Main Street Research LLC Trims Position in Tesla, Inc. $TSLA

Main Street Research LLC lessened its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 21.6% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,800 shares of the electric vehicle producer’s stock after selling 3,245 shares during the quarter. Main Street Research LLC’s holdings in Tesla were worth $3,749,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. LGT Financial Advisors LLC purchased a new stake in Tesla during the second quarter valued at $29,000. Arcadia Investment Management Corp MI purchased a new stake in Tesla during the first quarter valued at $27,000. Chelsea Counsel Co. increased its position in Tesla by 59.7% during the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after acquiring an additional 40 shares during the last quarter. Evergreen Private Wealth LLC increased its position in Tesla by 270.0% during the second quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer’s stock valued at $35,000 after acquiring an additional 81 shares during the last quarter. Finally, Centennial Bank AR increased its position in Tesla by 833.3% during the first quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer’s stock valued at $29,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the transaction, the senior vice president owned 47,600 shares of the company’s stock, valued at $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the transaction, the chief financial officer directly owned 9,856 shares of the company’s stock, valued at approximately $3,473,057.28. This trade represents a 20.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 202,606 shares of company stock valued at $75,588,902 over the last 90 days. Company insiders own 19.90% of the company’s stock.

Analyst Ratings Changes

TSLA has been the subject of a number of analyst reports. Guggenheim restated a “sell” rating and issued a $175.00 price target on shares of Tesla in a research report on Wednesday, July 23rd. Morgan Stanley restated an “overweight” rating on shares of Tesla in a research report on Wednesday, October 15th. Benchmark restated a “buy” rating on shares of Tesla in a research report on Thursday, October 23rd. President Capital upped their price target on Tesla from $373.00 to $529.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Finally, Melius initiated coverage on Tesla in a research report on Monday, October 13th. They issued a “buy” rating and a $520.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have issued a Hold rating and eleven have given a Sell rating to the stock. According to MarketBeat.com, Tesla currently has an average rating of “Hold” and an average price target of $391.08.

Tesla Stock Performance

NASDAQ TSLA opened at $444.26 on Wednesday. The firm has a market cap of $1.48 trillion, a price-to-earnings ratio of 296.17, a price-to-earnings-growth ratio of 16.84 and a beta of 2.08. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.07. The business has a 50-day moving average price of $414.80 and a 200-day moving average price of $351.91. Tesla, Inc. has a twelve month low of $214.25 and a twelve month high of $488.54.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. The firm had revenue of $28.10 billion during the quarter, compared to analyst estimates of $24.98 billion. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The business’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.72 earnings per share. As a group, equities research analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Tesla 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.