Cim Investment Management Inc. Cuts Position in Tesla, Inc. $TSLA

Cim Investment Management Inc. lessened its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 50.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,094 shares of the electric vehicle producer’s stock after selling 7,109 shares during the quarter. Tesla comprises 0.4% of Cim Investment Management Inc.’s portfolio, making the stock its 24th biggest holding. Cim Investment Management Inc.’s holdings in Tesla were worth $1,838,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Cherry Tree Wealth Management LLC grew its holdings in Tesla by 86.3% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after buying an additional 44 shares in the last quarter. First PREMIER Bank lifted its stake in shares of Tesla by 79.2% in the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after purchasing an additional 42 shares during the last quarter. Newton One Investments LLC lifted its stake in shares of Tesla by 250.0% in the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of Tesla in the 1st quarter valued at approximately $27,000. Finally, Chelsea Counsel Co. lifted its stake in shares of Tesla by 59.7% in the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after purchasing an additional 40 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Price Performance

Shares of TSLA stock opened at $368.81 on Friday. Tesla, Inc. has a 52-week low of $212.11 and a 52-week high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. The firm has a market capitalization of $1.19 trillion, a P/E ratio of 213.18, a P/E/G ratio of 12.13 and a beta of 2.06. The stock has a 50 day moving average price of $327.25 and a 200 day moving average price of $302.84.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). The firm had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company’s revenue for the quarter was down 11.8% on a year-over-year basis. During the same period last year, the firm earned $0.52 earnings per share. As a group, sell-side analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analysts Set New Price Targets

TSLA has been the subject of several analyst reports. China Renaissance reaffirmed a “hold” rating and issued a $349.00 price objective on shares of Tesla in a research note on Friday, July 25th. Wedbush reaffirmed an “outperform” rating and issued a $500.00 price objective on shares of Tesla in a research note on Monday, August 4th. Glj Research reaffirmed a “sell” rating on shares of Tesla in a research note on Thursday, July 24th. Guggenheim reaffirmed a “sell” rating and issued a $175.00 price objective on shares of Tesla in a research note on Wednesday, July 23rd. Finally, Benchmark reissued a “buy” rating and set a $475.00 price target (up from $350.00) on shares of Tesla in a research note on Thursday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fourteen have given a Hold rating and nine have given a Sell rating to the company. According to data from MarketBeat, Tesla has a consensus rating of “Hold” and a consensus target price of $303.00.

Insiders Place Their Bets

In other Tesla news, Director James R. Murdoch sold 120,000 shares of Tesla stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the sale, the director directly owned 697,031 shares of the company’s stock, valued at $244,162,988.99. The trade was a 14.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction on Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the sale, the chief financial officer directly owned 9,856 shares of the company’s stock, valued at approximately $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 128,606 shares of company stock valued at $44,724,662. 20.70% of the stock is currently owned by corporate 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.