Tesla, Inc. (NASDAQ:TSLA) Stake Lessened by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC cut its stake in Tesla, Inc. (NASDAQ:TSLA) by 0.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 8,452 shares of the electric vehicle producer’s stock after selling 43 shares during the period. Cornerstone Wealth Group LLC’s holdings in Tesla were worth $2,211,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Oak Harvest Investment Services acquired a new stake in Tesla during the third quarter valued at approximately $319,000. Burr Financial Services LLC acquired a new stake in Tesla during the third quarter valued at approximately $9,892,000. JFS Wealth Advisors LLC lifted its stake in Tesla by 75.1% during the third quarter. JFS Wealth Advisors LLC now owns 2,014 shares of the electric vehicle producer’s stock valued at $527,000 after purchasing an additional 864 shares during the last quarter. Diversify Wealth Management LLC lifted its position in shares of Tesla by 1.5% in the 3rd quarter. Diversify Wealth Management LLC now owns 24,078 shares of the electric vehicle producer’s stock valued at $6,300,000 after acquiring an additional 360 shares in the last quarter. Finally, First Trust Direct Indexing L.P. lifted its position in shares of Tesla by 13.1% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 81,566 shares of the electric vehicle producer’s stock valued at $21,340,000 after acquiring an additional 9,426 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors.

Tesla Price Performance

Shares of Tesla stock opened at $257.55 on Thursday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $273.54. The firm has a fifty day moving average price of $232.78 and a two-hundred day moving average price of $209.50. The company has a market cap of $826.75 billion, a PE ratio of 70.56, a price-to-earnings-growth ratio of 7.59 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. The company had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period last year, the firm earned $0.53 EPS. Analysts expect that Tesla, Inc. will post 1.75 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on TSLA. HSBC restated a “reduce” rating and issued a $124.00 price target on shares of Tesla in a research report on Friday, October 11th. Mizuho upped their price target on shares of Tesla from $180.00 to $230.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. Citigroup dropped their price objective on shares of Tesla from $274.00 to $258.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 24th. KGI Securities upgraded shares of Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 price objective on the stock in a research note on Thursday, October 24th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research note on Thursday, October 24th. Eight equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Tesla has an average rating of “Hold” and an average price target of $219.45.

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 297 shares of the firm’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 completion of the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Xiaotong Zhu sold 297 shares of Tesla 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. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 12,297 shares of company stock valued at $3,065,866. Company insiders own 20.70% 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.