Fagan Associates Inc. Sells 7,222 Shares of Tesla, Inc. (NASDAQ:TSLA)

Fagan Associates Inc. lowered its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 72.5% during the first quarter, Holdings Channel reports. The firm owned 2,736 shares of the electric vehicle producer’s stock after selling 7,222 shares during the period. Fagan Associates Inc.’s holdings in Tesla were worth $709,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of TSLA. True Wealth Design LLC raised its holdings in Tesla by 79.5% in the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock worth $28,000 after acquiring an additional 31 shares during the period. Horrell Capital Management Inc. boosted its position in shares of Tesla by 75.6% during the 4th quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock valued at $32,000 after acquiring an additional 34 shares in the last quarter. Navigoe LLC acquired a new stake in shares of Tesla during the 4th quarter valued at about $37,000. CoreFirst Bank & Trust acquired a new stake in shares of Tesla during the 4th quarter valued at about $38,000. Finally, Cherry Tree Wealth Management LLC boosted its position in shares of Tesla by 86.3% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after acquiring an additional 44 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Mizuho reduced their target price on shares of Tesla from $390.00 to $375.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 8th. Wedbush reaffirmed an “outperform” rating and set a $500.00 price objective on shares of Tesla in a report on Tuesday, July 8th. Baird R W lowered shares of Tesla from a “strong-buy” rating to a “hold” rating in a report on Monday, June 9th. Cantor Fitzgerald set a $355.00 price objective on shares of Tesla and gave the stock an “overweight” rating in a report on Monday. Finally, HSBC reaffirmed a “reduce” rating and set a $120.00 price objective on shares of Tesla in a report on Thursday, July 3rd. Ten research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $300.19.

Tesla Stock Performance

Tesla stock traded up $0.73 during midday trading on Monday, hitting $330.38. The company’s stock had a trading volume of 18,701,116 shares, compared to its average volume of 98,626,441. Tesla, Inc. has a 1-year low of $182.00 and a 1-year high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.54. The company has a 50-day moving average price of $326.27 and a two-hundred day moving average price of $316.26. The company has a market cap of $1.06 trillion, a price-to-earnings ratio of 181.06, a PEG ratio of 12.56 and a beta of 2.39.

Tesla (NASDAQ:TSLA) last issued its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.26). The firm had revenue of $19.34 billion during the quarter, compared to analyst estimates of $22.93 billion. Tesla had a net margin of 6.66% and a return on equity of 9.02%. During the same quarter in the previous year, the firm posted $0.45 earnings per share. As a group, sell-side analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Xiaotong Zhu sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the completion of the transaction, the senior vice president directly owned 67,600 shares in the company, valued at $21,889,556. This represents a 18.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kimbal Musk sold 91,588 shares of the company’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the transaction, the director owned 1,463,220 shares of the company’s stock, valued at approximately $522,940,195.80. This represents a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 835,509 shares of company stock valued at $279,420,485. 20.70% of the stock is owned by corporate insiders.

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.