Tesla, Inc. (NASDAQ:TSLA) Shares Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC reduced its stake in Tesla, Inc. (NASDAQ:TSLA) by 0.2% during the 2nd quarter, Holdings Channel reports. The fund owned 152,100 shares of the electric vehicle producer’s stock after selling 300 shares during the quarter. Tesla makes up approximately 1.2% of Cornerstone Advisors LLC’s investment portfolio, making the stock its 11th biggest position. Cornerstone Advisors LLC’s holdings in Tesla were worth $30,098,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Tesla by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock valued at $41,064,917,000 after purchasing an additional 3,795,748 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Tesla by 12.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock valued at $1,731,430,000 after acquiring an additional 1,125,329 shares in the last quarter. Strategic Financial Concepts LLC lifted its stake in Tesla by 21,816.0% in the second quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock worth $1,167,970,000 after acquiring an additional 5,875,484 shares during the last quarter. ARK Investment Management LLC increased its position in shares of Tesla by 2.6% in the 2nd quarter. ARK Investment Management LLC now owns 5,314,395 shares of the electric vehicle producer’s stock valued at $1,051,613,000 after purchasing an additional 135,966 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Tesla by 9.1% during the second quarter. Dimensional Fund Advisors LP now owns 4,959,699 shares of the electric vehicle producer’s stock worth $981,443,000 after purchasing an additional 412,872 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Citigroup decreased their price target on Tesla from $274.00 to $258.00 and set a “neutral” rating for the company in a report on Wednesday, July 24th. Argus reaffirmed a “buy” rating and issued a $286.00 price target on shares of Tesla in a report on Friday, July 26th. Morgan Stanley reissued an “overweight” rating and set a $310.00 price objective on shares of Tesla in a report on Thursday, September 5th. Oppenheimer restated a “market perform” rating on shares of Tesla in a report on Tuesday, July 9th. Finally, Truist Financial reiterated a “hold” rating and set a $215.00 price target on shares of Tesla in a research note on Wednesday, August 14th. Nine investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Tesla currently has an average rating of “Hold” and a consensus price target of $209.60.

Tesla Stock Up 0.2 %

Tesla stock opened at $230.29 on Monday. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $278.98. The firm has a market capitalization of $734.44 billion, a price-to-earnings ratio of 58.75, a price-to-earnings-growth ratio of 6.08 and a beta of 2.29. The stock’s fifty day moving average is $223.37 and its two-hundred day moving average is $194.57. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The business had revenue of $25.50 billion during the quarter, compared to analyst estimates of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. Tesla’s revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.78 earnings per share. Analysts predict that Tesla, Inc. will post 1.75 EPS for the current fiscal year.

Insider Transactions at Tesla

In related news, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total value of $14,597,425.44. Following the sale, the director now owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the transaction, the director now directly owns 85,000 shares in the company, valued at approximately $18,696,600. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the sale, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. The disclosure for this sale can be found here. Corporate insiders own 25.10% of the company’s stock.

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.