Acorn Financial Advisory Services Inc. ADV Sells 391 Shares of Tesla, Inc. (NASDAQ:TSLA)

Acorn Financial Advisory Services Inc. ADV reduced its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 4.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 8,043 shares of the electric vehicle producer’s stock after selling 391 shares during the quarter. Acorn Financial Advisory Services Inc. ADV’s holdings in Tesla were worth $2,104,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of TSLA. Cypress Point Wealth Management LLC raised its stake in shares of Tesla by 0.5% during the 3rd quarter. Cypress Point Wealth Management LLC now owns 15,647 shares of the electric vehicle producer’s stock worth $4,094,000 after purchasing an additional 76 shares in the last quarter. Objective Capital Management LLC acquired a new stake in Tesla in the third quarter valued at $820,000. Resolute Advisors LLC bought a new position in shares of Tesla in the 3rd quarter valued at about $514,000. Scott & Selber Inc. raised its holdings in shares of Tesla by 80.3% in the 3rd quarter. Scott & Selber Inc. now owns 12,659 shares of the electric vehicle producer’s stock valued at $3,312,000 after purchasing an additional 5,639 shares during the period. Finally, Carmel Capital Partners LLC increased its holdings in shares of Tesla by 6.6% during the 3rd quarter. Carmel Capital Partners LLC now owns 10,737 shares of the electric vehicle producer’s stock worth $2,809,000 after acquiring an additional 666 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors.

Insider Activity at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $250.00, for a total value of $1,000,000.00. Following the completion of the sale, the chief financial officer now owns 105,032 shares of the company’s stock, valued at $26,258,000. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,797 shares of company stock worth $19,211,821 over the last ninety days. 20.70% of the stock is owned by corporate insiders.

Tesla Trading Up 8.2 %

NASDAQ TSLA traded up $24.31 on Friday, hitting $321.22. The company’s stock had a trading volume of 204,782,763 shares, compared to its average volume of 94,883,055. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $328.71. The firm has a market cap of $1.03 trillion, a P/E ratio of 88.01, a PEG ratio of 9.51 and a beta of 2.29. The company’s 50-day simple moving average is $241.18 and its 200 day simple moving average is $214.90.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The firm had revenue of $25.18 billion during the quarter, compared to analysts’ expectations of $25.47 billion. During the same period last year, the company posted $0.53 EPS. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. Research analysts predict that Tesla, Inc. will post 1.96 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Roth Mkm reissued a “neutral” rating and set a $85.00 target price on shares of Tesla in a report on Friday, October 11th. UBS Group cut shares of Tesla from a “neutral” rating to a “sell” rating and raised their target price for the stock from $147.00 to $197.00 in a report on Friday, July 12th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $245.00 price target on shares of Tesla in a research note on Wednesday, October 23rd. Mizuho lifted their price objective on Tesla from $180.00 to $230.00 and gave the company a “neutral” rating in a report on Friday, July 12th. Finally, JPMorgan Chase & Co. boosted their price target on Tesla from $130.00 to $135.00 and gave the company an “underweight” rating in a research note on Thursday, October 24th. Eight investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $222.03.

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.