SVB Wealth LLC Sells 21,811 Shares of Tesla, Inc. (NASDAQ:TSLA)

SVB Wealth LLC reduced its stake in Tesla, Inc. (NASDAQ:TSLA) by 28.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 53,784 shares of the electric vehicle producer’s stock after selling 21,811 shares during the period. SVB Wealth LLC’s holdings in Tesla were worth $10,643,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Integris Wealth Management LLC lifted its stake in Tesla by 1.0% during the second quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock worth $804,000 after purchasing an additional 42 shares during the last quarter. Echo Wealth Management LLC increased its holdings in shares of 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 buying an additional 44 shares in the last quarter. WASHINGTON TRUST Co increased its holdings in Tesla by 3.2% in the second 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 period. Bellevue Asset Management LLC increased its holdings in Tesla by 1.6% in the second quarter. Bellevue Asset Management LLC now owns 2,868 shares of the electric vehicle producer’s stock valued at $568,000 after purchasing an additional 45 shares during the period. Finally, Cypress Capital Group increased its holdings in Tesla by 1.7% in the second quarter. Cypress Capital Group now owns 2,806 shares of the electric vehicle producer’s stock valued at $555,000 after purchasing an additional 47 shares during the period. 66.20% of the stock is currently owned by institutional investors.

Tesla Stock Performance

Shares of Tesla stock traded down $19.44 during trading hours on Friday, hitting $210.73. 111,432,758 shares of the company’s stock traded hands, compared to its average volume of 68,186,248. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $278.98. The stock has a market capitalization of $673.21 billion, a price-to-earnings ratio of 53.76, a PEG ratio of 5.80 and a beta of 2.29. The company has a fifty day simple moving average of $224.47 and a 200-day simple moving average of $193.60. 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 announced 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). Tesla had a net margin of 13.00% and a return on equity of 10.41%. The business had revenue of $25.50 billion for the quarter, compared to analysts’ expectations of $24.38 billion. During the same period in the prior year, the business earned $0.78 earnings per share. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. Equities research analysts anticipate that Tesla, Inc. will post 1.75 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

TSLA has been the subject of a number of recent research reports. The Goldman Sachs Group decreased their price objective on Tesla from $248.00 to $230.00 and set a “neutral” rating for the company in a report on Wednesday, July 24th. Wolfe Research assumed coverage on Tesla in a report on Thursday. They set a “peer perform” rating for the company. Royal Bank of Canada decreased 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. Cantor Fitzgerald reiterated a “neutral” rating and set a $245.00 price target on shares of Tesla in a report on Tuesday. Finally, Guggenheim reiterated a “sell” rating and set a $134.00 price target on shares of Tesla in a report on Tuesday, July 23rd. Nine research analysts have rated the stock with a sell rating, eighteen have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $204.21.

Insider Activity

In other news, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction 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 completion of the transaction, the director now owns 85,000 shares in the company, valued at approximately $18,696,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 25.10% of the company’s stock.

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.