Summit Trail Advisors LLC Reduces Stake in Tesla, Inc. (NASDAQ:TSLA)

Summit Trail Advisors LLC lowered its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 16.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,634 shares of the electric vehicle producer’s stock after selling 4,200 shares during the period. Summit Trail Advisors LLC’s holdings in Tesla were worth $4,083,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Pacer Advisors Inc. boosted its holdings in Tesla by 2.7% in the 2nd quarter. Pacer Advisors Inc. now owns 289,756 shares of the electric vehicle producer’s stock worth $57,337,000 after buying an additional 7,633 shares during the period. Skandinaviska Enskilda Banken AB publ lifted its position in shares of Tesla by 1.5% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 687,602 shares of the electric vehicle producer’s stock worth $136,111,000 after acquiring an additional 10,155 shares in the last quarter. Ranch Capital Advisors Inc. grew its position in shares of Tesla by 1.6% in the second quarter. Ranch Capital Advisors Inc. now owns 9,823 shares of the electric vehicle producer’s stock valued at $1,944,000 after purchasing an additional 152 shares in the last quarter. AE Wealth Management LLC raised its stake in shares of Tesla by 27.5% during the 2nd quarter. AE Wealth Management LLC now owns 259,472 shares of the electric vehicle producer’s stock valued at $51,344,000 after purchasing an additional 55,950 shares during the period. Finally, King Luther Capital Management Corp boosted its stake in Tesla by 2.8% in the 2nd quarter. King Luther Capital Management Corp now owns 6,348 shares of the electric vehicle producer’s stock worth $1,256,000 after purchasing an additional 173 shares during the period. Institutional investors own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Oppenheimer reissued a “market perform” rating on shares of Tesla in a report on Tuesday, July 9th. Needham & Company LLC restated a “hold” rating on shares of Tesla in a research report on Wednesday, July 24th. Mizuho increased their price objective on Tesla from $180.00 to $230.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. Cantor Fitzgerald restated a “neutral” rating and issued a $245.00 target price on shares of Tesla in a research note on Monday, September 16th. Finally, HSBC raised their price target on Tesla from $120.00 to $130.00 in a report on Wednesday, July 10th. Nine analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $209.60.

Tesla Stock Down 2.3 %

TSLA stock opened at $238.25 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91. Tesla, Inc. has a one year low of $138.80 and a one year high of $271.00. The firm’s fifty day moving average is $221.30 and its 200 day moving average is $195.84. The firm has a market cap of $759.83 billion, a PE ratio of 60.78, a P/E/G ratio of 6.00 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.10). The firm had revenue of $25.50 billion for the quarter, compared to analysts’ expectations of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.78 earnings per share. On average, research analysts forecast that Tesla, Inc. will post 1.75 EPS for the current year.

Insider Buying and Selling at Tesla

In other news, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the transaction, the director now directly owns 85,000 shares in the company, valued at approximately $18,696,600. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the transaction, the director now owns 85,000 shares in the company, valued at $18,696,600. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares in the company, valued at approximately $14,967,479.07. The disclosure for this sale can be found here. 25.10% of the stock is owned by company insiders.

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.