Tesla, Inc. (NASDAQ:TSLA) Shares Sold by ACT Wealth Management LLC

ACT Wealth Management LLC lowered its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 1.7% in the third quarter, HoldingsChannel reports. The firm owned 4,302 shares of the electric vehicle producer’s stock after selling 75 shares during the quarter. Tesla makes up approximately 0.5% of ACT Wealth Management LLC’s holdings, making the stock its 17th largest holding. ACT Wealth Management LLC’s holdings in Tesla were worth $1,125,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in TSLA. Bank & Trust Co bought a new position in Tesla in the 2nd quarter worth approximately $25,000. Valley Wealth Managers Inc. acquired a new position in shares of Tesla during the 2nd quarter valued at $26,000. Abich Financial Wealth Management LLC raised its position in Tesla by 168.8% in the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after acquiring an additional 81 shares in the last quarter. Clean Yield Group lifted its position in shares of Tesla by 60.0% during the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after acquiring an additional 48 shares during the last quarter. Finally, M&R Capital Management Inc. boosted its position in shares of Tesla by 263.2% in the 3rd quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock valued at $36,000 after purchasing an additional 100 shares during the period. 66.20% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 85,000 shares in the company, valued at approximately $18,696,600. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total value of $2,000,000.00. Following the sale, the chief financial officer now owns 105,032 shares of the company’s stock, valued at approximately $26,258,000. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robyn M. Denholm sold 66,364 shares of the firm’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 directly owns 85,000 shares of the company’s stock, valued at $18,696,600. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 74,661 shares of company stock worth $16,663,291. 25.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts recently commented on TSLA shares. Sanford C. Bernstein restated an “underperform” rating and set a $120.00 price target on shares of Tesla in a report on Thursday, October 3rd. New Street Research downgraded Tesla from a “buy” rating to a “neutral” rating and set a $225.00 target price on the stock. in a research note on Wednesday, July 24th. The Goldman Sachs Group cut their price target on Tesla from $248.00 to $230.00 and set a “neutral” rating for the company in a research note on Wednesday, July 24th. Canaccord Genuity Group reissued a “buy” rating and issued a $254.00 price target on shares of Tesla in a research note on Friday, September 13th. Finally, KGI Securities reaffirmed a “neutral” rating and set a $236.00 price objective on shares of Tesla in a research report on Thursday, July 25th. Nine 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $210.90.

Tesla Stock Down 1.6 %

Tesla stock opened at $240.65 on Wednesday. The firm’s fifty day moving average price is $224.61 and its two-hundred day moving average price is $202.78. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $271.00. The firm has a market capitalization of $768.79 billion, a price-to-earnings ratio of 62.37, a price-to-earnings-growth ratio of 6.80 and a beta of 2.29. The company has a current ratio of 1.91, a quick ratio of 1.40 and a debt-to-equity ratio of 0.08.

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

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.