Belpointe Asset Management LLC Sells 2,701 Shares of Tesla, Inc. (NASDAQ:TSLA)

Belpointe Asset Management LLC lowered its stake in Tesla, Inc. (NASDAQ:TSLA) by 7.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 32,722 shares of the electric vehicle producer’s stock after selling 2,701 shares during the quarter. Belpointe Asset Management LLC’s holdings in Tesla were worth $6,475,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Tesla by 1.7% in the first quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock valued at $41,064,917,000 after buying an additional 3,795,748 shares in the last quarter. Norges Bank bought a new stake in shares of Tesla in the fourth quarter worth $7,844,757,000. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Tesla by 12.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock worth $1,731,430,000 after purchasing an additional 1,125,329 shares in the last quarter. ARK Investment Management LLC lifted its position in shares of Tesla by 2.6% in the second quarter. ARK Investment Management LLC now owns 5,314,395 shares of the electric vehicle producer’s stock worth $1,051,613,000 after purchasing an additional 135,966 shares in the last quarter. Finally, California State Teachers Retirement System lifted its position in shares of Tesla by 0.9% in the first quarter. California State Teachers Retirement System now owns 4,611,096 shares of the electric vehicle producer’s stock worth $810,585,000 after purchasing an additional 41,498 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.

Tesla Stock Performance

TSLA stock traded up $9.85 during midday trading on Wednesday, hitting $220.45. The company’s stock had a trading volume of 38,113,877 shares, compared to its average volume of 97,037,469. The stock has a market cap of $704.26 billion, a price-to-earnings ratio of 55.92, a PEG ratio of 5.55 and a beta of 2.29. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08. The stock’s 50-day moving average price is $223.09 and its 200 day moving average price is $193.08. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $278.98.

Tesla (NASDAQ:TSLA) last released its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The business had revenue of $25.50 billion for the quarter, compared to the consensus estimate of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.78 earnings per share. On average, equities analysts forecast that Tesla, Inc. will post 1.79 EPS for the current year.

Analyst Upgrades and Downgrades

TSLA has been the topic of a number of research reports. Canaccord Genuity Group boosted their price objective on shares of Tesla from $222.00 to $254.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Stifel Nicolaus assumed coverage on shares of Tesla in a research report on Tuesday, June 25th. They issued a “buy” rating and a $265.00 target price for the company. The Goldman Sachs Group cut their price objective on shares of Tesla from $248.00 to $230.00 and set a “neutral” rating for the company in a research report on Wednesday, July 24th. Wedbush reaffirmed an “outperform” rating and set a $300.00 price objective on shares of Tesla in a research report on Wednesday, July 24th. Finally, TD Cowen increased their target price on shares of Tesla from $160.00 to $180.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Nine investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $204.21.

Insider Transactions at Tesla

In related news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $219.96, for a total value of $14,597,425.44. Following the sale, the director now directly owns 85,000 shares in the company, valued at approximately $18,696,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $219.96, for a total value of $14,597,425.44. Following the sale, the director now directly owns 85,000 shares in the company, valued at approximately $18,696,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Xiaotong Zhu sold 650 shares of the stock in a transaction dated Thursday, June 6th. The stock was 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 directly owns 65,155 shares in the company, valued at $11,350,652.55. The disclosure for this sale can be found here. Company insiders own 25.10% of the company’s stock.

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.