FineMark National Bank & Trust Sells 1,956 Shares of Tesla, Inc. $TSLA

FineMark National Bank & Trust lowered its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 12.2% during the second quarter, Holdings Channel reports. The institutional investor owned 14,052 shares of the electric vehicle producer’s stock after selling 1,956 shares during the quarter. FineMark National Bank & Trust’s holdings in Tesla were worth $4,464,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Chelsea Counsel Co. increased its stake in Tesla by 59.7% in the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after acquiring an additional 40 shares during the period. LGT Financial Advisors LLC bought a new stake in Tesla in the second quarter valued at $29,000. Evergreen Private Wealth LLC increased its position in shares of Tesla by 270.0% during the 2nd quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer’s stock worth $35,000 after purchasing an additional 81 shares in the last quarter. Glynn Capital Management LLC acquired a new position in Tesla in the second quarter valued at about $35,000. Finally, LSV Asset Management grew its position in Tesla by 400.0% during the 2nd quarter. LSV Asset Management now owns 120 shares of the electric vehicle producer’s stock worth $38,000 after acquiring an additional 96 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Wall Street Analyst Weigh In

TSLA has been the topic of several research reports. BNP Paribas Exane assumed coverage on shares of Tesla in a research report on Thursday, October 16th. They set an “underperform” rating and a $307.00 price target on the stock. Dbs Bank upgraded shares of Tesla to a “hold” rating in a research report on Wednesday, November 5th. Piper Sandler raised their price target on shares of Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a report on Monday, September 22nd. Benchmark restated a “buy” rating on shares of Tesla in a research report on Thursday, October 23rd. Finally, CICC Research increased their price objective on Tesla from $360.00 to $450.00 and gave the company an “outperform” rating in a research report on Thursday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have assigned a Hold rating and ten have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $394.31.

Insiders Place Their Bets

In related news, Director James R. Murdoch sold 120,000 shares of the stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the sale, the director directly owned 697,031 shares in the company, valued at $244,162,988.99. This trade represents a 14.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Xiaotong Zhu sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the transaction, the senior vice president owned 47,600 shares of the company’s stock, valued at approximately $17,314,500. This represents a 29.59% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 202,606 shares of company stock worth $75,588,902. Insiders own 19.90% of the company’s stock.

Tesla Price Performance

TSLA opened at $403.82 on Thursday. The company has a fifty day moving average price of $433.12 and a two-hundred day moving average price of $363.32. The firm has a market capitalization of $1.34 trillion, a PE ratio of 269.21, a P/E/G ratio of 16.84 and a beta of 2.06. Tesla, Inc. has a 52 week low of $214.25 and a 52 week high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.67 and a current ratio of 2.07.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The company had revenue of $28.10 billion for the quarter, compared to the consensus estimate of $24.98 billion. During the same quarter in the prior year, the business posted $0.72 EPS. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. As a group, analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

About Tesla

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.