West Wealth Group LLC Reduces Position in Tesla, Inc. (NASDAQ:TSLA)

West Wealth Group LLC decreased its stake in shares of Tesla, Inc. (NASDAQ:TSLAFree Report) by 11.3% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 5,712 shares of the electric vehicle producer’s stock after selling 725 shares during the quarter. Tesla accounts for 0.5% of West Wealth Group LLC’s portfolio, making the stock its 28th largest position. West Wealth Group LLC’s holdings in Tesla were worth $1,533,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Summit Wealth & Retirement Planning Inc. grew its position in shares of Tesla by 68.2% in the first quarter. Summit Wealth & Retirement Planning Inc. now owns 4,756 shares of the electric vehicle producer’s stock valued at $1,233,000 after purchasing an additional 1,928 shares during the period. Chancellor Financial Group WB LP grew its position in shares of Tesla by 13.6% in the first quarter. Chancellor Financial Group WB LP now owns 1,625 shares of the electric vehicle producer’s stock valued at $421,000 after purchasing an additional 195 shares during the period. Los Angeles Capital Management LLC boosted its holdings in Tesla by 15.4% in the first quarter. Los Angeles Capital Management LLC now owns 1,239,581 shares of the electric vehicle producer’s stock valued at $321,250,000 after acquiring an additional 165,156 shares during the last quarter. Wealth Quarterback LLC boosted its holdings in Tesla by 26.4% in the first quarter. Wealth Quarterback LLC now owns 3,014 shares of the electric vehicle producer’s stock valued at $781,000 after acquiring an additional 630 shares during the last quarter. Finally, Wealth Alliance LLC boosted its holdings in Tesla by 8.1% in the first quarter. Wealth Alliance LLC now owns 9,592 shares of the electric vehicle producer’s stock valued at $2,486,000 after acquiring an additional 722 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Trading Up 3.2%

NASDAQ TSLA opened at $329.65 on Monday. Tesla, Inc. has a 1-year low of $182.00 and a 1-year high of $488.54. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $1.06 trillion, a PE ratio of 181.13, a price-to-earnings-growth ratio of 12.56 and a beta of 2.39. The firm’s fifty day simple moving average is $326.27 and its 200-day simple moving average is $316.26.

Tesla (NASDAQ:TSLAGet Free Report) last posted 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). Tesla had a return on equity of 9.02% and a net margin of 6.66%. The business had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. During the same period in the previous year, the company earned $0.45 earnings per share. As a group, sell-side analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Activity at Tesla

In related news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total value of $170,636,475.60. Following the completion of the sale, the director owned 855,394 shares in the company, valued at approximately $305,632,276.20. This trade represents a 35.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Xiaotong Zhu sold 15,000 shares of the stock in a transaction dated 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 sale, the senior vice president owned 67,600 shares of the company’s stock, valued at approximately $21,889,556. The trade was a 18.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 835,509 shares of company stock worth $279,420,485 in the last three months. Corporate insiders own 20.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Royal Bank Of Canada reduced their price objective on Tesla from $314.00 to $307.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 23rd. Canaccord Genuity Group restated a “buy” rating and set a $303.00 price objective on shares of Tesla in a research note on Monday, June 30th. Glj Research restated a “sell” rating and set a $19.05 price objective (down previously from $24.86) on shares of Tesla in a research note on Monday, April 21st. Raymond James Financial cut Tesla to an “outperform” rating in a research note on Tuesday, April 22nd. Finally, Roth Mkm reduced their price objective on Tesla from $450.00 to $395.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. Ten equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $300.19.

Check Out Our Latest Stock Analysis on TSLA

Tesla Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

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