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

Red Door Wealth Management LLC trimmed its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 32.1% in the first quarter, Holdings Channel.com reports. The fund owned 2,352 shares of the electric vehicle producer’s stock after selling 1,113 shares during the period. Red Door Wealth Management LLC’s holdings in Tesla were worth $413,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Cornerstone Wealth Group LLC lifted its position in shares of Tesla by 22.3% during the 1st quarter. Cornerstone Wealth Group LLC now owns 7,238 shares of the electric vehicle producer’s stock valued at $1,272,000 after acquiring an additional 1,318 shares during the period. Physician Wealth Advisors Inc. lifted its position in shares of Tesla by 1.2% during the 1st quarter. Physician Wealth Advisors Inc. now owns 5,406 shares of the electric vehicle producer’s stock valued at $950,000 after acquiring an additional 65 shares during the period. Founders Financial Securities LLC lifted its position in shares of Tesla by 2.7% during the 1st quarter. Founders Financial Securities LLC now owns 10,802 shares of the electric vehicle producer’s stock valued at $1,899,000 after acquiring an additional 287 shares during the period. Foguth Wealth Management LLC. acquired a new position in Tesla during the first quarter worth about $3,413,000. Finally, Gibson Capital LLC purchased a new stake in shares of Tesla in the first quarter valued at about $192,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TSLA. Wells Fargo & Company cut their price objective on Tesla from $125.00 to $120.00 and set an “underweight” rating for the company in a research report on Friday, April 12th. UBS Group reduced their price target on Tesla from $160.00 to $147.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 24th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $175.00 price objective on shares of Tesla in a research report on Friday, June 14th. Cantor Fitzgerald restated an “overweight” rating and issued a $230.00 price target on shares of Tesla in a report on Monday, June 24th. Finally, Piper Sandler reiterated an “overweight” rating and set a $205.00 price objective on shares of Tesla in a report on Monday, April 22nd. Seven research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Tesla currently has an average rating of “Hold” and an average target price of $187.30.

Insider Activity at Tesla

In related news, SVP Xiaotong Zhu sold 650 shares of the stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $174.21, for a total value of $113,236.50. Following the completion of the transaction, the senior vice president now owns 65,155 shares in the company, valued at approximately $11,350,652.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Tesla news, Director Robyn M. Denholm sold 93,705 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the sale, the director now owns 15,000 shares in the company, valued at approximately $2,772,900. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $174.21, for a total transaction of $113,236.50. Following the completion of the sale, the senior vice president now owns 65,155 shares of the company’s stock, valued at approximately $11,350,652.55. The disclosure for this sale can be found here. Insiders have sold a total of 104,855 shares of company stock worth $19,285,643 over the last ninety days. 25.10% of the stock is currently owned by corporate insiders.

Tesla Stock Performance

NASDAQ TSLA traded up $0.46 on Friday, hitting $197.88. The stock had a trading volume of 95,438,068 shares, compared to its average volume of 68,945,696. The company’s 50-day moving average is $177.80 and its two-hundred day moving average is $191.71. Tesla, Inc. has a one year low of $138.80 and a one year high of $299.29. The stock has a market cap of $631.08 billion, a price-to-earnings ratio of 50.48, a P/E/G ratio of 4.91 and a beta of 2.32. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.04.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Tuesday, April 23rd. The electric vehicle producer reported $0.35 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.35. The business had revenue of $21.30 billion during the quarter, compared to the consensus estimate of $22.15 billion. Tesla had a return on equity of 13.18% and a net margin of 14.37%. On average, analysts expect that Tesla, Inc. will post 1.86 earnings per share for the current year.

About Tesla

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.