FORA Capital LLC Trims Stake in Tesla, Inc. $TSLA

FORA Capital LLC cut its stake in Tesla, Inc. (NASDAQ:TSLA) by 17.2% during the first quarter, HoldingsChannel reports. The fund owned 18,453 shares of the electric vehicle producer’s stock after selling 3,840 shares during the quarter. FORA Capital LLC’s holdings in Tesla were worth $4,782,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in TSLA. Eagle Capital Management LLC purchased a new position in shares of Tesla in the 4th quarter valued at $331,000. Brighton Jones LLC boosted its position 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 boosted its position 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. acquired a new stake in shares of Tesla in the 4th quarter worth $346,000. Finally, Highview Capital Management LLC DE acquired a new stake in shares of Tesla in the 4th quarter worth $2,367,000. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TSLA. Needham & Company LLC reissued a “hold” rating on shares of Tesla in a research report on Thursday, July 24th. Canaccord Genuity Group raised their price objective on Tesla from $303.00 to $333.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Piper Sandler reissued an “overweight” rating and issued a $400.00 price objective on shares of Tesla in a research report on Tuesday, June 10th. Guggenheim reaffirmed a “sell” rating and set a $175.00 price target on shares of Tesla in a research report on Wednesday, July 23rd. Finally, Mizuho lowered their price target on Tesla from $390.00 to $375.00 and set an “outperform” rating for the company in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fifteen have issued a Hold rating and nine have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $303.31.

Insider Transactions at Tesla

In related news, CFO Vaibhav Taneja sold 6,000 shares of the company’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $341.02, for a total value of $2,046,120.00. Following the completion of the transaction, the chief financial officer owned 1,950 shares of the company’s stock, valued at approximately $664,989. This represents a 75.47% 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 15,000 shares of the company’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $323.81, for a total value of $4,857,150.00. Following the completion of 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 position. The disclosure for this sale can be found here. Insiders sold a total of 30,564 shares of company stock valued at $9,757,390 in the last ninety days. 20.70% of the stock is currently owned by insiders.

Tesla Stock Performance

Shares of TSLA stock opened at $346.60 on Tuesday. The stock has a market cap of $1.12 trillion, a PE ratio of 200.35, a price-to-earnings-growth ratio of 11.82 and a beta of 2.33. The business has a 50-day simple moving average of $321.62 and a 200-day simple moving average of $302.48. 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, Inc. has a 52-week low of $202.59 and a 52-week high of $488.54.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). The company had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same period last year, the firm earned $0.52 EPS. On average, equities analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

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.