Weatherly Asset Management L. P. Sells 5,771 Shares of Tesla, Inc. (NASDAQ:TSLA)

Weatherly Asset Management L. P. cut its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 38.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,208 shares of the electric vehicle producer's stock after selling 5,771 shares during the quarter. Weatherly Asset Management L. P.'s holdings in Tesla were worth $2,386,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cherry Tree Wealth Management LLC lifted its holdings in shares of Tesla by 86.3% during 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 in the last quarter. First PREMIER Bank raised its stake in Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after purchasing an additional 42 shares in the last quarter. Newton One Investments LLC grew its position in Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after acquiring an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI bought a new position in Tesla in the first quarter valued at about $27,000. Finally, True Wealth Design LLC grew its position in Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after acquiring an additional 31 shares during the last quarter. 66.20% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TSLA. 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 report on Wednesday, April 23rd. Mizuho reduced their price target on Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a report on Tuesday, July 8th. Guggenheim restated a "sell" rating and set a $175.00 price target on shares of Tesla in a report on Tuesday, July 8th. Glj Research restated a "sell" rating and set a $19.05 price target (down from $24.86) on shares of Tesla in a report on Monday, April 21st. Finally, BNP Paribas set a $137.00 price target on Tesla and gave the stock an "underperform" rating in a report on Wednesday, April 16th. Ten research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $300.19.

Insider Activity at Tesla

In other news, CFO Vaibhav Taneja sold 6,000 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $341.02, for a total transaction of $2,046,120.00. Following the transaction, the chief financial officer directly owned 1,950 shares of the company's stock, valued at $664,989. This represents a 75.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robyn M. Denholm sold 112,395 shares of the stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $274.12, for a total value of $30,809,717.40. Following the completion of the sale, the director directly owned 85,000 shares of the company's stock, valued at $23,300,200. The trade was a 56.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 835,509 shares of company stock valued at $279,420,485 over the last three months. 20.70% of the stock is currently owned by company insiders.

Tesla Stock Up 3.5%

Shares of NASDAQ:TSLA traded up $10.89 during trading on Wednesday, reaching $321.67. 96,688,793 shares of the stock were exchanged, compared to its average volume of 99,116,733. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.54. Tesla, Inc. has a 1-year low of $182.00 and a 1-year high of $488.54. The stock has a fifty day moving average of $324.04 and a two-hundred day moving average of $318.47. The firm has a market cap of $1.04 trillion, a price-to-earnings ratio of 176.74, a price-to-earnings-growth ratio of 9.26 and a beta of 2.39.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing analysts' consensus estimates of $0.53 by ($0.26). Tesla had a return on equity of 9.02% and a net margin of 6.66%. The firm had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. During the same period in the previous year, the company earned $0.45 earnings per share. Research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal 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.