Innova Wealth Partners Reduces Stake in Tesla, Inc. (NASDAQ:TSLA)

Innova Wealth Partners lowered its stake in Tesla, Inc. (NASDAQ:TSLA) by 11.1% in the 1st quarter, HoldingsChannel reports. The fund owned 913 shares of the electric vehicle producer’s stock after selling 114 shares during the period. Innova Wealth Partners’ holdings in Tesla were worth $237,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Rinkey Investments lifted its stake in shares of Tesla by 3.5% during the fourth quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer’s stock valued at $347,000 after buying an additional 29 shares during the period. True Wealth Design LLC raised its stake in Tesla by 79.5% during the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock worth $28,000 after purchasing an additional 31 shares during the period. Aldebaran Financial Inc. raised its stake in Tesla by 3.1% during the fourth quarter. Aldebaran Financial Inc. now owns 1,174 shares of the electric vehicle producer’s stock worth $490,000 after purchasing an additional 35 shares during the period. Acorn Wealth Advisors LLC raised its stake in Tesla by 1.9% during the first quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer’s stock worth $493,000 after purchasing an additional 36 shares during the period. Finally, Capital Management Associates Inc raised its stake in Tesla by 3.4% during the first quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer’s stock worth $302,000 after purchasing an additional 38 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Analysts Set New Price Targets

TSLA has been the topic of a number of recent analyst reports. Benchmark reaffirmed a “buy” rating and set a $475.00 price target (up previously from $350.00) on shares of Tesla in a research note on Thursday, June 26th. BNP Paribas set a $137.00 price target on shares of Tesla and gave the stock an “underperform” rating in a research note on Wednesday, April 16th. Cfra Research lowered shares of Tesla from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, April 22nd. Cantor Fitzgerald set a $355.00 price objective on shares of Tesla and gave the stock an “overweight” rating in a research report on Monday. Finally, Raymond James Financial lowered shares of Tesla to an “outperform” rating in a research report on Tuesday, April 22nd. Ten analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $298.97.

Tesla Trading Down 7.4%

Shares of NASDAQ:TSLA opened at $308.01 on Thursday. The company has a market cap of $992.08 billion, a PE ratio of 169.23, a P/E/G ratio of 12.61 and a beta of 2.39. The company’s 50-day moving average price is $326.13 and its 200 day moving average price is $315.92. Tesla, Inc. has a fifty-two week low of $182.00 and a fifty-two week high of $488.54. The company has a quick ratio of 1.54, a current ratio of 2.00 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.03). The firm had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a net margin of 6.66% and a return on equity of 9.02%. The company’s revenue for the quarter was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.52 earnings per share. Sell-side analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Activity

In other Tesla news, CFO Vaibhav Taneja sold 2,000 shares of the business’s stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total transaction of $600,000.00. Following the sale, the chief financial officer directly owned 5,924 shares in the company, valued at approximately $1,777,200. The trade was a 25.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kimbal Musk sold 91,588 shares of the business’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the sale, the director owned 1,463,220 shares in the company, valued at $522,940,195.80. This trade represents a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 835,509 shares of company stock valued at $279,420,485. 20.70% of the stock is owned by company insiders.

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.