Spinnaker Trust Sells 580 Shares of Tesla, Inc. $TSLA

Spinnaker Trust lowered its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 17.5% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 2,737 shares of the electric vehicle producer’s stock after selling 580 shares during the period. Spinnaker Trust’s holdings in Tesla were worth $869,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Savvy Advisors Inc. increased its stake in Tesla by 60.8% during the second quarter. Savvy Advisors Inc. now owns 22,597 shares of the electric vehicle producer’s stock valued at $7,178,000 after acquiring an additional 8,544 shares during the period. FRG Family Wealth Advisors LLC grew its holdings in shares of Tesla by 106.5% during the 2nd quarter. FRG Family Wealth Advisors LLC now owns 10,079 shares of the electric vehicle producer’s stock worth $3,202,000 after purchasing an additional 5,198 shares in the last quarter. Assetmark Inc. increased its position in shares of Tesla by 4.0% during the second quarter. Assetmark Inc. now owns 356,808 shares of the electric vehicle producer’s stock valued at $113,344,000 after purchasing an additional 13,801 shares during the period. Keybank National Association OH raised its stake in shares of Tesla by 1.2% in the second quarter. Keybank National Association OH now owns 48,607 shares of the electric vehicle producer’s stock valued at $15,441,000 after purchasing an additional 587 shares in the last quarter. Finally, Premier Path Wealth Partners LLC lifted its position in Tesla by 8.5% in the second quarter. Premier Path Wealth Partners LLC now owns 16,840 shares of the electric vehicle producer’s stock worth $5,349,000 after purchasing an additional 1,319 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Tesla news, Director James R. Murdoch sold 120,000 shares of the business’s stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the completion of the transaction, the director directly owned 697,031 shares of the company’s stock, valued at approximately $244,162,988.99. The trade was a 14.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of the 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 of the company’s stock, valued at approximately $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 202,606 shares of company stock valued at $75,588,902 in the last quarter. Company insiders own 19.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on TSLA. CICC Research increased their price target on shares of Tesla from $360.00 to $450.00 and gave the stock an “outperform” rating in a research report on Thursday, September 18th. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research note on Thursday, October 23rd. Stifel Nicolaus set a $483.00 target price on Tesla and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Truist Financial boosted their price target on Tesla from $280.00 to $406.00 and gave the company a “hold” rating in a research note on Thursday, October 23rd. Finally, Robert W. Baird upgraded Tesla from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $320.00 to $548.00 in a research note on Friday, September 19th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have assigned a Hold rating and eleven have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $388.51.

Tesla Trading Down 4.6%

Shares of TSLA opened at $440.10 on Friday. The stock’s fifty day simple moving average is $408.19 and its 200-day simple moving average is $346.05. The firm has a market capitalization of $1.46 trillion, a PE ratio of 293.40, a price-to-earnings-growth ratio of 16.84 and a beta of 2.08. Tesla, Inc. has a 12-month low of $214.25 and a 12-month high of $488.54. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.02. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The business had revenue of $28.10 billion for the quarter, compared to analyst estimates of $24.98 billion. During the same period in the prior year, the business posted $0.72 earnings per share. Tesla’s revenue was up 11.6% compared to the same quarter last year. As a group, research analysts predict that Tesla, Inc. will post 2.56 earnings per share 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.