Grassi Investment Management Decreases Stake in Tesla, Inc. $TSLA

Grassi Investment Management lessened its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 1.6% during the 2nd quarter, Holdings Channel reports. The firm owned 3,875 shares of the electric vehicle producer’s stock after selling 65 shares during the quarter. Grassi Investment Management’s holdings in Tesla were worth $1,231,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cherry Tree Wealth Management LLC boosted its holdings in Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after purchasing an additional 44 shares during the last quarter. First PREMIER Bank grew its holdings in Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after purchasing an additional 42 shares during the period. Newton One Investments LLC grew its stake in Tesla by 250.0% in the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock valued at $27,000 after acquiring an additional 75 shares during the period. Arcadia Investment Management Corp MI acquired a new position in Tesla during the first quarter worth $27,000. Finally, Chelsea Counsel Co. lifted its holdings in Tesla by 59.7% during the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Price Performance

Tesla stock opened at $429.83 on Friday. The company’s 50 day simple moving average is $364.02 and its 200-day simple moving average is $321.99. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. Tesla, Inc. has a 1 year low of $212.11 and a 1 year high of $488.54. The company has a market capitalization of $1.43 trillion, a price-to-earnings ratio of 248.46, a price-to-earnings-growth ratio of 14.93 and a beta of 2.08.

Tesla (NASDAQ:TSLA) last posted its earnings results 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 company had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm’s revenue for the quarter was down 11.8% on a year-over-year basis. During the same quarter last year, the business posted $0.52 EPS. As a group, equities research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Activity at Tesla

In related news, SVP Xiaotong Zhu sold 20,000 shares of the stock in a transaction dated 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. This represents a 29.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James R. Murdoch sold 60,000 shares of Tesla stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $422.68, for a total value of $25,360,800.00. Following the completion of the transaction, the director directly owned 637,031 shares of the company’s stock, valued at approximately $269,260,263.08. This represents a 8.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 208,606 shares of company stock worth $77,360,462. 19.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Guggenheim reissued a “sell” rating and set a $175.00 target price on shares of Tesla in a research note on Wednesday, July 23rd. Dbs Bank lifted their price objective on Tesla from $300.00 to $450.00 in a report on Wednesday, September 17th. Deutsche Bank Aktiengesellschaft increased their target price on Tesla from $345.00 to $435.00 and gave the company a “buy” rating in a report on Friday, September 26th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tesla in a research note on Saturday, September 27th. Finally, CICC Research boosted their price target on Tesla from $360.00 to $450.00 and gave the stock an “outperform” rating in a research report on Thursday, September 18th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, thirteen have issued a Hold rating and eight have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $343.43.

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.