Wedmont Private Capital Sells 3,688 Shares of Tesla, Inc. $TSLA

Key Points

• Wedmont Private Capital has reduced its holdings in Tesla, Inc. by 6.6%, now owning 52,269 shares valued at approximately $15.5 million.
• Insider selling activity includes significant transactions by SVP Xiaotong Zhu and CFO Vaibhav Taneja, with a combined 208,606 shares sold in the last ninety days.
• Tesla reported Q2 earnings of $0.40 per share, missing estimates, with revenue down 11.8% year-over-year.

Wedmont Private Capital lowered its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 6.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 52,269 shares of the electric vehicle producer's stock after selling 3,688 shares during the quarter. Tesla makes up about 0.7% of Wedmont Private Capital's investment portfolio, making the stock its 24th largest position. Wedmont Private Capital's holdings in Tesla were worth $15,465,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Acorn Wealth Advisors LLC raised its position in shares of Tesla by 1.9% during the 1st quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock valued at $493,000 after acquiring an additional 36 shares during the last quarter. Solutions 4 Wealth Ltd boosted its position in shares of Tesla by 2.0% during the first quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock worth $470,000 after purchasing an additional 36 shares in the last quarter. ACT Wealth Management LLC boosted its position in shares of Tesla by 0.7% during the second quarter. ACT Wealth Management LLC now owns 5,405 shares of the electric vehicle producer's stock worth $1,717,000 after purchasing an additional 36 shares in the last quarter. Capital Management Associates Inc boosted its position in shares of Tesla by 3.4% during the first quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer's stock worth $302,000 after purchasing an additional 38 shares in the last quarter. Finally, Graney & King LLC boosted its stake in Tesla by 18.4% in the 1st quarter. Graney & King LLC now owns 245 shares of the electric vehicle producer's stock worth $63,000 after purchasing an additional 38 shares during the period. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Tesla

In other news, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction on Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the sale, the chief financial officer directly owned 9,856 shares of the company's stock, valued at approximately $3,473,057.28. This represents a 20.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the business's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the transaction, the senior vice president directly owned 47,600 shares of the company's stock, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 208,606 shares of company stock worth $77,360,462. Company insiders own 20.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on TSLA. UBS Group set a $290.00 price objective on shares of Tesla in a research report on Monday, June 30th. Robert W. Baird upgraded Tesla from a "neutral" rating to an "outperform" rating and raised their price objective for the company from $320.00 to $548.00 in a report on Friday. Mizuho decreased their price objective on Tesla from $390.00 to $375.00 and set an "outperform" rating for the company in a report on Tuesday, July 8th. Glj Research restated a "sell" rating on shares of Tesla in a report on Thursday, July 24th. Finally, Wedbush restated an "outperform" rating and issued a $500.00 price objective on shares of Tesla in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, thirteen have given a Hold rating and nine have assigned a Sell rating to the company. Based on data from MarketBeat, Tesla currently has a consensus rating of "Hold" and a consensus target price of $317.70.

Tesla Stock Performance

TSLA traded up $9.22 on Friday, reaching $426.07. The company had a trading volume of 92,721,496 shares, compared to its average volume of 103,409,047. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54. The stock has a market cap of $1.37 trillion, a P/E ratio of 246.28, a P/E/G ratio of 14.86 and a beta of 2.06. The company's fifty day moving average is $338.43 and its 200 day moving average is $307.09. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts' consensus estimates 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 quarter last year, the company posted $0.52 EPS. The firm's quarterly revenue was down 11.8% on a year-over-year basis. As a group, analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

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.