Bourne Lent Asset Management Inc. Sells 500 Shares of Tesla, Inc. $TSLA

Bourne Lent Asset Management Inc. lessened its holdings in Tesla, Inc. (NASDAQ:TSLA) by 7.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,275 shares of the electric vehicle producer’s stock after selling 500 shares during the quarter. Tesla accounts for approximately 0.8% of Bourne Lent Asset Management Inc.’s investment portfolio, making the stock its 26th biggest holding. Bourne Lent Asset Management Inc.’s holdings in Tesla were worth $1,993,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Acorn Wealth Advisors LLC raised its position 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 acquiring an additional 36 shares in the last quarter. Solutions 4 Wealth Ltd raised its position in shares of Tesla by 2.0% in the first quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer’s stock valued at $470,000 after purchasing an additional 36 shares during the period. Capital Management Associates Inc raised its position in shares of Tesla by 3.4% in the first quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer’s stock valued at $302,000 after purchasing an additional 38 shares during the period. Graney & King LLC raised its position in shares of Tesla by 18.4% in the first quarter. Graney & King LLC now owns 245 shares of the electric vehicle producer’s stock valued at $63,000 after purchasing an additional 38 shares during the period. Finally, Mraz Amerine & Associates Inc. raised its position in shares of Tesla by 3.8% in the first quarter. Mraz Amerine & Associates Inc. now owns 1,054 shares of the electric vehicle producer’s stock valued at $278,000 after purchasing an additional 39 shares during the period. 66.20% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on TSLA. Robert W. Baird reaffirmed a “neutral” rating and set a $320.00 price target on shares of Tesla in a research report on Monday, June 9th. Royal Bank Of Canada reaffirmed an “overweight” rating on shares of Tesla in a research report on Tuesday, July 29th. Benchmark reaffirmed a “buy” rating and set a $475.00 price target (up from $350.00) on shares of Tesla in a research report on Thursday, June 26th. Piper Sandler reaffirmed an “overweight” rating and set a $400.00 price target on shares of Tesla in a research report on Tuesday, June 10th. Finally, Bank of America increased their price objective on shares of Tesla from $305.00 to $341.00 and gave the stock a “neutral” rating in a research note on Monday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, fourteen have issued a Hold rating and nine have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $303.00.

Tesla Stock Up 7.4%

Shares of NASDAQ TSLA opened at $395.94 on Monday. The company has a 50 day simple moving average of $328.89 and a 200 day simple moving average of $303.72. The firm has a market cap of $1.28 trillion, a PE ratio of 228.87, a price-to-earnings-growth ratio of 13.81 and a beta of 2.06. Tesla, Inc. has a 1 year low of $212.11 and a 1 year high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). The business had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.52 EPS. On average, research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

Insiders Place Their Bets

In other Tesla news, Director James R. Murdoch sold 120,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the transaction, the director owned 697,031 shares in the company, valued at approximately $244,162,988.99. This trade represents a 14.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the transaction, the senior vice president owned 47,600 shares of the company’s stock, valued at approximately $17,314,500. The trade was a 29.59% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 148,606 shares of company stock worth $51,999,662. 20.70% of the stock is currently owned by 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.