Tesla, Inc. $TSLA Position Reduced by Balboa Wealth Partners

Key Points

• Balboa Wealth Partners reduced its Tesla holdings by 1.1%, now owning 124,541 shares worth approximately $39.56 million, making Tesla its second-largest position.
• Several hedge funds significantly increased their positions in Tesla, with Goldman Sachs boosting its ownership by 322.1%, and Kingstone Capital Partners Texas LLC growing its stake by 581,880.5%.
• Wall Street analysts have issued mixed ratings on Tesla, with a consensus price target of $363.54 and indications of potential price increases from various firms, raising expectations despite recent earnings that fell short of estimates.

Balboa Wealth Partners reduced its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 1.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 124,541 shares of the electric vehicle producer's stock after selling 1,428 shares during the quarter. Tesla accounts for 7.9% of Balboa Wealth Partners' portfolio, making the stock its 2nd largest position. Balboa Wealth Partners' holdings in Tesla were worth $39,562,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Goldman Sachs Group Inc. boosted its position in shares of Tesla by 322.1% in the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock worth $6,891,201,000 after buying an additional 20,291,139 shares during the period. Nuveen LLC purchased a new position in Tesla in the 1st quarter worth approximately $3,247,619,000. Kingstone Capital Partners Texas LLC grew its position in Tesla by 581,880.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 6,436,704 shares of the electric vehicle producer's stock valued at $2,044,683,000 after acquiring an additional 6,435,598 shares in the last quarter. Amundi raised its stake in shares of Tesla by 29.4% during the first quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer's stock valued at $4,482,789,000 after purchasing an additional 3,814,610 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Tesla by 1.5% during the first quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock worth $63,983,418,000 after purchasing an additional 3,694,524 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $355.00 price target on shares of Tesla in a research note on Friday, October 3rd. HSBC raised their target price on Tesla from $120.00 to $127.00 in a research note on Monday, September 29th. Robert W. Baird upgraded Tesla from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $320.00 to $548.00 in a research note on Friday, September 19th. Piper Sandler raised their price objective on Tesla from $400.00 to $500.00 and gave the company an "overweight" rating in a research note on Monday, September 22nd. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Tesla in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have assigned a Hold rating and ten have given a Sell rating to the company's stock. According to MarketBeat, Tesla presently has a consensus rating of "Hold" and a consensus price target of $363.54.

Insiders Place Their Bets

In other news, Director James R. Murdoch sold 60,000 shares of the firm's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $422.68, for a total value of $25,360,800.00. Following the transaction, the director directly owned 637,031 shares in the company, valued at approximately $269,260,263.08. This trade represents a 8.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of the transaction, the chief financial officer directly owned 9,856 shares of the company's stock, valued at $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 202,606 shares of company stock valued at $75,588,902. Company insiders own 19.90% of the company's stock.

Tesla Trading Up 2.5%

Shares of NASDAQ TSLA opened at $439.31 on Monday. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The stock's 50 day moving average price is $387.54 and its two-hundred day moving average price is $334.06. Tesla, Inc. has a 52-week low of $212.11 and a 52-week high of $488.54. The stock has a market capitalization of $1.46 trillion, a P/E ratio of 253.94, a PEG ratio of 15.79 and a beta of 2.08.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share 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%. Tesla's revenue was down 11.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.52 earnings per share. On average, analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal 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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