Pathway Financial Advisors LLC Reduces Position in Tesla, Inc. (NASDAQ:TSLA)

Pathway Financial Advisors LLC decreased its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 4.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,091 shares of the electric vehicle producer’s stock after selling 56 shares during the period. Pathway Financial Advisors LLC’s holdings in Tesla were worth $283,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of TSLA. Norges Bank purchased a new position in Tesla during the fourth quarter worth $14,420,248,000. FMR LLC boosted its holdings in shares of Tesla by 40.1% during the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer’s stock worth $13,997,660,000 after purchasing an additional 9,920,325 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Tesla by 27,378.6% during the first quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer’s stock worth $2,542,960,000 after purchasing an additional 9,776,607 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Tesla by 4,963.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,834,707 shares of the electric vehicle producer’s stock worth $2,356,288,000 after purchasing an additional 5,719,466 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Tesla by 21.6% during the fourth quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer’s stock worth $11,541,592,000 after purchasing an additional 5,075,418 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Stock Up 1.9%

Shares of NASDAQ TSLA opened at $325.31 on Friday. Tesla, Inc. has a 1 year low of $176.92 and a 1 year high of $488.54. The firm has a market cap of $1.05 trillion, a price-to-earnings ratio of 159.47, a PEG ratio of 5.86 and a beta of 2.47. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02. The stock’s 50-day simple moving average is $299.39 and its 200-day simple moving average is $332.88.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.26). The firm had revenue of $19.34 billion during the quarter, compared to the consensus estimate of $22.93 billion. Tesla had a net margin of 7.26% and a return on equity of 10.31%. During the same period in the prior year, the firm earned $0.45 earnings per share. As a group, equities analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Raymond James cut Tesla to an “outperform” rating in a report on Tuesday, April 22nd. HSBC decreased their price objective on Tesla from $165.00 to $130.00 and set a “reduce” rating on the stock in a report on Thursday, March 27th. Glj Research restated a “sell” rating and set a $19.05 price objective (down previously from $24.86) on shares of Tesla in a report on Monday, April 21st. Morgan Stanley restated an “overweight” rating and set a $410.00 price objective on shares of Tesla in a report on Friday, June 6th. Finally, Cantor Fitzgerald reduced their target price on Tesla from $425.00 to $355.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Ten research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $293.67.

Insider Activity at Tesla

In other news, CFO Vaibhav Taneja sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $350.00, for a total transaction of $350,000.00. Following the completion of the transaction, the chief financial officer now directly owns 1,950 shares of the company’s stock, valued at approximately $682,500. This represents a 33.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robyn M. Denholm sold 112,390 shares of the company’s stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $285.58, for a total value of $32,096,336.20. Following the transaction, the director now directly owns 85,000 shares of the company’s stock, valued at $24,274,300. This trade represents a 56.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 818,509 shares of company stock valued at $273,791,775 over the last three months. 20.70% 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.