BNC Wealth Management LLC Sells 3,522 Shares of Tesla, Inc. (NASDAQ:TSLA)

BNC Wealth Management LLC lessened its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 8.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 37,424 shares of the electric vehicle producer’s stock after selling 3,522 shares during the quarter. Tesla accounts for 3.5% of BNC Wealth Management LLC’s investment portfolio, making the stock its 6th biggest position. BNC Wealth Management LLC’s holdings in Tesla were worth $9,699,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Praetorian Wealth Management Inc. lifted its stake in shares of Tesla by 4.9% in the first quarter. Praetorian Wealth Management Inc. now owns 965 shares of the electric vehicle producer’s stock worth $250,000 after acquiring an additional 45 shares in the last quarter. Goldstone Financial Group LLC lifted its stake in shares of Tesla by 11.7% in the first quarter. Goldstone Financial Group LLC now owns 7,086 shares of the electric vehicle producer’s stock worth $1,836,000 after acquiring an additional 741 shares in the last quarter. BigSur Wealth Management LLC acquired a new position in shares of Tesla in the first quarter worth about $905,000. Caldwell Sutter Capital Inc. lifted its stake in shares of Tesla by 78.7% in the first quarter. Caldwell Sutter Capital Inc. now owns 193 shares of the electric vehicle producer’s stock worth $50,000 after acquiring an additional 85 shares in the last quarter. Finally, CVA Family Office LLC lifted its stake in shares of Tesla by 2.5% in the first quarter. CVA Family Office LLC now owns 7,375 shares of the electric vehicle producer’s stock worth $1,911,000 after acquiring an additional 178 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Morgan Stanley restated an “overweight” rating and set a $410.00 price objective on shares of Tesla in a research note on Friday, June 6th. BNP Paribas set a $137.00 price objective on Tesla and gave the company an “underperform” rating in a research note on Wednesday, April 16th. Cantor Fitzgerald cut their price objective on Tesla from $425.00 to $355.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Stifel Nicolaus set a $450.00 price objective on Tesla and gave the company a “buy” rating in a research note on Thursday, April 24th. Finally, Argus restated a “hold” rating 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 given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $293.67.

Insider Activity

In other news, Director Kimbal Musk sold 91,588 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value of $32,732,635.32. Following the completion of the sale, the director now owns 1,463,220 shares in the company, valued at $522,940,195.80. This represents a 5.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Taneja sold 1,000 shares of the stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $350.00, for a total value of $350,000.00. Following the completion of the sale, the chief financial officer now owns 1,950 shares of the company’s stock, valued at $682,500. The trade was a 33.90% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 818,509 shares of company stock worth $273,791,775. Insiders own 20.70% of the company’s stock.

Tesla Price Performance

Shares of NASDAQ:TSLA opened at $325.31 on Friday. Tesla, Inc. has a one year low of $176.92 and a one year high of $488.54. The stock has a fifty day moving average of $299.39 and a 200-day moving average of $332.88. The company has a market capitalization of $1.05 trillion, a PE ratio of 159.47, a price-to-earnings-growth ratio of 5.86 and a beta of 2.47. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data 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 net margin of 7.26% and a return on equity of 10.31%. The company had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. During the same quarter last year, the company posted $0.45 EPS. As a group, equities analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current fiscal 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.