Acorn Financial Advisory Services Inc. ADV Sells 977 Shares of Tesla, Inc. (NASDAQ:TSLA)

Acorn Financial Advisory Services Inc. ADV cut its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 12.2% in the first quarter, HoldingsChannel reports. The firm owned 7,061 shares of the electric vehicle producer’s stock after selling 977 shares during the period. Acorn Financial Advisory Services Inc. ADV’s holdings in Tesla were worth $1,830,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank bought a new position in shares of Tesla in the 4th quarter worth $14,420,248,000. FMR LLC raised its position in shares of Tesla by 40.1% in the 4th quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer’s stock worth $13,997,660,000 after acquiring an additional 9,920,325 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Tesla by 27,378.6% in the 1st quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer’s stock worth $2,542,960,000 after acquiring an additional 9,776,607 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Tesla by 4,963.0% in the 4th 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 acquiring an additional 5,719,466 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Tesla by 21.6% in the 4th quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer’s stock worth $11,541,592,000 after acquiring an additional 5,075,418 shares in the last quarter. 66.20% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on TSLA shares. Barclays reduced their price target on Tesla from $325.00 to $275.00 and set an “equal weight” rating for the company in a research report on Monday, April 21st. Wedbush reissued an “outperform” rating and issued a $500.00 price target on shares of Tesla in a research report on Tuesday. Baird R W downgraded Tesla from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 9th. Raymond James Financial downgraded Tesla to an “outperform” rating in a research note on Tuesday, April 22nd. Finally, Robert W. Baird restated a “neutral” rating and set a $320.00 target price on shares of Tesla in a research note on Monday, June 9th. Ten research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Tesla presently has a consensus rating of “Hold” and an average price target of $301.24.

Insider Buying and Selling

In related news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the company’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total value of $170,636,475.60. Following the completion of the transaction, the director owned 855,394 shares of the company’s stock, valued at approximately $305,632,276.20. This represents a 35.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Xiaotong Zhu sold 15,000 shares of the company’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $323.81, for a total value of $4,857,150.00. Following the completion of the transaction, the senior vice president directly owned 67,600 shares of the company’s stock, valued at $21,889,556. The trade was a 18.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 833,509 shares of company stock worth $278,648,925 in the last ninety days. 20.70% of the stock is owned by corporate insiders.

Tesla Stock Down 0.7%

Shares of TSLA opened at $313.56 on Friday. Tesla, Inc. has a 52 week low of $182.00 and a 52 week high of $488.54. The company has a quick ratio of 1.54, a current ratio of 2.00 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $1.01 trillion, a price-to-earnings ratio of 172.29, a PEG ratio of 9.17 and a beta of 2.39. The stock’s 50-day moving average price is $320.93 and its 200-day moving average price is $325.92.

Tesla (NASDAQ:TSLA) last issued its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). Tesla had a return on equity of 9.02% and a net margin of 6.66%. The company had revenue of $19.34 billion during the quarter, compared to analysts’ expectations of $22.93 billion. During the same quarter in the previous year, the company earned $0.45 EPS. On average, sell-side analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

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.