Checchi Capital Advisers LLC Cuts Position in Tesla, Inc. (NASDAQ:TSLA)

by · The Markets Daily

Checchi Capital Advisers LLC decreased its holdings in Tesla, Inc. (NASDAQ:TSLA – Free Report) by 3.7% in the 1st quarter, HoldingsChannel reports. The fund owned 41,747 shares of the electric vehicle producer’s stock after selling 1,589 shares during the quarter. Checchi Capital Advisers LLC’s holdings in Tesla were worth $10,819,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Wealth Group Ltd. purchased a new position in Tesla in the 4th quarter valued at about $275,000. Eagle Capital Management LLC purchased a new position in shares of Tesla during the fourth quarter valued at approximately $331,000. Brighton Jones LLC lifted its stake in shares of Tesla by 11.8% during the fourth quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer’s stock valued at $35,509,000 after buying an additional 9,293 shares during the period. Revolve Wealth Partners LLC grew its stake in Tesla by 21.2% in the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer’s stock worth $2,147,000 after acquiring an additional 931 shares during the period. Finally, Mascagni Wealth Management Inc. purchased a new position in shares of Tesla during the 4th quarter worth $346,000. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TSLA has been the subject of a number of recent analyst reports. Benchmark reaffirmed a “buy” rating and issued a $475.00 price objective (up previously from $350.00) on shares of Tesla in a research report on Thursday, June 26th. JPMorgan Chase & Co. cut their price objective on Tesla from $120.00 to $115.00 and set an “underweight” rating on the stock in a report on Wednesday, April 23rd. Glj Research reaffirmed a “sell” rating and set a $19.05 price target (down from $24.86) on shares of Tesla in a research report on Monday, April 21st. The Goldman Sachs Group lifted their target price on Tesla from $285.00 to $315.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Stifel Nicolaus set a $450.00 price target on Tesla and gave the company a “buy” rating in a report on Thursday, April 24th. Ten analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $301.24.

Check Out Our Latest Stock Report on Tesla

Tesla Price Performance

Shares of TSLA opened at $313.56 on Friday. The company has a market cap of $1.01 trillion, a price-to-earnings ratio of 172.29, a PEG ratio of 9.17 and a beta of 2.39. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07. The company’s fifty day simple moving average is $320.36 and its 200 day simple moving average is $327.07. Tesla, Inc. has a 1-year low of $182.00 and a 1-year high of $488.54.

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

Insiders Place Their Bets

In other news, SVP Xiaotong Zhu sold 15,000 shares of the business’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the completion of the transaction, the senior vice president owned 67,600 shares of the company’s stock, valued at approximately $21,889,556. The trade was a 18.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robyn M. Denholm sold 112,395 shares of the business’s stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $274.12, for a total value of $30,809,717.40. Following the transaction, the director directly owned 85,000 shares of the company’s stock, valued at approximately $23,300,200. The trade was a 56.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 833,509 shares of company stock valued at $278,648,925 in the last three months. Insiders own 20.70% of the company’s stock.

About Tesla

(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.

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