Tesla, Inc. $TSLA Shares Sold by Titleist Asset Management LLC

Key Points

• Titleist Asset Management LLC reduced its stake in Tesla, Inc. by 1.6%, owning 175,369 shares valued at approximately $45 million after selling 2,878 shares in the first quarter.
• Several institutional investors increased their holdings in Tesla during the same quarter, with Goldman Sachs raising its stake by 322.1% while Vanguard Group increased its stake by 1.5%.
• Tesla reported earnings of $0.40 per share, missing expectations, with quarterly revenue at $22.50 billion, down 11.8% year-over-year.

Titleist Asset Management LLC cut its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 1.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 175,369 shares of the electric vehicle producer's stock after selling 2,878 shares during the period. Tesla makes up 5.3% of Titleist Asset Management LLC's portfolio, making the stock its 2nd largest position. Titleist Asset Management LLC's holdings in Tesla were worth $45,449,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Acorn Wealth Advisors LLC raised its position in shares of Tesla by 1.9% during the 1st quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock valued at $493,000 after purchasing an additional 36 shares during the period. Solutions 4 Wealth Ltd increased its holdings in Tesla by 2.0% in the 1st quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock valued at $470,000 after acquiring an additional 36 shares during the last quarter. Capital Management Associates Inc increased its holdings in Tesla by 3.4% in the 1st quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer's stock valued at $302,000 after acquiring an additional 38 shares during the last quarter. Graney & King LLC increased its holdings in Tesla by 18.4% in the 1st quarter. Graney & King LLC now owns 245 shares of the electric vehicle producer's stock valued at $63,000 after acquiring an additional 38 shares during the last quarter. Finally, Mraz Amerine & Associates Inc. increased its holdings in Tesla by 3.8% in the 1st quarter. Mraz Amerine & Associates Inc. now owns 1,054 shares of the electric vehicle producer's stock valued at $278,000 after acquiring an additional 39 shares during the last quarter. 66.20% of the stock is owned by institutional investors.

Tesla Stock Down 3.5%

Shares of NASDAQ TSLA traded down $12.11 during trading hours on Friday, hitting $333.87. 80,898,652 shares of the stock were exchanged, compared to its average volume of 75,712,112. 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 company has a market cap of $1.08 trillion, a PE ratio of 192.99, a PEG ratio of 11.61 and a beta of 2.06. The firm has a fifty day moving average price of $323.59 and a 200-day moving average price of $302.54. Tesla, Inc. has a 12 month low of $205.97 and a 12 month high of $488.54.

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Piper Sandler reissued an "overweight" rating and issued a $400.00 price objective on shares of Tesla in a research note on Tuesday, June 10th. Guggenheim restated a "sell" rating and issued a $175.00 target price on shares of Tesla in a report on Wednesday, July 23rd. Bank of America raised their target price on shares of Tesla from $305.00 to $341.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. UBS Group set a $290.00 target price on shares of Tesla in a report on Monday, June 30th. Finally, Mizuho decreased their price objective on shares of Tesla from $390.00 to $375.00 and set an "outperform" rating for the company in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, fifteen have given a Hold rating and nine have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $303.31.

Insiders Place Their Bets

In other news, Director James R. Murdoch sold 120,000 shares of the company's stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the sale, the director directly owned 697,031 shares of the company's stock, valued at $244,162,988.99. This represents a 14.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 2,000 shares of the company's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total transaction of $600,000.00. Following the completion of the sale, the chief financial officer directly owned 5,924 shares in the company, valued at $1,777,200. This trade represents a 25.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 150,564 shares of company stock valued at $51,792,190. 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.