Trust Point Inc. Reduces Holdings in Tesla, Inc. (NASDAQ:TSLA)

Trust Point Inc. lessened its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 33.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,248 shares of the electric vehicle producer's stock after selling 6,100 shares during the quarter. Trust Point Inc.'s holdings in Tesla were worth $3,174,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Cyndeo Wealth Partners LLC grew its holdings in Tesla by 5.5% in the 1st quarter. Cyndeo Wealth Partners LLC now owns 23,809 shares of the electric vehicle producer's stock valued at $6,170,000 after buying an additional 1,236 shares in the last quarter. Conway Capital Management Inc. increased its position in Tesla by 21.0% during the first quarter. Conway Capital Management Inc. now owns 15,215 shares of the electric vehicle producer's stock worth $3,943,000 after purchasing an additional 2,640 shares during the last quarter. Traphagen Investment Advisors LLC boosted its holdings in Tesla by 1.8% in the 1st quarter. Traphagen Investment Advisors LLC now owns 3,515 shares of the electric vehicle producer's stock valued at $911,000 after purchasing an additional 62 shares during the last quarter. Keystone Wealth Services LLC grew its stake in shares of Tesla by 2.7% in the 1st quarter. Keystone Wealth Services LLC now owns 6,910 shares of the electric vehicle producer's stock valued at $1,791,000 after buying an additional 184 shares during the period. Finally, Stewardship Advisors LLC increased its holdings in shares of Tesla by 3.5% during the 1st quarter. Stewardship Advisors LLC now owns 1,601 shares of the electric vehicle producer's stock worth $415,000 after buying an additional 54 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on TSLA. Oppenheimer reiterated a "mixed" rating on shares of Tesla in a research report on Tuesday, March 18th. Cowen upgraded Tesla from a "hold" rating to a "buy" rating in a report on Thursday, March 6th. Barclays reduced their price objective on shares of Tesla from $325.00 to $275.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. Raymond James Financial cut shares of Tesla to an "outperform" rating in a research report on Tuesday, April 22nd. Finally, Cfra Research lowered shares of Tesla from a "moderate buy" rating to a "hold" rating in a report on Tuesday, April 22nd. Ten equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $293.67.

Insider Activity

In other news, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the completion of the sale, the chief financial officer now directly owns 26,950 shares in the company, valued at approximately $6,737,500. This trade represents a 12.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 15,000 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total value of $4,857,150.00. Following the sale, the senior vice president now directly owns 67,600 shares in the company, valued at $21,889,556. This trade represents a 18.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold 833,509 shares of company stock valued at $278,648,925 in the last three months. 20.70% of the stock is currently owned by company insiders.

Tesla Stock Performance

TSLA traded up $5.70 on Thursday, hitting $322.05. 94,677,402 shares of the company traded hands, compared to its average volume of 100,787,054. The company has a 50 day moving average of $303.42 and a 200-day moving average of $332.59. Tesla, Inc. has a 12-month low of $179.66 and a 12-month high of $488.54. The stock has a market capitalization of $1.04 trillion, a PE ratio of 176.95, a PEG ratio of 11.88 and a beta of 2.47. The company has a quick ratio of 1.54, a current ratio of 2.00 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.26). The company had revenue of $19.34 billion for the quarter, compared to analysts' expectations of $22.93 billion. Tesla had a return on equity of 9.02% and a net margin of 6.66%. During the same quarter last year, the company earned $0.45 EPS. Sell-side analysts anticipate 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.