $22.50 billion during the quarter, compared to analysts' expectations of $23.18 billion. During the same period in the prior year, the business earned $0.52 earnings per share. The business's quarterly revenue was down 11.8% compared to the same quarter last year. On average, analysts expect that Tesla, Inc. will post 2.56 earnings per share 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.

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