Tesla, Inc. $TSLA Stock Holdings Reduced by Red Spruce Capital LLC

by · The Cerbat Gem

Red Spruce Capital LLC lowered its position in Tesla, Inc. (NASDAQ:TSLA – Free Report) by 2.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,677 shares of the electric vehicle producer’s stock after selling 37 shares during the quarter. Red Spruce Capital LLC’s holdings in Tesla were worth $533,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Gallacher Capital Management LLC purchased a new position in Tesla in the second quarter valued at about $260,000. Cultivar Capital Inc. purchased a new position in Tesla in the second quarter valued at about $224,000. Parallel Advisors LLC grew its stake in Tesla by 7.9% in the second quarter. Parallel Advisors LLC now owns 74,830 shares of the electric vehicle producer’s stock valued at $23,770,000 after purchasing an additional 5,492 shares in the last quarter. O Connor Financial Group LLC boosted its stake in shares of Tesla by 9.6% during the 2nd quarter. O Connor Financial Group LLC now owns 866 shares of the electric vehicle producer’s stock worth $273,000 after acquiring an additional 76 shares in the last quarter. Finally, Investors Research Corp boosted its stake in shares of Tesla by 24.5% during the 2nd quarter. Investors Research Corp now owns 635 shares of the electric vehicle producer’s stock worth $202,000 after acquiring an additional 125 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Price Performance

Shares of NASDAQ:TSLA opened at $395.94 on Monday. The business has a 50 day moving average price of $328.89 and a 200 day moving average price of $303.72. Tesla, Inc. has a twelve month low of $212.11 and a twelve month high of $488.54. The company has a market cap of $1.28 trillion, a price-to-earnings ratio of 228.87, a PEG ratio of 13.81 and a beta of 2.06. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA – Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.03). The firm 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 company’s revenue was down 11.8% on a year-over-year basis. During the same period last year, the company earned $0.52 EPS. Research analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Piper Sandler reiterated an “overweight” rating and set a $400.00 price target on shares of Tesla in a research note on Tuesday, June 10th. Robert W. Baird reiterated a “neutral” rating and set a $320.00 price target on shares of Tesla in a research note on Monday, June 9th. Canaccord Genuity Group upped their price target on Tesla from $303.00 to $333.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Glj Research reiterated a “sell” rating on shares of Tesla in a research note on Thursday, July 24th. Finally, Argus restated a “hold” rating on shares of Tesla in a research note on Monday, June 9th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fourteen have issued a Hold rating and nine have given a Sell rating to the company’s stock. According to MarketBeat.com, Tesla has a consensus rating of “Hold” and an average price target of $303.00.

Read Our Latest Stock Analysis on Tesla

Insider Buying and Selling at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $292.89, for a total value of $1,171,560.00. Following the completion of the transaction, the chief financial officer owned 5,924 shares of the company’s stock, valued at $1,735,080.36. This represents a 40.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Xiaotong Zhu sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the transaction, the senior vice president directly owned 47,600 shares of the company’s stock, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 148,606 shares of company stock valued at $51,999,662 in the last quarter. Corporate 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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