Pinnacle Wealth Management LLC Decreases Stock Position in Tesla, Inc. $TSLA

Key Points

• Pinnacle Wealth Management LLC has reduced its stake in Tesla, Inc. by 27.7%, now holding 6,695 shares valued at approximately $1.74 million.
• Institutional investors hold about 66.20% of Tesla's stock, with various funds making significant adjustments to their positions in the first quarter.
• Despite reporting a earnings miss with quarterly EPS of $0.40 and an 11.8% revenue drop compared to the previous year, analysts have varied price targets for Tesla stock ranging from $120.00 to $410.00.

Pinnacle Wealth Management LLC lowered its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 27.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,695 shares of the electric vehicle producer's stock after selling 2,568 shares during the period. Tesla comprises 2.0% of Pinnacle Wealth Management LLC's portfolio, making the stock its 11th largest holding. Pinnacle Wealth Management LLC's holdings in Tesla were worth $1,735,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cherry Tree Wealth Management LLC raised its position in 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 acquiring an additional 44 shares during the last quarter. First PREMIER Bank raised its position in Tesla by 79.2% during the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after acquiring an additional 42 shares during the last quarter. Newton One Investments LLC raised its position in shares of 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 buying an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of Tesla in the first quarter valued at approximately $27,000. Finally, True Wealth Design LLC raised its position in shares of 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 buying an additional 31 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Insider Buying and Selling at Tesla

In other news, Director Kimbal Musk sold 91,588 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total value of $32,732,635.32. Following the completion of the sale, the director owned 1,463,220 shares of the company's stock, valued at $522,940,195.80. This represents a 5.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 2,000 shares of the stock in a transaction on Tuesday, July 8th. The stock was 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 of the company's stock, valued at $1,777,200. The trade was a 25.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold 599,724 shares of company stock worth $213,126,501 over the last three months. 20.70% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on TSLA. Robert W. Baird reissued a "neutral" rating and issued a $320.00 price objective on shares of Tesla in a research report on Monday, June 9th. Benchmark reissued a "buy" rating and issued a $475.00 price objective (up previously from $350.00) on shares of Tesla in a research report on Thursday, June 26th. Glj Research reissued a "sell" rating on shares of Tesla in a research report on Thursday, July 24th. Stifel Nicolaus set a $450.00 price objective on shares of Tesla and gave the company a "buy" rating in a research report on Thursday, April 24th. Finally, Bank of America boosted their price objective 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. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fifteen have given a Hold rating and nine have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $303.31.

Tesla Trading Down 1.2%

TSLA stock traded down $3.79 on Thursday, hitting $320.11. 55,337,502 shares of the company were exchanged, compared to its average volume of 104,971,656. Tesla, Inc. has a twelve month low of $202.59 and a twelve month high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The business's fifty day moving average is $320.96 and its two-hundred day moving average is $304.40. The stock has a market capitalization of $1.03 trillion, a price-to-earnings ratio of 185.03, a price-to-earnings-growth ratio of 11.45 and a beta of 2.33.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings results 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). 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 period last year, the company posted $0.52 EPS. The business's revenue for the quarter was down 11.8% on a year-over-year basis. As a group, research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current 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.