Procyon Advisors LLC Has $17.10 Million Position in Tesla, Inc. (NASDAQ:TSLA)

Procyon Advisors LLC cut its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 5.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,970 shares of the electric vehicle producer's stock after selling 3,857 shares during the period. Tesla accounts for approximately 1.0% of Procyon Advisors LLC's investment portfolio, making the stock its 19th largest holding. Procyon Advisors LLC's holdings in Tesla were worth $17,097,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Oxinas Partners Wealth Management LLC increased its position in Tesla by 19.6% in the first quarter. Oxinas Partners Wealth Management LLC now owns 15,380 shares of the electric vehicle producer's stock worth $3,986,000 after buying an additional 2,520 shares during the period. Magnus Financial Group LLC increased its position in Tesla by 2.0% in the first quarter. Magnus Financial Group LLC now owns 23,091 shares of the electric vehicle producer's stock worth $5,984,000 after buying an additional 451 shares during the period. Intellectus Partners LLC increased its position in Tesla by 2.3% in the first quarter. Intellectus Partners LLC now owns 72,988 shares of the electric vehicle producer's stock worth $18,916,000 after buying an additional 1,655 shares during the period. Cora Capital Advisors LLC increased its position in Tesla by 23.6% in the first quarter. Cora Capital Advisors LLC now owns 1,089 shares of the electric vehicle producer's stock worth $282,000 after buying an additional 208 shares during the period. Finally, AFG Fiduciary Services Limited Partnership grew its stake in shares of Tesla by 3.2% in the first quarter. AFG Fiduciary Services Limited Partnership now owns 1,324 shares of the electric vehicle producer's stock worth $360,000 after purchasing an additional 41 shares in the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Barclays decreased their price target 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. Argus reissued a "hold" rating on shares of Tesla in a research note on Monday. Raymond James cut Tesla to an "outperform" rating in a research note on Tuesday, April 22nd. Roth Mkm decreased their price target on Tesla from $450.00 to $395.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Finally, HSBC decreased their price target on Tesla from $165.00 to $130.00 and set a "reduce" rating for the company in a research note on Thursday, March 27th. Ten research analysts have rated the stock with a sell rating, twelve have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Tesla currently has an average rating of "Hold" and an average price target of $293.67.

Insider Activity

In related news, Director Joseph Gebbia acquired 4,000 shares of the business's stock in a transaction that occurred on Thursday, April 24th. The shares were acquired at an average cost of $256.31 per share, with a total value of $1,025,240.00. Following the purchase, the director now owns 4,111 shares of the company's stock, valued at approximately $1,053,690.41. The trade was a 3,603.60% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the firm's stock in a transaction that occurred on 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 now directly owns 855,394 shares in the company, valued at $305,632,276.20. The trade was a 35.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 818,509 shares of company stock worth $273,791,775 in the last three months. 20.70% of the stock is owned by insiders.

Tesla Stock Up 4.6%

NASDAQ TSLA traded up $13.44 during trading on Monday, reaching $308.58. 137,827,105 shares of the company's stock were exchanged, compared to its average volume of 100,028,690. Tesla, Inc. has a fifty-two week low of $167.41 and a fifty-two week high of $488.54. The firm has a market capitalization of $993.92 billion, a PE ratio of 151.27, a P/E/G ratio of 5.86 and a beta of 2.47. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. The company's fifty day simple moving average is $292.17 and its 200-day simple moving average is $333.51.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a return on equity of 10.31% and a net margin of 7.26%. The firm had revenue of $19.34 billion for the quarter, compared to analysts' expectations of $22.93 billion. During the same quarter in the prior year, the business posted $0.45 earnings per share. Sell-side analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

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.