Perigon Wealth Management LLC Cuts Stake in Tesla, Inc. (NASDAQ:TSLA)

Perigon Wealth Management LLC lessened its stake in Tesla, Inc. (NASDAQ:TSLA) by 5.8% in the third quarter, HoldingsChannel.com reports. The firm owned 84,940 shares of the electric vehicle producer’s stock after selling 5,195 shares during the quarter. Tesla accounts for 0.6% of Perigon Wealth Management LLC’s portfolio, making the stock its 28th largest position. Perigon Wealth Management LLC’s holdings in Tesla were worth $22,223,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of 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. increased its holdings in shares of Tesla by 12.9% in the 1st 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 purchasing an additional 1,125,329 shares in the last quarter. Strategic Financial Concepts LLC grew its stake in Tesla by 21,816.0% in the 2nd quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock valued at $1,167,970,000 after acquiring an additional 5,875,484 shares during the last quarter. ARK Investment Management LLC grew its stake in 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 acquiring an additional 135,966 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Tesla by 9.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,959,699 shares of the electric vehicle producer’s stock valued at $981,443,000 after acquiring an additional 412,872 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Activity

In other news, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the sale, the director now owns 85,000 shares in the company, valued at $18,696,600. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the sale, the senior vice president now directly owns 67,491 shares in the company, valued at $14,967,479.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the sale, the director now owns 85,000 shares in the company, valued at approximately $18,696,600. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,661 shares of company stock worth $16,663,291 over the last 90 days. Company insiders own 20.70% of the company’s stock.

Tesla Trading Down 1.2 %

NASDAQ TSLA traded down $2.75 during mid-day trading on Thursday, hitting $218.58. The company’s stock had a trading volume of 15,204,498 shares, compared to its average volume of 94,412,266. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $271.00. The stock’s fifty day simple moving average is $226.81 and its two-hundred day simple moving average is $204.69. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. The firm has a market capitalization of $698.28 billion, a P/E ratio of 62.17, a price-to-earnings-growth ratio of 5.94 and a beta of 2.29.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Argus reissued a “buy” rating and issued a $286.00 price objective on shares of Tesla in a research note on Friday, July 26th. Wolfe Research assumed coverage on shares of Tesla in a research note on Thursday, September 5th. They issued a “peer perform” rating on the stock. TD Cowen increased their price objective on shares of Tesla from $160.00 to $180.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. KGI Securities reissued a “neutral” rating and issued a $236.00 price objective on shares of Tesla in a research note on Thursday, July 25th. Finally, Truist Financial increased their price objective on shares of Tesla from $215.00 to $236.00 and gave the company a “hold” rating in a research note on Thursday, October 3rd. Nine equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $210.72.

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.