Pinnacle Associates Ltd. Decreases Stake in Tesla, Inc. (NASDAQ:TSLA)

Pinnacle Associates Ltd. cut its holdings in Tesla, Inc. (NASDAQ:TSLA) by 3.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,549 shares of the electric vehicle producer’s stock after selling 2,514 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Tesla were worth $12,179,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Tesla by 1.7% in the first quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock valued at $41,064,917,000 after buying an additional 3,795,748 shares in the last quarter. Norges Bank purchased a new stake in Tesla during the fourth quarter worth $7,844,757,000. Charles Schwab Investment Management Inc. boosted its position in 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 in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in 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 in the last quarter. Finally, ARK Investment Management LLC boosted its position in Tesla by 2.6% during the second quarter. ARK Investment Management LLC now owns 5,314,395 shares of the electric vehicle producer’s stock worth $1,051,613,000 after purchasing an additional 135,966 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Trading Up 3.8 %

NASDAQ:TSLA opened at $214.11 on Friday. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08. The business’s 50 day moving average is $222.00 and its two-hundred day moving average is $192.82. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $278.98. The company has a market cap of $684.00 billion, a PE ratio of 54.62, a P/E/G ratio of 5.55 and a beta of 2.31.

Tesla (NASDAQ:TSLA) last released 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). Tesla had a return on equity of 10.41% and a net margin of 13.00%. The firm had revenue of $25.50 billion for the quarter, compared to the consensus estimate of $24.38 billion. During the same period in the prior year, the business earned $0.78 EPS. The company’s quarterly revenue was up 2.3% on a year-over-year basis. On average, analysts predict that Tesla, Inc. will post 1.79 EPS for the current year.

Analyst Ratings Changes

TSLA has been the topic of a number of research analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research report on Wednesday, July 24th. Stifel Nicolaus assumed coverage on Tesla in a report on Tuesday, June 25th. They issued a “buy” rating and a $265.00 price target for the company. Oppenheimer reissued a “market perform” rating on shares of Tesla in a report on Tuesday, July 9th. Piper Sandler reissued an “overweight” rating and issued a $300.00 price target on shares of Tesla in a report on Monday, August 19th. Finally, Royal Bank of Canada cut their price target on Tesla from $227.00 to $224.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Nine analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $204.21.

Insiders Place Their Bets

In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the transaction, the director now owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, 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 owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Xiaotong Zhu sold 650 shares of the firm’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 value of $113,236.50. Following the completion of the sale, the senior vice president now directly owns 65,155 shares in the company, valued at approximately $11,350,652.55. The disclosure for this sale can be found here. 25.10% of the stock is currently 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.