First Horizon Advisors Inc. Cuts Stake in Tesla, Inc. (NASDAQ:TSLA)

by · The Cerbat Gem

First Horizon Advisors Inc. reduced its position in Tesla, Inc. (NASDAQ:TSLA – Free Report) by 2.5% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 12,368 shares of the electric vehicle producer’s stock after selling 317 shares during the period. First Horizon Advisors Inc.’s holdings in Tesla were worth $3,205,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in TSLA. Cherry Tree Wealth Management LLC grew its position in Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after buying an additional 44 shares in the last quarter. First PREMIER Bank grew its holdings in shares of Tesla by 79.2% during the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after purchasing an additional 42 shares in the last quarter. Newton One Investments LLC grew its holdings in shares of Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock worth $27,000 after purchasing an additional 75 shares in the last quarter. True Wealth Design LLC raised its stake in Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock valued at $28,000 after purchasing an additional 31 shares in the last quarter. Finally, Horrell Capital Management Inc. lifted its position in Tesla by 75.6% during the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock valued at $32,000 after purchasing an additional 34 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on TSLA shares. Needham & Company LLC reissued a “hold” rating on shares of Tesla in a report on Wednesday, April 23rd. Guggenheim reissued a “sell” rating and issued a $175.00 target price on shares of Tesla in a research note on Monday, June 23rd. Argus reaffirmed a “hold” rating on shares of Tesla in a research note on Monday, June 9th. TD Cowen upgraded Tesla from a “hold” rating to a “buy” rating and increased their price objective for the company from $180.00 to $388.00 in a research report on Friday, March 7th. Finally, HSBC reissued a “reduce” rating and set a $120.00 price objective on shares of Tesla in a report on Thursday. Ten research 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $301.24.

Check Out Our Latest Stock Report on Tesla

Insider Buying and Selling

In other news, Director Ira Matthew Ehrenpreis sold 477,572 shares of Tesla stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total value of $170,636,475.60. Following the completion of the transaction, the director owned 855,394 shares of the company’s stock, valued at $305,632,276.20. The trade was a 35.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 2,564 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $285.71, for a total transaction of $732,560.44. Following the sale, the chief financial officer directly owned 5,924 shares in the company, valued at $1,692,546.04. This trade represents a 30.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 833,509 shares of company stock worth $278,648,925 over the last three months. Corporate insiders own 20.70% of the company’s stock.

Tesla Price Performance

TSLA stock opened at $313.56 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.54. Tesla, Inc. has a 1 year low of $182.00 and a 1 year high of $488.54. The firm has a 50-day moving average of $320.36 and a 200 day moving average of $327.07. The company has a market cap of $1.01 trillion, a P/E ratio of 172.29, a PEG ratio of 9.17 and a beta of 2.39.

Tesla (NASDAQ:TSLA – Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). Tesla had a net margin of 6.66% and a return on equity of 9.02%. The business had revenue of $19.34 billion for the quarter, compared to analysts’ expectations of $22.93 billion. During the same period last year, the business earned $0.45 earnings per share. On average, sell-side analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

Tesla Profile

(Free Report)

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.

Further Reading

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