TriaGen Wealth Management LLC Has $1.36 Million Holdings in Tesla, Inc. (NASDAQ:TSLA)

Key Points

• TriaGen Wealth Management LLC has decreased its holdings in Tesla, Inc. by 19.7%, now owning 5,228 shares valued at approximately $1.36 million.
• Multiple research firms have downgraded Tesla's price targets, with Cantor Fitzgerald lowering theirs from $425 to $355 and Goldman Sachs from $315 to $285.
• After missing earnings estimates, Tesla reported a quarterly revenue of $22.50 billion, which was 11.8% lower than the same quarter last year.

TriaGen Wealth Management LLC cut its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 19.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,228 shares of the electric vehicle producer's stock after selling 1,286 shares during the quarter. TriaGen Wealth Management LLC's holdings in Tesla were worth $1,355,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Keystone Global Partners LLC acquired a new position in shares of Tesla during the first quarter worth approximately $594,000. Berkshire Capital Holdings Inc. lifted its holdings in shares of Tesla by 35.4% during the first quarter. Berkshire Capital Holdings Inc. now owns 63,980 shares of the electric vehicle producer's stock worth $16,581,000 after buying an additional 16,720 shares during the last quarter. FCG Investment Co lifted its holdings in shares of Tesla by 546.9% during the first quarter. FCG Investment Co now owns 8,339 shares of the electric vehicle producer's stock worth $2,161,000 after buying an additional 7,050 shares during the last quarter. Seek First Inc. acquired a new position in shares of Tesla during the first quarter worth approximately $3,321,000. Finally, CacheTech Inc. lifted its holdings in shares of Tesla by 23.9% during the first quarter. CacheTech Inc. now owns 12,099 shares of the electric vehicle producer's stock worth $3,134,000 after buying an additional 2,336 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on TSLA. Cantor Fitzgerald lowered their price objective on Tesla from $425.00 to $355.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Mizuho lowered their price objective on Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 8th. The Goldman Sachs Group lowered their price objective on Tesla from $315.00 to $285.00 and set a "neutral" rating on the stock in a research report on Friday, July 11th. HSBC restated a "reduce" rating and set a $120.00 price objective on shares of Tesla in a research report on Thursday, July 3rd. Finally, Canaccord Genuity Group boosted their price objective on Tesla from $303.00 to $333.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Ten investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Tesla presently has an average rating of "Hold" and an average target price of $303.31.

Tesla Trading Down 1.5%

NASDAQ:TSLA opened at $330.56 on Friday. Tesla, Inc. has a 1-year low of $202.59 and a 1-year high of $488.54. The business's 50-day moving average price is $320.41 and its two-hundred day moving average price is $305.24. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $1.07 trillion, a price-to-earnings ratio of 191.08, a PEG ratio of 11.49 and a beta of 2.33.

Tesla (NASDAQ:TSLA - Get Free Report) last released its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share 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 company had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same period in the previous year, the company posted $0.52 EPS. The company's quarterly revenue was down 11.8% compared to the same quarter last year. On average, equities analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Buying and Selling

In other Tesla news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the 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 transaction, the director owned 855,394 shares of the company's stock, valued at approximately $305,632,276.20. This represents a 35.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 6,000 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $341.02, for a total value of $2,046,120.00. Following the sale, the chief financial officer directly owned 1,950 shares in the company, valued at approximately $664,989. This represents a 75.47% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 599,724 shares of company stock worth $213,126,501. Corporate insiders own 20.70% of the company's stock.

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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