Tesla, Inc. $TSLA Stock Holdings Cut by MinichMacGregor Wealth Management LLC

MinichMacGregor Wealth Management LLC lowered its holdings in Tesla, Inc. (NASDAQ:TSLA) by 11.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,609 shares of the electric vehicle producer’s stock after selling 348 shares during the period. MinichMacGregor Wealth Management LLC’s holdings in Tesla were worth $829,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in TSLA. Cherry Tree Wealth Management LLC lifted its stake in Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after purchasing an additional 44 shares during the period. First PREMIER Bank boosted its position in shares of Tesla by 79.2% during the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after purchasing an additional 42 shares in the last quarter. Newton One Investments LLC boosted its position in shares of Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock worth $27,000 after purchasing an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI bought a new stake in Tesla in the 1st quarter valued at $27,000. Finally, Chelsea Counsel Co. increased its stake in shares of Tesla by 59.7% during the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock worth $28,000 after purchasing an additional 40 shares during the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Bank of America upped their price target on shares of Tesla from $305.00 to $341.00 and gave the stock a “neutral” rating in a report on Monday, July 21st. Robert W. Baird raised shares of Tesla from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $320.00 to $548.00 in a research note on Friday, September 19th. The Goldman Sachs Group upped their price target on shares of Tesla from $300.00 to $395.00 and gave the company a “neutral” rating in a report on Thursday, September 18th. Dbs Bank increased their price objective on shares of Tesla from $300.00 to $450.00 in a research report on Wednesday, September 17th. Finally, China Renaissance reiterated a “hold” rating and issued a $349.00 price objective on shares of Tesla in a research note on Friday, July 25th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, twelve have given a Hold rating and nine have given a Sell rating to the stock. Based on data from MarketBeat.com, Tesla currently has an average rating of “Hold” and an average price target of $332.33.

Tesla Price Performance

Shares of NASDAQ TSLA opened at $440.40 on Friday. Tesla, Inc. has a 52 week low of $212.11 and a 52 week high of $488.54. The firm has a market cap of $1.46 trillion, a P/E ratio of 254.57, a P/E/G ratio of 15.36 and a beta of 2.06. The business’s 50 day moving average price is $352.05 and its 200 day moving average price is $314.88. 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 issued its earnings results 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). 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 analysts’ expectations of $23.18 billion. During the same quarter in the previous year, the company earned $0.52 earnings per share. The firm’s quarterly revenue was down 11.8% compared to the same quarter last year. On average, sell-side analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Activity at Tesla

In related news, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the sale, the senior vice president directly owned 47,600 shares in the company, valued at $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James R. Murdoch sold 60,000 shares of the business’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $422.68, for a total value of $25,360,800.00. Following the sale, the director owned 637,031 shares in the company, valued at approximately $269,260,263.08. The trade was a 8.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 208,606 shares of company stock worth $77,360,462 over the last three months. 19.90% of the stock is currently owned by corporate insiders.

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.