Purkiss Capital Advisors LLC Trims Stake in Tesla, Inc. (NASDAQ:TSLA)

Purkiss Capital Advisors LLC lowered its position in Tesla, Inc. (NASDAQ:TSLA) by 3.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,490 shares of the electric vehicle producer’s stock after selling 77 shares during the quarter. Purkiss Capital Advisors LLC’s holdings in Tesla were worth $645,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in TSLA. Rinkey Investments grew its holdings in shares of Tesla by 3.5% in the fourth quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer’s stock worth $347,000 after purchasing an additional 29 shares during the last quarter. True Wealth Design LLC grew its holdings in shares of Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock worth $28,000 after purchasing an additional 31 shares during the last quarter. Aldebaran Financial Inc. grew its holdings in shares of Tesla by 3.1% in the fourth quarter. Aldebaran Financial Inc. now owns 1,174 shares of the electric vehicle producer’s stock worth $490,000 after purchasing an additional 35 shares during the last quarter. Acorn Wealth Advisors LLC grew its holdings in shares of Tesla by 1.9% in the first quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer’s stock worth $493,000 after purchasing an additional 36 shares during the last quarter. Finally, Capital Management Associates Inc grew its holdings in shares of Tesla by 3.4% in the first quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer’s stock worth $302,000 after purchasing an additional 38 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on TSLA shares. Royal Bank Of Canada cut their price target on shares of Tesla from $314.00 to $307.00 and set an “outperform” rating on the stock in a report on Wednesday, April 23rd. The Goldman Sachs Group dropped their target price on shares of Tesla from $315.00 to $285.00 and set a “neutral” rating on the stock in a report on Friday, July 11th. Mizuho dropped their target price on shares of Tesla from $390.00 to $375.00 and set an “outperform” rating on the stock in a report on Tuesday, July 8th. Barclays dropped their target price on shares of Tesla from $325.00 to $275.00 and set an “equal weight” rating on the stock in a report on Monday, April 21st. Finally, Benchmark reiterated a “buy” rating and set a $475.00 target price (up from $350.00) on shares of Tesla in a report on Thursday, June 26th. Ten investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $302.75.

Insider Buying and Selling at Tesla

In other news, SVP Xiaotong Zhu sold 15,000 shares of the business’s 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 transaction, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Vaibhav Taneja sold 2,000 shares of the business’s stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total transaction of $600,000.00. Following the transaction, the chief financial officer directly owned 5,924 shares in the company, valued at approximately $1,777,200. The trade was a 25.24% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 835,509 shares of company stock worth $279,420,485. Company insiders own 20.70% of the company’s stock.

Tesla Price Performance

Tesla stock opened at $316.06 on Monday. The company’s fifty day moving average price is $324.70 and its 200 day moving average price is $313.53. Tesla, Inc. has a 1 year low of $182.00 and a 1 year high of $488.54. The stock has a market capitalization of $1.02 trillion, a P/E ratio of 182.69, a P/E/G ratio of 9.93 and a beta of 2.39. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%. The business had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same period last year, the firm earned $0.52 EPS. The company’s revenue for the quarter was down 11.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal 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.