Chung Wu Investment Group LLC Reduces Stake in Tesla, Inc. $TSLA

Chung Wu Investment Group LLC lowered its stake in Tesla, Inc. (NASDAQ:TSLA) by 75.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 300 shares of the electric vehicle producer’s stock after selling 910 shares during the period. Chung Wu Investment Group LLC’s holdings in Tesla were worth $95,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Petros Family Wealth LLC grew its position in Tesla by 4.7% in the second quarter. Petros Family Wealth LLC now owns 3,095 shares of the electric vehicle producer’s stock worth $983,000 after acquiring an additional 140 shares in the last quarter. Knights of Columbus Asset Advisors LLC grew its stake in shares of Tesla by 5.4% during the second quarter. Knights of Columbus Asset Advisors LLC now owns 49,795 shares of the electric vehicle producer’s stock valued at $15,818,000 after buying an additional 2,573 shares during the last quarter. Marks Group Wealth Management Inc raised its holdings in shares of Tesla by 11.0% in the second quarter. Marks Group Wealth Management Inc now owns 1,437 shares of the electric vehicle producer’s stock worth $456,000 after buying an additional 142 shares during the period. Woodmont Investment Counsel LLC raised its holdings in shares of Tesla by 5.3% in the second quarter. Woodmont Investment Counsel LLC now owns 2,398 shares of the electric vehicle producer’s stock worth $762,000 after buying an additional 120 shares during the period. Finally, Three Bridge Wealth Advisors LLC purchased a new stake in shares of Tesla in the second quarter worth approximately $779,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Trading Up 5.4%

TSLA opened at $453.25 on Tuesday. The stock’s fifty day moving average is $366.57 and its two-hundred day moving average is $324.02. The company has a market capitalization of $1.51 trillion, a P/E ratio of 261.99, a PEG ratio of 14.93 and a beta of 2.08. Tesla, Inc. has a 52 week low of $212.11 and a 52 week high of $488.54. 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 released its quarterly earnings data 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 firm 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 for the quarter was down 11.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.52 earnings per share. Analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analyst Ratings Changes

TSLA has been the topic of several recent analyst reports. Daiwa Capital Markets reiterated a “neutral” rating on shares of Tesla in a report on Sunday, July 27th. Morgan Stanley reiterated an “overweight” rating and issued a $410.00 price target on shares of Tesla in a report on Thursday, October 2nd. JPMorgan Chase & Co. increased their price target on Tesla from $115.00 to $150.00 in a report on Friday. Royal Bank Of Canada reiterated a “buy” rating on shares of Tesla in a report on Friday, September 26th. Finally, Dbs Bank increased their price target on Tesla from $300.00 to $450.00 in a report on Wednesday, September 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, thirteen have issued a Hold rating and eight have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $344.40.

Insider Buying and Selling at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 20,000 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the sale, the senior vice president owned 47,600 shares of the company’s stock, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction on Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the sale, the chief financial officer directly owned 9,856 shares in the company, valued at $3,473,057.28. This trade represents a 20.91% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 202,606 shares of company stock valued at $75,588,902. 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.