Smith Moore & CO. Reduces Stake in Tesla, Inc. (NASDAQ:TSLA)

Smith Moore & CO. reduced its stake in Tesla, Inc. (NASDAQ:TSLAGet Rating) by 2.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,862 shares of the electric vehicle producer’s stock after selling 92 shares during the quarter. Smith Moore & CO.’s holdings in Tesla were worth $2,601,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Horan Securities Inc. grew its holdings in shares of Tesla by 164.3% during the 2nd quarter. Horan Securities Inc. now owns 37 shares of the electric vehicle producer’s stock worth $27,000 after purchasing an additional 23 shares during the period. TFO TDC LLC acquired a new stake in Tesla in the 2nd quarter valued at about $27,000. BCR Wealth Strategies LLC raised its position in Tesla by 916.7% in the 2nd quarter. BCR Wealth Strategies LLC now owns 61 shares of the electric vehicle producer’s stock valued at $41,000 after purchasing an additional 55 shares in the last quarter. Clearview Wealth Advisors LLC raised its position in Tesla by 48.8% in the 2nd quarter. Clearview Wealth Advisors LLC now owns 64 shares of the electric vehicle producer’s stock valued at $43,000 after purchasing an additional 21 shares in the last quarter. Finally, Providence Capital Advisors LLC acquired a new stake in Tesla in the 1st quarter valued at about $70,000. 43.01% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Price Performance

Shares of NASDAQ TSLA traded up $13.29 during trading on Thursday, reaching $183.20. The company had a trading volume of 109,536,709 shares, compared to its average volume of 85,864,496. Tesla, Inc. has a twelve month low of $166.18 and a twelve month high of $402.67. The stock has a market capitalization of $578.50 billion, a PE ratio of 56.60, a price-to-earnings-growth ratio of 1.50 and a beta of 1.97. The stock has a 50-day moving average price of $228.89 and a two-hundred day moving average price of $248.87. The company has a current ratio of 1.46, a quick ratio of 1.04 and a debt-to-equity ratio of 0.05.

Tesla (NASDAQ:TSLAGet Rating) last released its quarterly earnings results on Wednesday, October 19th. The electric vehicle producer reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.14. The company had revenue of $21.45 billion during the quarter, compared to analysts’ expectations of $21.96 billion. Tesla had a return on equity of 31.10% and a net margin of 14.95%. The business’s revenue for the quarter was up 55.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.48 earnings per share. As a group, sell-side analysts predict that Tesla, Inc. will post 3.61 earnings per share for the current year.

Insider Buying and Selling at Tesla

In related news, CFO Zachary Kirkhorn sold 3,750 shares of the business’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $300.59, for a total value of $1,127,212.50. Following the transaction, the chief financial officer now owns 192,777 shares in the company, valued at $57,946,838.43. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Elon Musk sold 4,400,000 shares of the stock in a transaction on Tuesday, November 8th. The stock was sold at an average price of $191.63, for a total value of $843,172,000.00. Following the completion of the sale, the chief executive officer now owns 445,617,432 shares in the company, valued at $85,393,668,494.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Zachary Kirkhorn sold 3,750 shares of the firm’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $300.59, for a total value of $1,127,212.50. Following the completion of the sale, the chief financial officer now directly owns 192,777 shares in the company, valued at $57,946,838.43. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,119,001 shares of company stock valued at $2,874,560,178. Company insiders own 25.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Wolfe Research cut their target price on Tesla from $360.00 to $288.00 and set an “outperform” rating on the stock in a research report on Thursday, October 20th. Roth Capital raised their target price on Tesla from $83.33 to $85.00 and gave the stock a “neutral” rating in a research report on Thursday, October 20th. Argus restated a “buy” rating and set a $374.00 price target on shares of Tesla in a research note on Friday, August 26th. StockNews.com assumed coverage on Tesla in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Cowen dropped their price target on Tesla from $244.00 to $205.00 and set a “market perform” rating on the stock in a research note on Thursday, October 20th. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $278.43.

About Tesla

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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.

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