Tesla, Inc. (NASDAQ:TSLA) Shares Sold by Scotia Capital Inc.

Scotia Capital Inc. reduced its holdings in Tesla, Inc. (NASDAQ:TSLA) by 6.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,077 shares of the electric vehicle producer’s stock after selling 6,992 shares during the quarter. Scotia Capital Inc.’s holdings in Tesla were worth $24,899,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in TSLA. Eagle Capital Management LLC bought a new stake in shares of Tesla in the 4th quarter worth approximately $331,000. Brighton Jones LLC raised its holdings in shares of Tesla by 11.8% in the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer’s stock worth $35,509,000 after purchasing an additional 9,293 shares in the last quarter. Revolve Wealth Partners LLC raised its holdings in shares of Tesla by 21.2% in the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer’s stock worth $2,147,000 after purchasing an additional 931 shares in the last quarter. Mascagni Wealth Management Inc. bought a new stake in shares of Tesla in the 4th quarter worth approximately $346,000. Finally, Highview Capital Management LLC DE bought a new stake in shares of Tesla in the 4th quarter worth approximately $2,367,000. 66.20% of the stock is currently owned by institutional investors.

Tesla Stock Performance

Shares of TSLA opened at $302.63 on Friday. The company’s fifty day moving average is $322.22 and its 200-day moving average is $311.03. Tesla, Inc. has a 12 month low of $182.00 and a 12 month high of $488.54. The firm has a market cap of $976.12 billion, a price-to-earnings ratio of 174.93, a price-to-earnings-growth ratio of 10.63 and a beta of 2.33. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last announced 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). Tesla had a return on equity of 7.98% and a net margin of 6.54%. The business had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same quarter last year, the company earned $0.52 EPS. The business’s revenue for the quarter was down 11.8% compared to the same quarter last year. Equities analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Wedbush reiterated an “outperform” rating and issued a $500.00 target price on shares of Tesla in a report on Tuesday, July 22nd. JPMorgan Chase & Co. cut their price target on shares of Tesla from $120.00 to $115.00 and set an “underweight” rating on the stock in a report on Wednesday, April 23rd. Raymond James Financial lowered shares of Tesla to an “outperform” rating in a report on Tuesday, April 22nd. China Renaissance restated a “hold” rating and set a $349.00 price target on shares of Tesla in a report on Friday, July 25th. Finally, The Goldman Sachs Group cut their price target on shares of Tesla from $315.00 to $285.00 and set a “neutral” rating on the stock in a report on Friday, July 11th. Ten equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $303.31.

Insider Activity at Tesla

In related news, SVP Xiaotong Zhu sold 15,000 shares of the company’s stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total transaction 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 approximately $21,889,556. This represents a 18.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kimbal Musk sold 91,588 shares of the company’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the sale, the director directly owned 1,463,220 shares of the company’s stock, valued at approximately $522,940,195.80. This represents a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 719,119 shares of company stock worth $246,186,549 over the last quarter. 20.70% of the stock is currently owned by corporate insiders.

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.