Tesla, Inc. (NASDAQ:TSLA) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC decreased its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 54.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 252,717 shares of the electric vehicle producer’s stock after selling 304,818 shares during the period. Fred Alger Management LLC’s holdings in Tesla were worth $50,008,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TSLA. Wescott Financial Advisory Group LLC grew its holdings in shares of Tesla by 8.0% in the second quarter. Wescott Financial Advisory Group LLC now owns 2,002 shares of the electric vehicle producer’s stock valued at $396,000 after purchasing an additional 149 shares in the last quarter. Sfmg LLC boosted its position in Tesla by 0.9% in the 2nd quarter. Sfmg LLC now owns 11,918 shares of the electric vehicle producer’s stock valued at $2,358,000 after buying an additional 106 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Tesla by 60.2% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 549,008 shares of the electric vehicle producer’s stock worth $108,638,000 after purchasing an additional 206,248 shares in the last quarter. Strata Wealth Advisors LLC grew its position in shares of Tesla by 9.2% during the second quarter. Strata Wealth Advisors LLC now owns 2,280 shares of the electric vehicle producer’s stock worth $451,000 after buying an additional 193 shares in the last quarter. Finally, Semmax Financial Advisors Inc. grew its holdings in Tesla by 9.5% during the 2nd quarter. Semmax Financial Advisors Inc. now owns 921 shares of the electric vehicle producer’s stock worth $191,000 after acquiring an additional 80 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Stock Up 1.7 %

Shares of Tesla stock opened at $254.27 on Wednesday. The business has a 50-day moving average of $221.20 and a 200-day moving average of $197.14. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $271.00. The company has a market capitalization of $812.30 billion, a PE ratio of 64.86, a P/E/G ratio of 6.80 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40.

Tesla (NASDAQ:TSLA) last issued its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The company had revenue of $25.50 billion during the quarter, compared to analyst estimates of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The business’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.78 earnings per share. As a group, equities analysts forecast that Tesla, Inc. will post 1.75 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on TSLA. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $295.00 price target on shares of Tesla in a research note on Tuesday, September 10th. Mizuho boosted their price objective on Tesla from $180.00 to $230.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. Piper Sandler reiterated an “overweight” rating and set a $300.00 target price on shares of Tesla in a research note on Monday, August 19th. Morgan Stanley reaffirmed an “overweight” rating and set a $310.00 price target on shares of Tesla in a report on Thursday, September 5th. Finally, Argus reissued a “buy” rating and issued a $286.00 price objective on shares of Tesla in a research note on Friday, July 26th. Nine equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $209.60.

Insider Buying and Selling

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

About Tesla

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.