Smithfield Trust Co Sells 44 Shares of Tesla, Inc. (NASDAQ:TSLA)

Smithfield Trust Co cut its holdings in Tesla, Inc. (NASDAQ:TSLA) by 1.6% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,776 shares of the electric vehicle producer’s stock after selling 44 shares during the period. Smithfield Trust Co’s holdings in Tesla were worth $720,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Eagle Capital Management LLC purchased a new stake in shares of Tesla in the 4th quarter worth approximately $331,000. Brighton Jones LLC lifted its position in shares of Tesla by 11.8% in the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer’s stock worth $35,509,000 after purchasing an additional 9,293 shares during the period. Revolve Wealth Partners LLC raised its stake in shares of Tesla by 21.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer’s stock worth $2,147,000 after acquiring an additional 931 shares in the last quarter. Mascagni Wealth Management Inc. bought a new position in shares of Tesla during the 4th quarter worth approximately $346,000. Finally, Highview Capital Management LLC DE bought a new position in shares of Tesla during the 4th quarter worth approximately $2,367,000. 66.20% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Tesla news, CFO Vaibhav Taneja sold 2,000 shares of Tesla 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 completion of the sale, the chief financial officer directly owned 5,924 shares in the company, valued at $1,777,200. This trade represents a 25.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kimbal Musk sold 91,588 shares of Tesla stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the sale, 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. Insiders have sold a total of 719,119 shares of company stock valued at $246,186,549 in the last ninety days. 20.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Benchmark reiterated a “buy” rating and set a $475.00 price objective (up previously from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Piper Sandler reiterated an “overweight” rating and set a $400.00 price objective on shares of Tesla in a research note on Tuesday, June 10th. William Blair lowered shares of Tesla from an “outperform” rating to a “market perform” rating in a research note on Monday, July 7th. Cantor Fitzgerald reduced their price objective on shares of Tesla from $425.00 to $355.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Finally, Robert W. Baird restated a “neutral” rating and set a $320.00 price target on shares of Tesla in a research note on Monday, June 9th. Ten research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $303.31.

Tesla Stock Performance

Shares of NASDAQ TSLA opened at $302.63 on Monday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. The company has a market capitalization of $976.12 billion, a PE ratio of 174.93, a price-to-earnings-growth ratio of 10.63 and a beta of 2.33. Tesla, Inc. has a 1 year low of $182.00 and a 1 year high of $488.54. The company’s fifty day moving average price is $322.22 and its 200 day moving average price is $310.31.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same quarter last year, the company earned $0.52 earnings per share. Tesla’s quarterly revenue was down 11.8% on a year-over-year basis. On average, research analysts predict 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.