Prosperity Consulting Group LLC Trims Stake in Tesla, Inc. (NASDAQ:TSLA)

Prosperity Consulting Group LLC lessened its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 13.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 4,473 shares of the electric vehicle producer’s stock after selling 703 shares during the period. Prosperity Consulting Group LLC’s holdings in Tesla were worth $885,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Tesla by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock valued at $41,064,917,000 after acquiring an additional 3,795,748 shares during the period. Norges Bank bought a new position in shares of Tesla in the fourth quarter worth approximately $7,844,757,000. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Tesla by 12.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock valued at $1,731,430,000 after purchasing an additional 1,125,329 shares during the period. Strategic Financial Concepts LLC lifted its stake in shares of Tesla by 21,816.0% during the 2nd quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock valued at $1,167,970,000 after buying an additional 5,875,484 shares in the last quarter. Finally, ARK Investment Management LLC boosted its holdings in Tesla by 2.6% in the 2nd quarter. ARK Investment Management LLC now owns 5,314,395 shares of the electric vehicle producer’s stock worth $1,051,613,000 after buying an additional 135,966 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on TSLA shares. Royal Bank of Canada lowered their price objective on Tesla from $227.00 to $224.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Wolfe Research initiated coverage on Tesla in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. KGI Securities reissued a “neutral” rating and issued a $236.00 target price on shares of Tesla in a report on Thursday, July 25th. William Blair assumed coverage on shares of Tesla in a research note on Thursday, August 29th. They set an “outperform” rating for the company. Finally, Oppenheimer reiterated a “market perform” rating on shares of Tesla in a research note on Tuesday, July 9th. Nine equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $209.60.

Tesla Stock Up 0.2 %

Shares of NASDAQ TSLA opened at $230.29 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91. The stock has a 50 day moving average price of $223.37 and a 200 day moving average price of $194.63. The firm has a market capitalization of $735.69 billion, a price-to-earnings ratio of 58.75, a PEG ratio of 6.08 and a beta of 2.29. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $278.98.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.10). The business had revenue of $25.50 billion during the quarter, compared to analysts’ expectations of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. Tesla’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.78 EPS. Sell-side analysts expect that Tesla, Inc. will post 1.75 earnings per share for the current year.

Insider Transactions at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the transaction, the senior vice president now owns 67,491 shares in the company, valued at $14,967,479.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the sale, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. The disclosure for this sale can be found here. Corporate insiders own 25.10% 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.