Mountain Pacific Investment Advisers LLC Lowers Stake in Tesla, Inc. (NASDAQ:TSLA)

Mountain Pacific Investment Advisers LLC lowered its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 10.8% in the first quarter, HoldingsChannel.com reports. The firm owned 1,648 shares of the electric vehicle producer’s stock after selling 199 shares during the period. Mountain Pacific Investment Advisers LLC’s holdings in Tesla were worth $427,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Signature Wealth Management Group lifted its holdings in Tesla by 7.7% during the 1st quarter. Signature Wealth Management Group now owns 6,105 shares of the electric vehicle producer’s stock worth $1,582,000 after buying an additional 437 shares in the last quarter. Avid Wealth Partners LLC acquired a new stake in Tesla during the 1st quarter worth approximately $370,000. Mason & Associates Inc lifted its holdings in Tesla by 36.8% during the 1st quarter. Mason & Associates Inc now owns 16,239 shares of the electric vehicle producer’s stock worth $4,208,000 after buying an additional 4,366 shares in the last quarter. Sagespring Wealth Partners LLC lifted its holdings in Tesla by 17.6% during the 1st quarter. Sagespring Wealth Partners LLC now owns 26,586 shares of the electric vehicle producer’s stock worth $6,890,000 after buying an additional 3,986 shares in the last quarter. Finally, Variant Private Wealth LLC lifted its holdings in Tesla by 49.4% during the 1st quarter. Variant Private Wealth LLC now owns 9,987 shares of the electric vehicle producer’s stock worth $2,588,000 after buying an additional 3,304 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Activity at Tesla

In related news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the company’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the transaction, the director now owns 855,394 shares of the company’s stock, valued at approximately $305,632,276.20. This represents a 35.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the transaction, the chief financial officer now directly owns 26,950 shares of the company’s stock, valued at $6,737,500. This trade represents a 12.92% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 833,509 shares of company stock valued at $278,648,925. Company insiders own 20.70% of the company’s stock.

Tesla Stock Up 1.2%

Shares of NASDAQ TSLA opened at $329.13 on Tuesday. Tesla, Inc. has a 12-month low of $177.00 and a 12-month high of $488.54. The company has a market capitalization of $1.06 trillion, a PE ratio of 161.34, a price-to-earnings-growth ratio of 5.86 and a beta of 2.47. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. The firm’s 50-day moving average is $301.53 and its two-hundred day moving average is $332.77.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.26). The business had revenue of $19.34 billion during the quarter, compared to analysts’ expectations of $22.93 billion. Tesla had a net margin of 7.26% and a return on equity of 10.31%. During the same period last year, the company earned $0.45 EPS. Equities analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Wedbush set a $500.00 target price on shares of Tesla in a report on Thursday, June 5th. HSBC reduced their price objective on shares of Tesla from $165.00 to $130.00 and set a “reduce” rating on the stock in a report on Thursday, March 27th. Benchmark restated a “buy” rating and issued a $350.00 price objective on shares of Tesla in a report on Wednesday, April 23rd. Truist Financial set a $280.00 price objective on shares of Tesla in a report on Tuesday, April 22nd. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Tesla from $420.00 to $345.00 and set a “buy” rating on the stock in a research note on Friday, March 28th. Ten investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Tesla presently has a consensus rating of “Hold” and an average target price of $293.67.

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.