Westwood Wealth Management Trims Stock Position in Tesla, Inc. $TSLA

Westwood Wealth Management lessened its stake in Tesla, Inc. (NASDAQ:TSLA) by 37.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,243 shares of the electric vehicle producer’s stock after selling 4,977 shares during the quarter. Tesla accounts for about 0.9% of Westwood Wealth Management’s portfolio, making the stock its 17th largest holding. Westwood Wealth Management’s holdings in Tesla were worth $2,618,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. First Merchants Corp increased its holdings in shares of Tesla by 1.3% during the 2nd quarter. First Merchants Corp now owns 2,413 shares of the electric vehicle producer’s stock valued at $767,000 after purchasing an additional 31 shares in the last quarter. Alaska Wealth Advisors grew its position in Tesla by 3.4% during the second quarter. Alaska Wealth Advisors now owns 985 shares of the electric vehicle producer’s stock valued at $313,000 after buying an additional 32 shares during the period. KWB Wealth increased its holdings in Tesla by 2.4% in the second quarter. KWB Wealth now owns 1,381 shares of the electric vehicle producer’s stock valued at $439,000 after buying an additional 33 shares in the last quarter. Conrad Siegel Investment Advisors Inc. raised its position in shares of Tesla by 3.6% in the second quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer’s stock worth $310,000 after acquiring an additional 34 shares during the period. Finally, Guyasuta Investment Advisors Inc. boosted its stake in shares of Tesla by 0.7% during the 2nd quarter. Guyasuta Investment Advisors Inc. now owns 5,107 shares of the electric vehicle producer’s stock worth $1,622,000 after acquiring an additional 34 shares in the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Tesla news, SVP Xiaotong Zhu sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the transaction, the senior vice president directly owned 47,600 shares of the company’s stock, valued at $17,314,500. This trade represents a 29.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer owned 9,856 shares of the company’s stock, valued at $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 202,606 shares of company stock valued at $75,588,902 in the last ninety days. 19.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Roth Capital set a $505.00 price target on Tesla and gave the company a “buy” rating in a research note on Thursday, October 23rd. CICC Research boosted their price objective on Tesla from $360.00 to $450.00 and gave the company an “outperform” rating in a research report on Thursday, September 18th. President Capital upped their target price on Tesla from $373.00 to $529.00 and gave the stock a “buy” rating in a research note on Wednesday. Robert W. Baird raised shares of Tesla from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $320.00 to $548.00 in a research note on Friday, September 19th. Finally, Dbs Bank upped their price objective on shares of Tesla from $300.00 to $450.00 in a research report on Wednesday, September 17th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have issued a Hold rating and eleven have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $390.27.

Tesla Trading Up 3.7%

Shares of TSLA stock opened at $456.56 on Friday. Tesla, Inc. has a fifty-two week low of $214.25 and a fifty-two week high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.67 and a current ratio of 2.07. The stock’s fifty day moving average is $410.52 and its two-hundred day moving average is $348.12. The firm has a market capitalization of $1.52 trillion, a P/E ratio of 304.37, a PEG ratio of 16.84 and a beta of 2.08.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. The business had revenue of $28.10 billion during the quarter, compared to analysts’ expectations of $24.98 billion. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.72 earnings per share. Research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

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.