Tesla, Inc. $TSLA Shares Sold by Blodgett Wealth Advisors LLC

Key Points

• Blodgett Wealth Advisors LLC has reduced its Tesla holdings by 27.3%, leaving them with 2,400 shares valued at $762,000, which constitutes 0.6% of their total portfolio.
• Significant increases in Tesla shares were observed among other hedge funds, with Goldman Sachs raising its holdings by 322.1%, now owning nearly 26.6 million shares worth approximately $6.89 billion.
• Tesla's stock has a current average analyst rating of “Hold” with a projected average price target of $303.00, following recent reports where it missed earnings expectations.

Blodgett Wealth Advisors LLC cut its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 27.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,400 shares of the electric vehicle producer's stock after selling 900 shares during the period. Tesla comprises about 0.6% of Blodgett Wealth Advisors LLC's holdings, making the stock its 28th largest position. Blodgett Wealth Advisors LLC's holdings in Tesla were worth $762,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in TSLA. Goldman Sachs Group Inc. grew its holdings in shares of Tesla by 322.1% during 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 purchasing an additional 20,291,139 shares during the last quarter. Nuveen LLC purchased a new position in shares of Tesla during the first quarter worth about $3,247,619,000. GAMMA Investing LLC grew its holdings in shares of Tesla by 27,378.6% during the first quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer's stock worth $2,542,960,000 after purchasing an additional 9,776,607 shares during the last quarter. Amundi grew its holdings 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 worth $4,482,789,000 after purchasing an additional 3,814,610 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings 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 during the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Glj Research reissued a "sell" rating on shares of Tesla in a report on Thursday, July 24th. Bank of America raised their price target on Tesla from $305.00 to $341.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. HSBC reaffirmed a "reduce" rating and issued a $120.00 price objective on shares of Tesla in a report on Thursday, July 3rd. William Blair reaffirmed a "market perform" rating on shares of Tesla in a report on Friday, September 5th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Tesla in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fourteen have issued a Hold rating and nine have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $303.00.

Tesla Trading Up 2.8%

Shares of Tesla stock opened at $421.62 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. Tesla, Inc. has a 1 year low of $212.11 and a 1 year high of $488.54. The company has a market capitalization of $1.36 trillion, a P/E ratio of 243.71, a P/E/G ratio of 14.30 and a beta of 2.06. The business has a 50 day moving average price of $333.69 and a 200 day moving average price of $305.35.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The company had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same quarter in the prior year, the firm earned $0.52 earnings per share. The company's revenue for the quarter was down 11.8% on a year-over-year basis. Sell-side analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other Tesla news, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the sale, the senior vice president directly owned 47,600 shares of the company's stock, valued at approximately $17,314,500. The trade was a 29.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of the sale, the chief financial officer directly owned 9,856 shares of the company's stock, valued at $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 148,606 shares of company stock valued at $51,999,662. Company insiders own 20.70% of the company's stock.

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.

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