Texas Capital Bank Wealth Management Services Inc Sells 1,319 Shares of Tesla, Inc. $TSLA

Key Points

• Texas Capital Bank Wealth Management Services Inc reduced its holdings in Tesla by 44.5% during the first quarter, selling 1,319 shares and leaving them with a total of 1,643 shares valued at approximately $426,000.
• Corporate insiders, including Director Ira Matthew Ehrenpreis and CFO Vaibhav Taneja, sold a significant amount of Tesla stock in recent transactions, contributing to a total of 599,724 shares sold over the last quarter.
• Tesla's recent earnings report showed an EPS of $0.40, missing estimates, with revenues of $22.50 billion, indicating a 11.8% decline year-over-year.

Texas Capital Bank Wealth Management Services Inc lowered its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 44.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,643 shares of the electric vehicle producer's stock after selling 1,319 shares during the quarter. Texas Capital Bank Wealth Management Services Inc's holdings in Tesla were worth $426,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Susquehanna Fundamental Investments LLC purchased a new position in shares of Tesla during the fourth quarter valued at approximately $56,600,000. Means Investment CO. Inc. boosted its holdings in Tesla by 37.7% in the first quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer's stock worth $5,984,000 after purchasing an additional 6,323 shares during the last quarter. Focus Financial Network Inc. grew its position in Tesla by 3.1% in the 1st quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer's stock worth $5,823,000 after purchasing an additional 670 shares during the period. IFM Investors Pty Ltd raised its stake in Tesla by 8.5% during the 1st quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer's stock valued at $153,436,000 after buying an additional 46,087 shares during the last quarter. Finally, Keystone Global Partners LLC bought a new position in shares of Tesla during the 1st quarter valued at $594,000. 66.20% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the company's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total value of $170,636,475.60. Following the completion of the transaction, the director owned 855,394 shares of the company's stock, valued at $305,632,276.20. This represents a 35.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 2,000 shares of the stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $300.00, for a total value of $600,000.00. Following the sale, the chief financial officer owned 5,924 shares of the company's stock, valued at $1,777,200. This represents a 25.24% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 599,724 shares of company stock worth $213,126,501. 20.70% of the stock is currently owned by corporate insiders.

Tesla Price Performance

NASDAQ TSLA opened at $329.31 on Wednesday. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 12 month low of $202.59 and a 12 month high of $488.54. The stock has a market cap of $1.06 trillion, a price-to-earnings ratio of 190.35, a PEG ratio of 11.65 and a beta of 2.33. The company's 50 day moving average is $321.01 and its two-hundred day moving average is $304.26.

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

Wall Street Analysts Forecast Growth

Several brokerages recently commented on TSLA. Piper Sandler reaffirmed an "overweight" rating and issued a $400.00 price objective on shares of Tesla in a report on Tuesday, June 10th. Wedbush reissued an "outperform" rating and issued a $500.00 target price on shares of Tesla in a research report on Monday, August 4th. Cantor Fitzgerald cut their price target on Tesla from $425.00 to $355.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. William Blair lowered shares of Tesla from an "outperform" rating to a "market perform" rating in a research report on Monday, July 7th. Finally, Bank of America raised their price objective on shares of Tesla from $305.00 to $341.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fifteen have assigned a Hold rating and nine have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $303.31.

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.

Want to see what other hedge funds are holding TSLA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tesla, Inc. (NASDAQ:TSLA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.