CX Institutional Sells 2,484 Shares of Tesla, Inc. $TSLA

CX Institutional decreased its holdings in Tesla, Inc. (NASDAQ:TSLA) by 3.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 72,845 shares of the electric vehicle producer’s stock after selling 2,484 shares during the period. Tesla accounts for approximately 0.8% of CX Institutional’s holdings, making the stock its 28th biggest holding. CX Institutional’s holdings in Tesla were worth $23,140,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TSLA. Brighton Jones LLC raised its position in 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 position in Tesla by 21.2% in the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer’s stock worth $2,147,000 after purchasing an additional 931 shares during the period. Mascagni Wealth Management Inc. purchased a new stake in Tesla in the 4th quarter worth about $346,000. Bison Wealth LLC raised its position in Tesla by 52.2% in the 4th quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer’s stock worth $4,187,000 after purchasing an additional 3,558 shares during the period. Finally, Retirement Planning Group LLC raised its position in Tesla by 19.3% in the 4th quarter. Retirement Planning Group LLC now owns 1,660 shares of the electric vehicle producer’s stock worth $670,000 after purchasing an additional 268 shares during the period. 66.20% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Tesla

In other news, Director James R. Murdoch sold 120,000 shares of the firm’s stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the sale, the director directly owned 697,031 shares in the company, valued at approximately $244,162,988.99. This trade represents a 14.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the sale, the senior vice president directly owned 47,600 shares of the company’s stock, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 208,606 shares of company stock valued at $77,360,462 in the last 90 days. Company insiders own 20.70% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on TSLA. Morgan Stanley reaffirmed an “overweight” rating and set a $410.00 target price on shares of Tesla in a research report on Friday, September 5th. Mizuho cut their price objective 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. Glj Research reissued a “sell” rating on shares of Tesla in a report on Thursday, July 24th. China Renaissance reissued a “hold” rating and set a $349.00 price objective on shares of Tesla in a report on Friday, July 25th. Finally, Baird R W raised shares of Tesla from a “hold” rating to a “strong-buy” rating in a report on Friday. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have issued a Hold rating and nine have issued a Sell rating to the company. According to MarketBeat, Tesla has an average rating of “Hold” and an average target price of $317.70.

Tesla Stock Performance

Tesla stock opened at $426.07 on Friday. The firm has a 50 day simple moving average of $340.68 and a 200-day simple moving average of $308.35. Tesla, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The stock has a market cap of $1.42 trillion, a price-to-earnings ratio of 246.28, a price-to-earnings-growth ratio of 14.86 and a beta of 2.06.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm had revenue of $22.50 billion during the quarter, compared to analysts’ expectations of $23.18 billion. During the same period last year, the company earned $0.52 EPS. The business’s quarterly revenue was down 11.8% on a year-over-year basis. On average, analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

Tesla Company Profile

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.