Potentia Wealth Sells 7,858 Shares of Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Potentia Wealth significantly reduced its stake in Tesla by 75.9% during the first quarter, now holding only 2,495 shares valued at approximately $647,000.
• Insider selling was notable as Tesla's SVP Xiaotong Zhu and Director Ira Matthew Ehrenpreis sold a combined total of 492,572 shares recently, representing large decreases in their ownership.
• Tesla's stock is currently rated with a consensus of "Hold" by analysts, with a target price averaging around $303.31, reflecting mixed sentiments about its performance.

Potentia Wealth lowered its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 75.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,495 shares of the electric vehicle producer's stock after selling 7,858 shares during the quarter. Potentia Wealth's holdings in Tesla were worth $647,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cherry Tree Wealth Management LLC grew its holdings 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 during the last quarter. First PREMIER Bank grew its holdings 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 during the last quarter. Newton One Investments LLC grew its holdings 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 during the last quarter. Arcadia Investment Management Corp MI bought a new stake in Tesla during the 1st quarter worth about $27,000. Finally, True Wealth Design LLC grew its holdings 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 during the last quarter. Institutional investors own 66.20% of the company's stock.

Wall Street Analysts Forecast Growth

TSLA has been the topic of a number of research analyst reports. William Blair lowered shares of Tesla from an "outperform" rating to a "market perform" rating in a report on Monday, July 7th. Robert W. Baird reissued a "neutral" rating and set a $320.00 price objective on shares of Tesla in a report on Monday, June 9th. Royal Bank Of Canada reissued an "overweight" rating on shares of Tesla in a report on Tuesday, July 29th. The Goldman Sachs Group dropped their price objective on Tesla from $315.00 to $285.00 and set a "neutral" rating for the company in a report on Friday, July 11th. Finally, Raymond James Financial cut Tesla to an "outperform" rating in a 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 issued a strong buy rating to the company. According to data from MarketBeat, Tesla currently has an average rating of "Hold" and a consensus price target of $303.31.

Tesla Stock Up 2.3%

Shares of Tesla stock traded up $7.34 during trading on Friday, reaching $329.61. The stock had a trading volume of 90,979,625 shares, compared to its average volume of 89,568,456. The company has a market capitalization of $1.06 trillion, a price-to-earnings ratio of 190.53, a P/E/G ratio of 11.32 and a beta of 2.33. The stock has a fifty day moving average price of $318.68 and a two-hundred day moving average price of $308.19. Tesla, Inc. has a 52 week low of $194.67 and a 52 week 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 issued its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). The firm had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business's revenue for the quarter was down 11.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 earnings per share. Sell-side analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Transactions at Tesla

In other news, Director Kimbal Musk sold 91,588 shares of the firm's stock in a transaction dated Tuesday, May 27th. The stock was 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 in the company, valued at $522,940,195.80. This trade represents a 5.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the firm's stock in a transaction dated Tuesday, May 27th. The shares were 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 owned 855,394 shares of the company's stock, valued at $305,632,276.20. The trade was a 35.83% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 602,724 shares of company stock valued at $214,176,831. 20.70% of the stock is currently owned by company insiders.

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.