Tesla, Inc. $TSLA Stock Position Decreased by Heritage Wealth Partners LLC

Key Points

• Heritage Wealth Partners LLC decreased its stake in Tesla, Inc. by 61.6% in the first quarter, ending with 898 shares valued at approximately $233,000.
• Several hedge funds have modified their positions in Tesla, with Rinkey Investments increasing its stake by 3.5% and True Wealth Design LLC raising its holdings by 79.5%.
• Tesla's recent earnings report showed a decline in revenue of 11.8% year-over-year, with the company reporting $0.40 earnings per share, missing estimates of $0.43.

Heritage Wealth Partners LLC cut its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 61.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 898 shares of the electric vehicle producer's stock after selling 1,440 shares during the quarter. Heritage Wealth Partners LLC's holdings in Tesla were worth $233,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Rinkey Investments lifted its holdings in shares of Tesla by 3.5% in the fourth quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer's stock valued at $347,000 after purchasing an additional 29 shares in the last quarter. True Wealth Design LLC lifted its holdings 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 purchasing an additional 31 shares in the last quarter. Acorn Wealth Advisors LLC lifted its holdings in shares of Tesla by 1.9% in the first 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 in the last quarter. Solutions 4 Wealth Ltd raised its holdings in shares of Tesla by 2.0% during the first quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock worth $470,000 after acquiring an additional 36 shares in the last quarter. Finally, Capital Management Associates Inc raised its holdings in shares of Tesla by 3.4% during the first quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer's stock worth $302,000 after acquiring an additional 38 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Insiders Place Their Bets

In other news, Director Kimbal Musk sold 91,588 shares of the firm's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value of $32,732,635.32. Following the sale, the director directly owned 1,463,220 shares of the company's stock, valued at approximately $522,940,195.80. This trade represents a 5.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the firm's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total value of $170,636,475.60. Following the completion of the sale, the director directly owned 855,394 shares in the company, valued at approximately $305,632,276.20. This represents a 35.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 599,724 shares of company stock valued at $213,126,501. 20.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Mizuho cut their price objective on Tesla from $390.00 to $375.00 and set an "outperform" rating for the company in a report on Tuesday, July 8th. Guggenheim reiterated a "sell" rating and set a $175.00 price objective on shares of Tesla in a report on Wednesday, July 23rd. Royal Bank Of Canada reiterated an "overweight" rating on shares of Tesla in a report on Tuesday, July 29th. Benchmark reiterated a "buy" rating and set a $475.00 price objective (up from $350.00) on shares of Tesla in a report on Thursday, June 26th. Finally, The Goldman Sachs Group restated a "neutral" rating on shares of Tesla in a report on Sunday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, fifteen have issued a Hold rating and nine have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $303.31.

Tesla Trading Up 6.2%

Shares of NASDAQ:TSLA opened at $340.01 on Friday. The company has a market cap of $1.10 trillion, a P/E ratio of 196.54, a P/E/G ratio of 11.13 and a beta of 2.33. The stock's 50-day moving average is $321.27 and its 200-day moving average is $303.60. Tesla, Inc. has a 52-week low of $202.59 and a 52-week high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04.

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 (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). The business had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.52 earnings per share. Equities research analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Tesla 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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