49 Wealth Management LLC Reduces Position in Tesla, Inc. (NASDAQ:TSLA)

49 Wealth Management LLC trimmed its holdings in Tesla, Inc. (NASDAQ:TSLA) by 39.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 773 shares of the electric vehicle producer’s stock after selling 497 shares during the quarter. 49 Wealth Management LLC’s holdings in Tesla were worth $202,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in TSLA. China Universal Asset Management Co. Ltd. boosted its holdings in Tesla by 0.9% in the first quarter. China Universal Asset Management Co. Ltd. now owns 36,399 shares of the electric vehicle producer’s stock valued at $6,399,000 after purchasing an additional 331 shares during the last quarter. 1832 Asset Management L.P. boosted its holdings in Tesla by 23.5% in the first quarter. 1832 Asset Management L.P. now owns 8,760 shares of the electric vehicle producer’s stock valued at $1,540,000 after purchasing an additional 1,669 shares during the last quarter. Beaird Harris Wealth Management LLC raised its position in shares of Tesla by 12.5% in the first quarter. Beaird Harris Wealth Management LLC now owns 1,360 shares of the electric vehicle producer’s stock worth $239,000 after acquiring an additional 151 shares during the period. Mount Yale Investment Advisors LLC raised its position in shares of Tesla by 9.9% in the first quarter. Mount Yale Investment Advisors LLC now owns 14,558 shares of the electric vehicle producer’s stock worth $2,559,000 after acquiring an additional 1,308 shares during the period. Finally, Wick Capital Partners LLC raised its position in shares of Tesla by 4.2% in the first quarter. Wick Capital Partners LLC now owns 2,151 shares of the electric vehicle producer’s stock worth $378,000 after acquiring an additional 86 shares during the period. 66.20% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction on Friday, November 15th. The shares were sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the sale, the director now directly owns 85,000 shares in the company, valued at $26,727,400. This trade represents a 56.94 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of Tesla 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 sale, the senior vice president now owns 67,491 shares in the company, valued at $14,967,479.07. This represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 301,187 shares of company stock worth $92,956,692. 20.70% of the stock is currently owned by corporate insiders.

Tesla Price Performance

Tesla stock opened at $352.56 on Friday. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $361.53. The company’s 50 day moving average is $264.07 and its two-hundred day moving average is $226.09. The firm has a market cap of $1.13 trillion, a PE ratio of 96.59, a price-to-earnings-growth ratio of 11.03 and a beta of 2.29. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The business had revenue of $25.18 billion for the quarter, compared to analyst estimates of $25.47 billion. During the same period last year, the business earned $0.53 EPS. The company’s revenue was up 7.8% on a year-over-year basis. On average, research analysts expect that Tesla, Inc. will post 1.99 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on TSLA. Stifel Nicolaus upped their price objective on shares of Tesla from $265.00 to $287.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $295.00 price objective on shares of Tesla in a research report on Tuesday, September 10th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $245.00 price objective on shares of Tesla in a research report on Wednesday, October 23rd. Glj Research reiterated a “sell” rating and issued a $24.86 price objective on shares of Tesla in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. upped their price target on shares of Tesla from $130.00 to $135.00 and gave the stock an “underweight” rating in a research report on Thursday, October 24th. Nine investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Tesla currently has a consensus rating of “Hold” and an average target price of $230.18.

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.