Washington Trust Bank Decreases Stake in Tesla Inc (TSLA)

Washington Trust Bank cut its position in Tesla Inc (NASDAQ:TSLA) by 4.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 669 shares of the electric vehicle producer’s stock after selling 29 shares during the period. Washington Trust Bank’s holdings in Tesla were worth $186,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of TSLA. Green Square Capital LLC boosted its position in shares of Tesla by 0.8% in the third quarter. Green Square Capital LLC now owns 1,296 shares of the electric vehicle producer’s stock worth $264,000 after buying an additional 10 shares during the last quarter. Horizon Kinetics LLC boosted its position in shares of Tesla by 0.8% in the fourth quarter. Horizon Kinetics LLC now owns 2,015 shares of the electric vehicle producer’s stock worth $431,000 after buying an additional 16 shares during the last quarter. Coldstream Capital Management Inc. boosted its position in shares of Tesla by 1.4% in the fourth quarter. Coldstream Capital Management Inc. now owns 1,268 shares of the electric vehicle producer’s stock worth $271,000 after buying an additional 18 shares during the last quarter. Rehmann Capital Advisory Group boosted its position in shares of Tesla by 1.6% in the third quarter. Rehmann Capital Advisory Group now owns 1,184 shares of the electric vehicle producer’s stock worth $242,000 after buying an additional 19 shares during the last quarter. Finally, Linscomb & Williams Inc. boosted its stake in Tesla by 0.4% in the fourth quarter. Linscomb & Williams Inc. now owns 6,567 shares of the electric vehicle producer’s stock worth $1,403,000 after buying an additional 27 shares in the last quarter. 57.29% of the stock is owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

Shares of Tesla Inc (NASDAQ:TSLA) traded down 0.71% during midday trading on Friday, hitting $310.83. The stock had a trading volume of 4,686,836 shares. The stock’s 50-day moving average price is $307.34 and its 200 day moving average price is $248.67. The company’s market cap is $51.06 billion. Tesla Inc has a 52 week low of $178.19 and a 52 week high of $327.66.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Wednesday, May 3rd. The electric vehicle producer reported ($1.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.67) by $1.30. Tesla had a negative net margin of 14.74% and a negative return on equity of 29.17%. The firm had revenue of $2.70 billion during the quarter, compared to analysts’ expectations of $2.56 billion. On average, equities analysts forecast that Tesla Inc will post ($5.55) earnings per share for the current year.

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A number of research firms recently weighed in on TSLA. Vetr cut Tesla from a “sell” rating to a “strong sell” rating and set a $273.28 price target for the company. in a report on Thursday. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $250.00 price target on shares of Tesla in a report on Monday. Robert W. Baird reaffirmed an “outperform” rating and set a $368.00 price target on shares of Tesla in a report on Monday. Pacific Crest reissued a “market perform” rating on shares of Tesla in a research note on Monday. Finally, Guggenheim lifted their target price on Tesla from $320.00 to $380.00 and gave the company a “buy” rating in a research note on Monday. Eight analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $274.06.

In related news, CEO Elon Musk purchased 95,420 shares of Tesla stock in a transaction that occurred on Friday, March 17th. The shares were bought at an average price of $262.00 per share, for a total transaction of $25,000,040.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffrey B. Straubel sold 109,100 shares of the business’s stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $307.81, for a total transaction of $33,582,071.00. The disclosure for this sale can be found here. Insiders have sold 242,791 shares of company stock worth $74,745,344 in the last quarter. 27.70% of the stock is owned by corporate insiders.

About Tesla

Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products. The Company operates through two segments: Automotive, and Energy generation and storage.

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