Tidemark LLC Sells 1,224 Shares of Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Tidemark LLC has reduced its stake in Tesla, Inc. by 12.8%, selling 1,224 shares and now holding 8,362 shares valued at $2,167,000.
• Insider transactions include Kimbal Musk selling 91,588 shares and Vaibhav Taneja selling 6,000 shares, collectively decreasing their ownership and resulting in a substantial monetary value.
• Several analyst ratings varying from a "sell" to a "strong buy" indicate a mixed sentiment, with an average rating of "Hold" and a consensus price target of $303.31 for Tesla shares.

Tidemark LLC cut its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 12.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,362 shares of the electric vehicle producer's stock after selling 1,224 shares during the quarter. Tesla accounts for 0.8% of Tidemark LLC's portfolio, making the stock its 26th largest position. Tidemark LLC's holdings in Tesla were worth $2,167,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in TSLA. Vanguard Group Inc. increased its position in Tesla by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock worth $63,983,418,000 after purchasing an additional 3,694,524 shares during the last quarter. Northern Trust Corp increased its holdings in Tesla by 21.6% in the fourth quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock worth $11,541,592,000 after buying an additional 5,075,418 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Tesla by 322.1% during the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock valued at $6,891,201,000 after acquiring an additional 20,291,139 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Tesla by 0.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,536,519 shares of the electric vehicle producer's stock worth $9,908,828,000 after acquiring an additional 158,697 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its stake in shares of Tesla by 19.8% during the 4th quarter. Nuveen Asset Management LLC now owns 13,109,178 shares of the electric vehicle producer's stock worth $5,294,010,000 after purchasing an additional 2,170,449 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Trading Up 3.6%

NASDAQ:TSLA traded up $11.19 during midday trading on Wednesday, reaching $319.91. 78,040,129 shares of the stock traded hands, compared to its average volume of 91,306,952. Tesla, Inc. has a 12 month low of $191.48 and a 12 month high of $488.54. The stock has a market capitalization of $1.03 trillion, a P/E ratio of 184.92, a PEG ratio of 10.85 and a beta of 2.33. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. The company has a fifty day moving average of $319.80 and a 200 day moving average of $309.56.

Tesla (NASDAQ:TSLA - Get Free Report) last announced 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). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm had revenue of $22.50 billion for the quarter, compared to analysts' expectations of $23.18 billion. During the same period in the prior year, the business posted $0.52 EPS. The business's quarterly revenue was down 11.8% compared to the same quarter last year. On average, research analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Activity

In other Tesla news, Director Kimbal Musk sold 91,588 shares of the business'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 completion of the transaction, the director owned 1,463,220 shares of the company's stock, valued at approximately $522,940,195.80. The trade was a 5.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 2,000 shares of the stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total value of $600,000.00. Following the transaction, the chief financial officer directly owned 5,924 shares in the company, valued at $1,777,200. The trade was a 25.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 606,724 shares of company stock worth $215,376,831. Corporate insiders own 20.70% of the company's stock.

Wall Street Analyst Weigh In

TSLA has been the topic of several analyst reports. Cfra Research downgraded shares of Tesla from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, April 22nd. Piper Sandler reaffirmed an "overweight" rating and set a $400.00 price objective on shares of Tesla in a report on Tuesday, June 10th. Bank of America upped their price target on shares of Tesla from $305.00 to $341.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Stifel Nicolaus set a $450.00 target price on Tesla and gave the company a "buy" rating in a research note on Thursday, April 24th. Finally, Canaccord Genuity Group lifted their price target on Tesla from $303.00 to $333.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Ten investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price 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.