Valley National Advisers Inc. Trims Stake in Tesla, Inc. (NASDAQ:TSLA)

Valley National Advisers Inc. lowered its stake in Tesla, Inc. (NASDAQ:TSLA) by 24.8% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,490 shares of the electric vehicle producer’s stock after selling 1,812 shares during the quarter. Valley National Advisers Inc.’s holdings in Tesla were worth $965,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Tesla by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock worth $57,102,287,000 after purchasing an additional 3,866,361 shares during the last quarter. Norges Bank acquired a new stake in shares of Tesla during the fourth quarter worth $7,844,757,000. Morgan Stanley boosted its holdings in shares of Tesla by 7.8% during the third quarter. Morgan Stanley now owns 30,160,747 shares of the electric vehicle producer’s stock worth $7,546,823,000 after purchasing an additional 2,177,397 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Tesla by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 15,155,878 shares of the electric vehicle producer’s stock worth $3,765,933,000 after purchasing an additional 458,804 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Tesla by 12.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock worth $1,731,430,000 after purchasing an additional 1,125,329 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Stock Performance

Shares of TSLA stock opened at $246.39 on Thursday. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.04. The business has a 50 day moving average of $180.89 and a two-hundred day moving average of $190.93. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $299.29. The company has a market cap of $785.79 billion, a P/E ratio of 62.85, a PEG ratio of 5.74 and a beta of 2.31.

Tesla (NASDAQ:TSLA) last issued its earnings results on Tuesday, April 23rd. The electric vehicle producer reported $0.35 EPS for the quarter, meeting analysts’ consensus estimates of $0.35. Tesla had a return on equity of 13.18% and a net margin of 14.37%. The company had revenue of $21.30 billion during the quarter, compared to the consensus estimate of $22.15 billion. As a group, analysts anticipate that Tesla, Inc. will post 1.86 EPS for the current year.

Analyst Ratings Changes

TSLA has been the topic of several analyst reports. Oppenheimer restated a “market perform” rating on shares of Tesla in a report on Tuesday. Bank of America upgraded Tesla from a “neutral” rating to a “buy” rating and set a $220.00 target price on the stock in a report on Wednesday, April 24th. Piper Sandler reiterated an “overweight” rating and issued a $205.00 target price on shares of Tesla in a report on Monday, April 22nd. Stifel Nicolaus assumed coverage on Tesla in a report on Tuesday, June 25th. They issued a “buy” rating and a $265.00 target price on the stock. Finally, Evercore ISI cut their price objective on Tesla from $155.00 to $145.00 and set an “in-line” rating on the stock in a research report on Monday, April 29th. Seven investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Tesla has a consensus rating of “Hold” and a consensus target price of $189.47.

Insider Buying and Selling at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 650 shares of Tesla stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total value of $113,236.50. Following the completion of the transaction, the senior vice president now directly owns 65,155 shares in the company, valued at $11,350,652.55. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, SVP Xiaotong Zhu sold 650 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now directly owns 65,155 shares in the company, valued at $11,350,652.55. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robyn M. Denholm sold 93,705 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $184.86, for a total value of $17,322,306.30. Following the transaction, the director now owns 15,000 shares of the company’s stock, valued at $2,772,900. The disclosure for this sale can be found here. 20.90% of the stock is currently owned by insiders.

Tesla 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.