WealthPLAN Partners LLC Reduces Stock Position in Tesla, Inc. $TSLA

Key Points

• WealthPLAN Partners LLC decreased its stake in Tesla by 12.3% in Q2, holding 10,563 shares valued at approximately $3.36 million.
• Several institutional investors, such as Cherry Tree Wealth Management LLC and First PREMIER Bank, significantly increased their Tesla positions in Q1, highlighting a mixed sentiment among institutional investors.
• Despite a recent upgrade from analysts at Robert W. Baird, who raised the target price on Tesla shares to $548.00, the stock's consensus rating remains at "Hold" with a price target of $363.54.

WealthPLAN Partners LLC reduced its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 12.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,563 shares of the electric vehicle producer's stock after selling 1,486 shares during the period. WealthPLAN Partners LLC's holdings in Tesla were worth $3,355,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Cherry Tree Wealth Management LLC increased its stake in shares of Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after purchasing an additional 44 shares in the last quarter. First PREMIER Bank increased its position in shares of Tesla by 79.2% during the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 42 shares in the last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of Tesla during the first quarter valued at approximately $27,000. Chelsea Counsel Co. boosted its holdings in Tesla by 59.7% in the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock worth $28,000 after purchasing an additional 40 shares during the last quarter. Finally, Evergreen Private Wealth LLC boosted its holdings in Tesla by 270.0% in the second quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer's stock worth $35,000 after purchasing an additional 81 shares during the last quarter. 66.20% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Robert W. Baird upgraded shares of Tesla from a "neutral" rating to an "outperform" rating and raised their target price for the stock from $320.00 to $548.00 in a report on Friday, September 19th. Baird R W upgraded shares of Tesla from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 19th. Melius Research set a $520.00 price target on shares of Tesla and gave the stock a "buy" rating in a research note on Monday. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Tesla from $345.00 to $435.00 and gave the stock a "buy" rating in a research note on Friday, September 26th. Finally, Glj Research restated a "sell" rating on shares of Tesla in a report on Thursday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have issued a Hold rating and ten have given a Sell rating to the stock. According to MarketBeat.com, Tesla has a consensus rating of "Hold" and an average price target of $363.54.

Tesla Stock Performance

Shares of NASDAQ:TSLA opened at $428.75 on Friday. The company has a market capitalization of $1.43 trillion, a price-to-earnings ratio of 247.83, a PEG ratio of 15.64 and a beta of 2.08. Tesla, Inc. has a 12 month low of $212.11 and a 12 month high of $488.54. The firm's 50-day moving average is $385.34 and its 200 day moving average is $332.07. 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 (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings results 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). The firm had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business's revenue for the quarter was down 11.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.52 earnings per share. Research analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Activity at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the business's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the sale, the chief financial officer directly owned 9,856 shares of the company's stock, valued at $3,473,057.28. The trade was a 20.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James R. Murdoch sold 120,000 shares of the business's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the sale, the director directly owned 697,031 shares of the company's stock, valued at approximately $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 202,606 shares of company stock worth $75,588,902. Insiders own 19.90% of the company's stock.

About Tesla

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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