Leo Wealth LLC Sells 1,048 Shares of Tesla, Inc. (NASDAQ:TSLA)

by · The Cerbat Gem

Leo Wealth LLC decreased its stake in shares of Tesla, Inc. (NASDAQ:TSLA – Free Report) by 20.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,021 shares of the electric vehicle producer’s stock after selling 1,048 shares during the period. Leo Wealth LLC’s holdings in Tesla were worth $1,042,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Rinkey Investments increased its holdings in Tesla by 3.5% during the fourth quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer’s stock valued at $347,000 after buying an additional 29 shares during the last quarter. Pitti Group Wealth Management LLC increased its holdings in Tesla by 2.2% during the fourth quarter. Pitti Group Wealth Management LLC now owns 1,470 shares of the electric vehicle producer’s stock valued at $594,000 after buying an additional 31 shares during the last quarter. True Wealth Design LLC increased its holdings in Tesla by 79.5% during the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock valued at $28,000 after buying an additional 31 shares during the last quarter. Horrell Capital Management Inc. increased its holdings 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 buying an additional 34 shares during the last quarter. Finally, Aldebaran Financial Inc. increased its holdings in Tesla by 3.1% during the fourth quarter. Aldebaran Financial Inc. now owns 1,174 shares of the electric vehicle producer’s stock valued at $490,000 after buying an additional 35 shares during the last quarter. Institutional investors own 66.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Raymond James Financial cut shares of Tesla to an “outperform” rating in a research note on Tuesday, April 22nd. Stifel Nicolaus set a $450.00 price objective on shares of Tesla and gave the stock a “buy” rating in a research note on Thursday, April 24th. Mizuho reduced their price objective on shares of Tesla from $390.00 to $375.00 and set an “outperform” rating for the company in a research note on Tuesday, July 8th. Cfra Research cut shares of Tesla from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Tesla from $120.00 to $115.00 and set an “underweight” rating for the company in a research note on Wednesday, April 23rd. Ten analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Tesla has a consensus rating of “Hold” and an average target price of $300.19.

View Our Latest Stock Report on Tesla

Insiders Place Their Bets

In other Tesla news, Director Kimbal Musk sold 91,588 shares of the firm’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total value of $32,732,635.32. Following the completion of the transaction, the director owned 1,463,220 shares of the company’s stock, valued at approximately $522,940,195.80. This trade represents a 5.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 6,000 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $341.02, for a total transaction of $2,046,120.00. Following the completion of the sale, the chief financial officer owned 1,950 shares in the company, valued at $664,989. The trade was a 75.47% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 835,509 shares of company stock valued at $279,420,485. Corporate insiders own 20.70% of the company’s stock.

Tesla Price Performance

Shares of TSLA opened at $313.51 on Monday. The company has a market cap of $1.01 trillion, a price-to-earnings ratio of 172.26, a price-to-earnings-growth ratio of 9.33 and a beta of 2.39. Tesla, Inc. has a twelve month low of $182.00 and a twelve month high of $488.54. The company has a quick ratio of 1.54, a current ratio of 2.00 and a debt-to-equity ratio of 0.07. The company has a 50 day moving average of $322.60 and a two-hundred day moving average of $319.32.

Tesla (NASDAQ:TSLA – Get Free Report) last posted 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). The company had revenue of $19.34 billion during the quarter, compared to analysts’ expectations of $22.93 billion. Tesla had a return on equity of 9.02% and a net margin of 6.66%. During the same period in the prior year, the business posted $0.45 EPS. As a group, analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

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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