Simplicity Wealth LLC Cuts Stake in Tesla, Inc. (NASDAQ:TSLA)

by · The Markets Daily

Simplicity Wealth LLC lowered its position in shares of Tesla, Inc. (NASDAQ:TSLA – Free Report) by 73.4% in the third quarter, Holdings Channel.com reports. The fund owned 24,133 shares of the electric vehicle producer’s stock after selling 66,450 shares during the quarter. Simplicity Wealth LLC’s holdings in Tesla were worth $6,314,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank & Trust Co purchased a new stake in shares of Tesla in the second quarter valued at approximately $25,000. Clean Yield Group grew its stake in shares of Tesla by 60.0% in the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after buying an additional 48 shares during the period. Abich Financial Wealth Management LLC raised its position in shares of Tesla by 168.8% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after buying an additional 81 shares during the period. Valley Wealth Managers Inc. acquired a new position in Tesla in the second quarter valued at approximately $26,000. Finally, M&R Capital Management Inc. increased its stake in Tesla by 263.2% during the third quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock worth $36,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction 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 completion of the transaction, the chief financial officer now owns 105,032 shares of the company’s stock, valued at $26,258,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the transaction, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 sale, the chief financial officer now owns 105,032 shares in the company, valued at approximately $26,258,000. This trade represents a 0.00 % decrease in their position. 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. 20.70% of the stock is owned by corporate insiders.

Tesla Price Performance

Shares of TSLA opened at $217.80 on Friday. The firm has a 50-day simple moving average of $225.43 and a 200-day simple moving average of $203.61. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $271.00. The company has a market capitalization of $695.79 billion, a price-to-earnings ratio of 61.18, a price-to-earnings-growth ratio of 6.54 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91.

Tesla (NASDAQ:TSLA – Get Free Report) last announced its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $24.38 billion. During the same period in the prior year, the firm posted $0.78 EPS. Tesla’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, equities research analysts anticipate that Tesla, Inc. will post 1.75 earnings per share for the current year.

Analyst Upgrades and Downgrades

TSLA has been the subject of a number of research analyst reports. Glj Research reiterated a “sell” rating and set a $24.86 price target on shares of Tesla in a report on Thursday, September 26th. Wedbush restated an “outperform” rating and issued a $300.00 price objective on shares of Tesla in a report on Wednesday, July 24th. Roth Mkm reissued a “neutral” rating and issued a $85.00 target price on shares of Tesla in a research report on Friday. Oppenheimer reiterated a “market perform” rating on shares of Tesla in a report on Tuesday. Finally, Royal Bank of Canada upped their target price on shares of Tesla from $224.00 to $236.00 and gave the stock an “outperform” rating in a research note on Tuesday. Nine research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Tesla currently has an average rating of “Hold” and a consensus price target of $210.72.

View Our Latest Stock Analysis on TSLA

Tesla Company Profile

(Free Report)

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.

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