Convergence Financial LLC decreased its holdings in Tesla, Inc. (NASDAQ:TSLA – Free Report) by 10.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,152 shares of the electric vehicle producer’s stock after selling 2,988 shares during the quarter. Tesla accounts for about 1.7% of Convergence Financial LLC’s portfolio, making the stock its 17th largest holding. Convergence Financial LLC’s holdings in Tesla were worth $11,761,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of TSLA. Networth Advisors LLC acquired a new position in shares of Tesla in the 4th quarter valued at approximately $26,000. Chapman Financial Group LLC acquired a new position in shares of Tesla in the 2nd quarter valued at approximately $26,000. Davidson Capital Management Inc. raised its position in shares of Tesla by 79.4% in the 4th quarter. Davidson Capital Management Inc. now owns 61 shares of the electric vehicle producer’s stock valued at $27,000 after buying an additional 27 shares in the last quarter. Prism Advisors Inc. acquired a new position in shares of Tesla in the 4th quarter valued at approximately $30,000. Finally, Turning Point Benefit Group Inc. acquired a new position in shares of Tesla in the 3rd quarter valued at approximately $30,000. Institutional investors and hedge funds own 66.20% of the company’s stock.
Insider Buying and Selling
In other Tesla news, Director Kathleen Wilson-Thompson sold 26,409 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $378.11, for a total transaction of $9,985,506.99. Following the sale, the director directly owned 48,399 shares of the company’s stock, valued at $18,300,145.89. The trade was a 35.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vaibhav Taneja sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $450.00, for a total transaction of $1,350,000.00. Following the sale, the chief financial officer directly owned 18,106 shares in the company, valued at $8,147,700. The trade was a 14.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 55,218 shares of company stock worth $20,609,455 over the last three months. Insiders own 19.90% of the company’s stock.
Tesla Price Performance
Tesla (NASDAQ:TSLA – Get Free Report) last posted its earnings results on Thursday, April 23rd. The electric vehicle producer reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. Tesla had a net margin of 3.95% and a return on equity of 4.89%. The firm had revenue of $22.39 billion for the quarter, compared to analyst estimates of $22.96 billion. During the same period in the previous year, the firm posted $0.27 EPS. The company’s revenue for the quarter was up 15.8% compared to the same quarter last year. Research analysts anticipate that Tesla, Inc. will post 1.2 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on TSLA. BNP Paribas Exane upgraded shares of Tesla from an “underperform” rating to a “neutral” rating in a research report on Monday, April 27th. Bank of America began coverage on shares of Tesla in a research report on Wednesday, March 4th. They issued a “buy” rating and a $460.00 target price for the company. President Capital boosted their target price on shares of Tesla from $424.00 to $428.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Tesla in a research report on Monday, April 27th. Finally, Glj Research restated a “sell” rating on shares of Tesla in a research report on Tuesday, April 21st. Nineteen research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $395.20.
Check Out Our Latest Stock Report on Tesla
Key Headlines Impacting Tesla
Here are the key news stories impacting Tesla this week:
- Positive Sentiment: Tesla expanded its unsupervised Robotaxi service area in Austin, a sign that its autonomous ride-hailing push is still advancing and could support the long-term AI/robotics story. Reuters: Tesla rolls out unsupervised robotaxis in Austin
- Positive Sentiment: Tesla reported a strong rebound in China-made EV sales in May, with Shanghai deliveries jumping sharply as the domestic market showed signs of recovery, which may help near-term demand sentiment. CNBC: Tesla’s China-made EV sales jump nearly 40% in May
- Positive Sentiment: Global EV sales rose in April and were led by Tesla, reinforcing that the broader EV market is still growing. TipRanks: Global Electric Vehicle Sales Rose 16% in April
- Neutral Sentiment: News around SpaceX’s massive IPO and speculation about a possible future Tesla-SpaceX linkage is stirring investor attention, but it is mostly indirect and highly speculative for TSLA in the near term. CNBC: SpaceX targets $135 IPO price
- Negative Sentiment: Several reports highlighted that Tesla’s stock is being dragged by weakness in tech stocks overall, especially after Broadcom’s disappointing results weighed on the sector. Yahoo Finance: Sector Update: Tech Stocks Fall Thursday Afternoon
- Negative Sentiment: Analysts and commentators continue to question Tesla’s rich valuation, arguing that the stock price still reflects ambitious AI, robotaxi, and robotics expectations that have not yet been fully proven in financial results. 247WallSt: Buy, Hold, or Sell: Is Tesla Stock a Sell Above $400?
- Negative Sentiment: Competitive and legal concerns are also lingering, including scrutiny over Tesla’s FSD claims in China and new competition in robotics and EVs, which can pressure sentiment. Yahoo Finance: Tesla Faces China FSD Lawsuit
Tesla Profile
Tesla, Inc (NASDAQ: TSLA) is an American company that designs, manufactures and sells electric vehicles, energy generation and energy storage products. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla grew into a vertically integrated mobility and clean‑energy company with Elon Musk serving as its chief executive officer. The company’s stated mission is to accelerate the world’s transition to sustainable energy, reflected in its combined focus on electric drivetrains, battery technology, renewable energy products and software.
Tesla’s automotive business includes a lineup of battery‑electric vehicles and related services.
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