Novare Capital Management LLC Decreases Stake in Tesla, Inc. (NASDAQ:TSLA)

Novare Capital Management LLC cut its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 27.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,851 shares of the electric vehicle producer’s stock after selling 1,077 shares during the period. Novare Capital Management LLC’s holdings in Tesla were worth $564,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Bank & Trust Co purchased a new stake in shares of Tesla during the second quarter worth about $25,000. OLD Point Trust & Financial Services N A acquired a new position in Tesla during the 4th quarter worth $37,000. Kessler Investment Group LLC increased its position in shares of Tesla by 35.9% during the 2nd quarter. Kessler Investment Group LLC now owns 193 shares of the electric vehicle producer’s stock valued at $38,000 after purchasing an additional 51 shares during the period. Aspect Partners LLC boosted its stake in shares of Tesla by 121.3% during the 2nd quarter. Aspect Partners LLC now owns 208 shares of the electric vehicle producer’s stock worth $41,000 after acquiring an additional 114 shares in the last quarter. Finally, 1620 Investment Advisors Inc. purchased a new stake in shares of Tesla in the 2nd quarter valued at approximately $42,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Stock Performance

NASDAQ TSLA traded up $0.53 on Tuesday, reaching $214.64. The stock had a trading volume of 42,399,133 shares, compared to its average volume of 97,209,750. The firm has a fifty day moving average of $222.63 and a two-hundred day moving average of $193.01. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $278.98. The company has a market cap of $685.70 billion, a P/E ratio of 55.20, a price-to-earnings-growth ratio of 5.55 and a beta of 2.29. 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 released its quarterly earnings data 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). The firm had revenue of $25.50 billion during the quarter, compared to analyst estimates of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.78 EPS. On average, equities research analysts anticipate that Tesla, Inc. will post 1.79 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have commented on TSLA shares. Mizuho increased their price target on Tesla from $180.00 to $230.00 and gave the company a “neutral” rating in a report on Friday, July 12th. Argus reissued a “buy” rating and set a $286.00 price target on shares of Tesla in a research report on Friday, July 26th. Oppenheimer restated a “market perform” rating on shares of Tesla in a research note on Tuesday, July 9th. China Renaissance raised shares of Tesla from a “hold” rating to a “buy” rating and set a $290.00 price objective for the company in a research report on Friday, July 5th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $245.00 price objective on shares of Tesla in a report on Friday, August 16th. Nine equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $204.21.

Insider Transactions at Tesla

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

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.