WT Wealth Management Decreases Position in Tesla, Inc. (NASDAQ:TSLA)

WT Wealth Management cut its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 75.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,341 shares of the electric vehicle producer's stock after selling 10,108 shares during the quarter. WT Wealth Management's holdings in Tesla were worth $866,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of TSLA. Vanguard Group Inc. boosted its holdings in shares of Tesla by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 243,193,181 shares of the electric vehicle producer's stock valued at $98,211,134,000 after acquiring an additional 3,571,793 shares during the period. Geode Capital Management LLC lifted its position in Tesla by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 61,011,604 shares of the electric vehicle producer's stock worth $24,566,217,000 after acquiring an additional 1,655,203 shares during the period. Norges Bank purchased a new position in shares of Tesla in the 4th quarter valued at approximately $14,420,248,000. FMR LLC increased its holdings in shares of Tesla by 40.1% in the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer's stock valued at $13,997,660,000 after purchasing an additional 9,920,325 shares during the period. Finally, Northern Trust Corp grew its position in Tesla by 21.6% in the 4th quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock valued at $11,541,592,000 after buying an additional 5,075,418 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on TSLA. Glj Research restated a "sell" rating and set a $19.05 target price (down from $24.86) on shares of Tesla in a research report on Monday, April 21st. Robert W. Baird reiterated a "neutral" rating and issued a $320.00 price objective on shares of Tesla in a research report on Monday, June 9th. Truist Financial set a $280.00 target price on shares of Tesla in a research report on Tuesday, April 22nd. Raymond James Financial lowered Tesla to an "outperform" rating in a research note on Tuesday, April 22nd. Finally, HSBC reiterated a "reduce" rating and issued a $120.00 price target on shares of Tesla in a report on Thursday, July 3rd. Ten analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Tesla has a consensus rating of "Hold" and an average price target of $298.97.

Tesla Stock Down 0.4%

TSLA traded down $1.16 during trading on Monday, reaching $328.49. The stock had a trading volume of 75,292,991 shares, compared to its average volume of 98,837,315. The company has a market capitalization of $1.06 trillion, a price-to-earnings ratio of 178.19, a P/E/G ratio of 12.56 and a beta of 2.39. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a one year low of $182.00 and a one year high of $488.54. The stock's 50 day moving average is $326.27 and its two-hundred day moving average is $316.26.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing analysts' consensus estimates of $0.53 by ($0.26). The business had revenue of $19.34 billion during 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 period last year, the firm posted $0.45 EPS. As a group, analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Activity at Tesla

In other news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the stock in a transaction that occurred 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. This represents a 35.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Xiaotong Zhu sold 15,000 shares of the firm's stock in a transaction that occurred 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 completion of the sale, 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 835,509 shares of company stock valued at $279,420,485. 20.70% of the stock is currently owned by insiders.

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.