Westfield Capital Management Co. LP Sells 185,387 Shares of Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Westfield Capital Management Co. LP reduced its Tesla, Inc. holdings by 28.1%, owning 474,720 shares valued at approximately $123 million after selling 185,387 shares in the first quarter.
• Analysts have mixed views on Tesla, with ten rating the stock as a sell, while others suggest a consensus rating of "Hold" with a target price of $303.31.
• Tesla reported earnings per share (EPS) of $0.40 for the last quarter, missing estimates by $0.03, and revenue declined by 11.8% year-over-year.

Westfield Capital Management Co. LP lessened its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 28.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 474,720 shares of the electric vehicle producer's stock after selling 185,387 shares during the quarter. Westfield Capital Management Co. LP's holdings in Tesla were worth $123,029,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TSLA. Cherry Tree Wealth Management LLC grew its position in shares of Tesla by 86.3% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 44 shares during the period. First PREMIER Bank increased its position in Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after purchasing an additional 42 shares during the period. Newton One Investments LLC grew its position in Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after buying an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of Tesla during the 1st quarter valued at $27,000. Finally, True Wealth Design LLC boosted its stake in shares of Tesla by 79.5% during the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after buying an additional 31 shares during the period. Institutional investors and hedge funds own 66.20% of the company's stock.

Tesla Price Performance

Shares of TSLA stock traded down $2.39 during trading hours on Tuesday, hitting $306.87. 26,831,838 shares of the company's stock were exchanged, compared to its average volume of 107,149,445. The company has a market capitalization of $989.81 billion, a PE ratio of 177.38, a PEG ratio of 10.63 and a beta of 2.33. Tesla, Inc. has a 12-month low of $191.48 and a 12-month high of $488.54. The business's 50 day simple moving average is $321.62 and its 200-day simple moving average is $309.49. 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 posted 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 business had revenue of $22.50 billion for the quarter, compared to analysts' expectations of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%. The company's revenue was down 11.8% compared to the same quarter last year. During the same period last year, the business posted $0.52 earnings per share. On average, equities research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Buying and Selling at Tesla

In related news, SVP Xiaotong Zhu sold 15,000 shares of Tesla stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total value of $4,857,150.00. Following the transaction, the senior vice president directly owned 67,600 shares of the company's stock, valued at $21,889,556. The trade was a 18.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of Tesla stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the transaction, the director directly owned 855,394 shares in the company, valued at approximately $305,632,276.20. The trade was a 35.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 606,724 shares of company stock valued at $215,376,831. 20.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on TSLA shares. Cantor Fitzgerald reduced their price objective on shares of Tesla from $425.00 to $355.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Barclays dropped 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. Piper Sandler restated an "overweight" rating and set a $400.00 price objective on shares of Tesla in a report on Tuesday, June 10th. Baird R W cut shares of Tesla from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 9th. Finally, Guggenheim restated a "sell" rating and issued a $175.00 price target on shares of Tesla in a research report on Wednesday, July 23rd. Ten investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $303.31.

Tesla Company 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.