Tesla, Inc. $TSLA Shares Sold by New Insight Wealth Advisors

Key Points

• New Insight Wealth Advisors reduced its position in Tesla by 7.6%, selling 1,724 shares, leaving them with about $6.67 million in Tesla stock.
• Despite missing quarterly earnings estimates with $0.40 EPS compared to a consensus of $0.43, Tesla's revenue of $22.5 billion was only marginally below expectations at $23.18 billion.
• Insider trading activity was notable, with Tesla's CFO selling 2,606 shares, and a senior vice president selling 20,000 shares, indicating a significant decline in their ownership stakes.

New Insight Wealth Advisors reduced its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 7.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,997 shares of the electric vehicle producer's stock after selling 1,724 shares during the period. Tesla makes up about 2.7% of New Insight Wealth Advisors' holdings, making the stock its 10th biggest holding. New Insight Wealth Advisors' holdings in Tesla were worth $6,670,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of TSLA. Cherry Tree Wealth Management LLC lifted its position in shares of Tesla by 86.3% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after purchasing an additional 44 shares during the period. First PREMIER Bank grew its position in shares of 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 buying an additional 42 shares in the last quarter. Newton One Investments LLC raised its position in Tesla by 250.0% during 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 in the last quarter. Arcadia Investment Management Corp MI acquired a new position in Tesla during the first quarter worth $27,000. Finally, Chelsea Counsel Co. raised its position in Tesla by 59.7% in the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Tesla Trading Up 4.0%

NASDAQ TSLA opened at $440.40 on Friday. 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 one year low of $212.11 and a one year high of $488.54. The stock's 50-day moving average is $352.05 and its 200-day moving average is $314.42. The firm has a market cap of $1.46 trillion, a P/E ratio of 254.57, a P/E/G ratio of 14.77 and a beta of 2.06.

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 for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. During the same quarter in the prior year, the firm earned $0.52 EPS. The company's revenue was down 11.8% on a year-over-year basis. Sell-side analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In related news, CFO Vaibhav Taneja sold 2,606 shares of the business's stock in a transaction on 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 in the company, valued at $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the business's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the transaction, the senior vice president owned 47,600 shares in the company, valued at $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 208,606 shares of company stock worth $77,360,462. Insiders own 19.90% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on TSLA shares. Glj Research restated a "sell" rating on shares of Tesla in a research note on Thursday, July 24th. Canaccord Genuity Group increased their price objective on shares of Tesla from $303.00 to $333.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Bank of America boosted their price target on shares of Tesla from $305.00 to $341.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. William Blair restated a "market perform" rating on shares of Tesla in a report on Friday, September 5th. Finally, The Goldman Sachs Group increased their price target on shares of Tesla from $300.00 to $395.00 and gave the company a "neutral" rating in a research report on Thursday, September 18th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, twelve have assigned a Hold rating and nine have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $332.33.

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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