Legacy Financial Group Inc. Reduces Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Legacy Financial Group Inc. trimmed its position in Tesla, Inc. (NASDAQ:TSLA) by 23.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,098 shares of the electric vehicle producer’s stock after selling 344 shares during the period. Legacy Financial Group Inc.’s holdings in Tesla were worth $217,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of TSLA. Strategic Financial Concepts LLC boosted its position in Tesla by 21,816.0% during the second quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock worth $1,167,970,000 after acquiring an additional 5,875,484 shares during the last quarter. Vanguard Group Inc. increased its stake in Tesla by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock valued at $57,102,287,000 after purchasing an additional 3,866,361 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Tesla by 2,101.1% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,469,190 shares of the electric vehicle producer’s stock worth $365,064,000 after buying an additional 1,402,443 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Tesla by 12.9% in the 1st 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 buying an additional 1,125,329 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. grew its holdings in Tesla by 60.2% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 2,854,198 shares of the electric vehicle producer’s stock valued at $501,654,000 after buying an additional 1,072,366 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Stock Up 0.5 %

Shares of NASDAQ:TSLA opened at $227.87 on Wednesday. The company has a current ratio of 1.91, a quick ratio of 1.40 and a debt-to-equity ratio of 0.08. The company has a fifty day simple moving average of $222.16 and a 200 day simple moving average of $194.93. The firm has a market cap of $726.72 billion, a PE ratio of 58.13, a price-to-earnings-growth ratio of 6.08 and a beta of 2.29. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $273.93.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The company had revenue of $25.50 billion during 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 firm’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.78 EPS. On average, equities research analysts anticipate that Tesla, Inc. will post 1.75 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction on 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 completion of the sale, the director now owns 85,000 shares in the company, valued at $18,696,600. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at $18,696,600. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the sale, the senior vice president now 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. Insiders own 25.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on TSLA shares. William Blair initiated coverage on shares of Tesla in a research report on Thursday, August 29th. They issued an “outperform” rating on the stock. Wolfe Research initiated coverage on shares of Tesla in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $295.00 price objective on shares of Tesla in a research note on Tuesday, September 10th. Wedbush reaffirmed an “outperform” rating and issued a $300.00 target price on shares of Tesla in a research report on Wednesday, July 24th. Finally, Piper Sandler reissued an “overweight” rating and set a $300.00 price target on shares of Tesla in a research report on Monday, August 19th. Nine investment 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.com, Tesla has an average rating of “Hold” and a consensus price target of $209.60.

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.