Ridgecrest Wealth Partners LLC Lowers Stake in Tesla, Inc. (NASDAQ:TSLA)

Ridgecrest Wealth Partners LLC cut its position in Tesla, Inc. (NASDAQ:TSLA) by 6.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,890 shares of the electric vehicle producer’s stock after selling 269 shares during the period. Ridgecrest Wealth Partners LLC’s holdings in Tesla were worth $684,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also bought and sold shares of the business. Morningstar Investment Services LLC boosted its position in shares of Tesla by 19.4% during the 3rd quarter. Morningstar Investment Services LLC now owns 4,211 shares of the electric vehicle producer’s stock valued at $1,038,000 after acquiring an additional 683 shares during the last quarter. Ancora Advisors LLC lifted its position in Tesla by 3.2% during the third quarter. Ancora Advisors LLC now owns 5,086 shares of the electric vehicle producer’s stock valued at $1,273,000 after purchasing an additional 156 shares during the last quarter. Gotham Asset Management LLC grew its stake in shares of Tesla by 8.3% in the 3rd quarter. Gotham Asset Management LLC now owns 30,414 shares of the electric vehicle producer’s stock worth $7,610,000 after buying an additional 2,325 shares in the last quarter. Richard Bernstein Advisors LLC increased its holdings in shares of Tesla by 5.6% in the 3rd quarter. Richard Bernstein Advisors LLC now owns 60,947 shares of the electric vehicle producer’s stock worth $15,250,000 after buying an additional 3,213 shares during the last quarter. Finally, Kinloch Capital LLC raised its position in shares of Tesla by 41.4% during the 3rd quarter. Kinloch Capital LLC now owns 2,532 shares of the electric vehicle producer’s stock valued at $634,000 after buying an additional 741 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

TSLA has been the subject of several recent research reports. Truist Financial dropped their price target on Tesla from $176.00 to $162.00 and set a “hold” rating for the company in a research report on Wednesday, April 24th. Citigroup reissued a “neutral” rating on shares of Tesla in a research report on Wednesday, June 12th. Evercore ISI lowered their price target on Tesla from $155.00 to $145.00 and set an “in-line” rating for the company in a research report on Monday, April 29th. JPMorgan Chase & Co. cut their price objective on shares of Tesla from $130.00 to $115.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 3rd. Finally, Guggenheim restated a “sell” rating and issued a $126.00 target price on shares of Tesla in a report on Tuesday, June 25th. Seven equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Tesla has an average rating of “Hold” and an average target price of $187.30.

Tesla Price Performance

Shares of TSLA stock opened at $197.88 on Friday. The stock’s 50-day moving average is $177.80 and its 200 day moving average is $191.71. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $299.29. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.72 and a quick ratio of 1.17. The company has a market cap of $631.08 billion, a P/E ratio of 50.48, a PEG ratio of 4.91 and a beta of 2.32.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Tuesday, April 23rd. The electric vehicle producer reported $0.35 EPS for the quarter, meeting the consensus estimate of $0.35. Tesla had a net margin of 14.37% and a return on equity of 13.18%. The business had revenue of $21.30 billion during the quarter, compared to analyst estimates of $22.15 billion. Research analysts predict that Tesla, Inc. will post 1.86 earnings per share for the current fiscal year.

Insider Activity at Tesla

In other news, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the transaction, the senior vice president now directly owns 65,155 shares of the company’s stock, valued at $11,350,652.55. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, SVP Xiaotong Zhu sold 650 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the sale, the senior vice president now owns 65,155 shares in the company, valued at $11,350,652.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robyn M. Denholm sold 93,705 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the transaction, the director now owns 15,000 shares in the company, valued at approximately $2,772,900. The disclosure for this sale can be found here. Insiders sold 104,855 shares of company stock valued at $19,285,643 over the last 90 days. Insiders own 25.10% of the company’s stock.

Tesla Company Profile

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.