Stockman Wealth Management Inc. Reduces Holdings in Tesla, Inc. (NASDAQ:TSLA)

Stockman Wealth Management Inc. reduced its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 42.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,055 shares of the electric vehicle producer’s stock after selling 775 shares during the quarter. Stockman Wealth Management Inc.’s holdings in Tesla were worth $273,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in TSLA. Wealth Group Ltd. acquired a new stake in shares of Tesla during the 4th quarter worth about $275,000. Tallon Kerry Patrick acquired a new stake in shares of Tesla during the 4th quarter worth about $374,000. Eagle Capital Management LLC acquired a new stake in shares of Tesla during the 4th quarter worth about $331,000. Brighton Jones LLC boosted its stake in shares of Tesla by 11.8% during the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer’s stock worth $35,509,000 after purchasing an additional 9,293 shares during the last quarter. Finally, Revolve Wealth Partners LLC boosted its stake in shares of Tesla by 21.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer’s stock worth $2,147,000 after purchasing an additional 931 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Trading Up 1.9%

TSLA opened at $325.31 on Monday. The firm has a market capitalization of $1.05 trillion, a P/E ratio of 159.47, a P/E/G ratio of 5.86 and a beta of 2.47. The firm’s 50 day moving average is $299.39 and its 200-day moving average is $332.88. Tesla, Inc. has a 52-week low of $177.00 and a 52-week high of $488.54. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08.

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on TSLA. JPMorgan Chase & Co. decreased their price target on shares of Tesla from $120.00 to $115.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 23rd. Cfra Research cut shares of Tesla from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, April 22nd. Piper Sandler reaffirmed an “overweight” rating and set a $400.00 price target on shares of Tesla in a research note on Tuesday, June 10th. HSBC decreased their target price on shares of Tesla from $165.00 to $130.00 and set a “reduce” rating on the stock in a research report on Thursday, March 27th. Finally, Truist Financial set a $280.00 target price on shares of Tesla in a research report on Tuesday, April 22nd. Ten equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $293.67.

Insider Activity

In related news, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction on Monday, April 7th. The shares were sold at an average price of $250.00, for a total value of $1,000,000.00. Following the completion of the sale, the chief financial officer now owns 26,950 shares in the company, valued at approximately $6,737,500. The trade was a 12.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of Tesla stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the sale, the director now owns 855,394 shares of the company’s stock, valued at approximately $305,632,276.20. This trade represents a 35.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 818,509 shares of company stock worth $273,791,775 over the last 90 days. Company insiders own 20.70% of the company’s stock.

Tesla Company 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.