Laidlaw Wealth Management LLC Sells 634 Shares of Tesla, Inc. $TSLA

Laidlaw Wealth Management LLC lessened its holdings in Tesla, Inc. (NASDAQ:TSLA) by 10.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,161 shares of the electric vehicle producer’s stock after selling 634 shares during the quarter. Tesla accounts for approximately 4.7% of Laidlaw Wealth Management LLC’s holdings, making the stock its 5th largest holding. Laidlaw Wealth Management LLC’s holdings in Tesla were worth $1,639,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. First Merchants Corp raised its holdings in shares of Tesla by 1.3% in the second quarter. First Merchants Corp now owns 2,413 shares of the electric vehicle producer’s stock worth $767,000 after buying an additional 31 shares during the last quarter. Kaye Capital Management increased its position in shares of Tesla by 3.1% in the 2nd quarter. Kaye Capital Management now owns 1,047 shares of the electric vehicle producer’s stock valued at $333,000 after acquiring an additional 31 shares during the period. Spectrum Wealth Advisory Group LLC raised its stake in Tesla by 3.4% in the 2nd quarter. Spectrum Wealth Advisory Group LLC now owns 941 shares of the electric vehicle producer’s stock worth $299,000 after acquiring an additional 31 shares during the last quarter. Wambolt & Associates LLC lifted its position in Tesla by 1.0% during the 2nd quarter. Wambolt & Associates LLC now owns 3,119 shares of the electric vehicle producer’s stock worth $938,000 after acquiring an additional 31 shares during the period. Finally, Alaska Wealth Advisors grew its stake in Tesla by 3.4% during the 2nd quarter. Alaska Wealth Advisors now owns 985 shares of the electric vehicle producer’s stock valued at $313,000 after purchasing an additional 32 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on TSLA shares. Cantor Fitzgerald set a $510.00 price objective on Tesla and gave the stock an “overweight” rating in a research note on Thursday, October 23rd. Roth Capital set a $505.00 price target on shares of Tesla and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Glj Research reaffirmed a “sell” rating on shares of Tesla in a report on Wednesday, October 22nd. UBS Group reiterated a “sell” rating on shares of Tesla in a research note on Friday, November 7th. Finally, China Renaissance boosted their target price on shares of Tesla from $349.00 to $380.00 and gave the company a “hold” rating in a research report on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have assigned a Hold rating and ten have issued a Sell rating to the company. According to MarketBeat.com, Tesla presently has an average rating of “Hold” and a consensus target price of $394.03.

Tesla Stock Up 1.7%

TSLA opened at $426.58 on Friday. The company has a fifty day moving average of $433.87 and a two-hundred day moving average of $368.17. The stock has a market capitalization of $1.42 trillion, a price-to-earnings ratio of 284.39, a PEG ratio of 16.84 and a beta of 2.06. Tesla, Inc. has a fifty-two week low of $214.25 and a fifty-two week high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.67 and a current ratio of 2.07.

Tesla (NASDAQ:TSLA) last posted its earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. The firm had revenue of $28.10 billion for the quarter, compared to analysts’ expectations of $24.98 billion. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The company’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the firm earned $0.72 EPS. On average, research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Buying and Selling at Tesla

In related news, Director James R. Murdoch sold 60,000 shares of Tesla stock in a transaction on Monday, September 15th. The shares were sold at an average price of $422.68, for a total value of $25,360,800.00. Following the sale, the director owned 637,031 shares of the company’s stock, valued at approximately $269,260,263.08. This trade represents a 8.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of the company’s 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 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 disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 82,606 shares of company stock valued at $33,554,102. Company insiders own 19.90% of the company’s stock.

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.