HBW Advisory Services LLC Lowers Stake in Tesla, Inc. (NASDAQ:TSLA)

HBW Advisory Services LLC decreased its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 10.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 19,305 shares of the electric vehicle producer’s stock after selling 2,260 shares during the quarter. Tesla comprises 0.7% of HBW Advisory Services LLC’s holdings, making the stock its 25th biggest position. HBW Advisory Services LLC’s holdings in Tesla were worth $5,051,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Integris Wealth Management LLC grew its holdings in Tesla by 1.0% in the 2nd quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock valued at $804,000 after buying an additional 42 shares during the period. Echo Wealth Management LLC increased its position in Tesla by 0.7% during the second quarter. Echo Wealth Management LLC now owns 6,474 shares of the electric vehicle producer’s stock worth $1,281,000 after purchasing an additional 44 shares during the last quarter. WASHINGTON TRUST Co boosted its holdings in shares of Tesla by 3.2% in the 2nd quarter. WASHINGTON TRUST Co now owns 1,433 shares of the electric vehicle producer’s stock valued at $284,000 after purchasing an additional 45 shares during the last quarter. Bellevue Asset Management LLC grew its stake in shares of Tesla by 1.6% during the 2nd quarter. Bellevue Asset Management LLC now owns 2,868 shares of the electric vehicle producer’s stock valued at $568,000 after buying an additional 45 shares during the period. Finally, Cypress Capital Group increased its holdings in shares of Tesla by 1.7% during the 2nd quarter. Cypress Capital Group now owns 2,806 shares of the electric vehicle producer’s stock worth $555,000 after buying an additional 47 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Trading Up 3.5 %

NASDAQ TSLA traded up $8.37 during trading hours on Friday, hitting $249.03. The company’s stock had a trading volume of 71,779,656 shares, compared to its average volume of 95,475,930. The stock has a fifty day moving average of $223.40 and a 200 day moving average of $200.86. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $271.00. The firm has a market capitalization of $794.21 billion, a P/E ratio of 63.73, a PEG ratio of 7.08 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last posted its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.10). The company had revenue of $25.50 billion for the quarter, compared to analyst estimates of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. Tesla’s quarterly revenue 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. Equities research analysts forecast that Tesla, Inc. will post 1.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the transaction, the chief financial officer now owns 105,032 shares in the company, valued at $26,258,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction that occurred 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 owns 85,000 shares in the company, valued at approximately $18,696,600. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Taneja sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 74,661 shares of company stock worth $16,663,291. Corporate insiders own 25.10% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on TSLA shares. China Renaissance upgraded Tesla from a “hold” rating to a “buy” rating and set a $290.00 target price for the company in a report on Friday, July 5th. UBS Group downgraded shares of Tesla from a “neutral” rating to a “sell” rating and lifted their price objective for the company from $147.00 to $197.00 in a research report on Friday, July 12th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $295.00 price target on shares of Tesla in a research report on Tuesday, September 10th. Wolfe Research initiated coverage on shares of Tesla in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. Finally, Wedbush reaffirmed an “outperform” rating and issued a $300.00 price objective on shares of Tesla in a research note on Wednesday, July 24th. Nine equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Tesla presently has an average rating of “Hold” and a consensus target price of $210.54.

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.