Forum Financial Management LP Sells 7,072 Shares of Tesla, Inc. (NASDAQ:TSLA)

Forum Financial Management LP lowered its stake in Tesla, Inc. (NASDAQ:TSLA) by 25.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 20,782 shares of the electric vehicle producer’s stock after selling 7,072 shares during the quarter. Forum Financial Management LP’s holdings in Tesla were worth $5,386,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Tesla during the 4th quarter worth $14,420,248,000. FMR LLC grew its stake 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 buying an additional 9,920,325 shares in the last quarter. GAMMA Investing LLC boosted its position in 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 valued at $2,542,960,000 after buying an additional 9,776,607 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Tesla by 4,963.0% during 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 increased its stake in shares of Tesla by 21.6% in the fourth 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 during the period. Institutional investors own 66.20% of the company’s stock.

Insider Buying and Selling

In other news, Director Robyn M. Denholm sold 112,395 shares of the business’s stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $274.12, for a total transaction of $30,809,717.40. Following the completion of the transaction, the director directly owned 85,000 shares in the company, valued at approximately $23,300,200. The trade was a 56.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 6,000 shares of the firm’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $341.02, for a total transaction of $2,046,120.00. Following the transaction, the chief financial officer owned 1,950 shares in the company, valued at $664,989. This represents a 75.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 835,509 shares of company stock worth $279,420,485 over the last quarter. Company insiders own 20.70% of the company’s stock.

Tesla Trading Up 3.5%

Shares of Tesla stock opened at $321.67 on Thursday. Tesla, Inc. has a fifty-two week low of $182.00 and a fifty-two week high of $488.54. The stock has a 50 day moving average of $324.95 and a 200 day moving average of $318.49. The firm has a market capitalization of $1.04 trillion, a price-to-earnings ratio of 176.74, a PEG ratio of 9.26 and a beta of 2.39. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.54 and a current ratio of 2.00.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a net margin of 6.66% and a return on equity of 9.02%. The company had revenue of $19.34 billion during the quarter, compared to analyst estimates of $22.93 billion. During the same quarter last year, the firm earned $0.45 EPS. As a group, research analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently commented on TSLA. The Goldman Sachs Group lowered their price objective on shares of Tesla from $315.00 to $285.00 and set a “neutral” rating for the company in a research note on Friday, July 11th. JPMorgan Chase & Co. dropped their target price on shares of Tesla from $120.00 to $115.00 and set an “underweight” rating for the company in a research report on Wednesday, April 23rd. Cfra Research cut Tesla from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, April 22nd. Guggenheim reaffirmed a “sell” rating and issued a $175.00 target price on shares of Tesla in a research report on Tuesday, July 8th. Finally, Barclays decreased 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. Ten investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $300.19.

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.