Kingswood Wealth Advisors LLC Reduces Stake in Tesla, Inc. $TSLA

Kingswood Wealth Advisors LLC lowered its holdings in Tesla, Inc. (NASDAQ:TSLA) by 70.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 27,662 shares of the electric vehicle producer’s stock after selling 65,485 shares during the quarter. Tesla makes up about 0.7% of Kingswood Wealth Advisors LLC’s investment portfolio, making the stock its 20th largest holding. Kingswood Wealth Advisors LLC’s holdings in Tesla were worth $8,787,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of TSLA. Cherry Tree Wealth Management LLC lifted its stake in shares of Tesla by 86.3% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after purchasing an additional 44 shares during the period. First PREMIER Bank lifted its stake in shares of Tesla by 79.2% in the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after purchasing an additional 42 shares during the period. Newton One Investments LLC lifted its stake in shares of Tesla by 250.0% in the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock valued at $27,000 after purchasing an additional 75 shares during the period. Arcadia Investment Management Corp MI purchased a new position in shares of Tesla in the 1st quarter valued at approximately $27,000. Finally, Chelsea Counsel Co. lifted its stake in shares of Tesla by 59.7% in the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after purchasing an additional 40 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Stock Up 1.3%

Tesla stock opened at $438.69 on Thursday. The firm has a market cap of $1.46 trillion, a price-to-earnings ratio of 253.58, a PEG ratio of 15.92 and a beta of 2.08. The stock has a fifty day simple moving average of $371.20 and a two-hundred day simple moving average of $325.56. Tesla, Inc. has a 12 month low of $212.11 and a 12 month high of $488.54. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). The business had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm’s revenue for the quarter was down 11.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.52 EPS. Equities analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director James R. Murdoch sold 60,000 shares of Tesla stock in a transaction on Monday, September 15th. The stock was sold at an average price of $422.68, for a total value of $25,360,800.00. Following the completion of the sale, the director owned 637,031 shares of the company’s stock, valued at $269,260,263.08. The trade was a 8.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the sale, the senior vice president directly owned 47,600 shares of the company’s stock, valued at $17,314,500. The trade was a 29.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold 202,606 shares of company stock valued at $75,588,902 over the last 90 days. Company insiders own 19.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. raised their target price on Tesla from $115.00 to $150.00 in a research note on Friday, October 3rd. UBS Group set a $247.00 price objective on Tesla in a research note on Monday. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research note on Thursday, July 24th. China Renaissance reiterated a “hold” rating and set a $349.00 price objective on shares of Tesla in a research note on Friday, July 25th. Finally, CICC Research lifted their price objective on Tesla from $360.00 to $450.00 and gave the company an “outperform” rating in a research note on Thursday, September 18th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, thirteen have issued a Hold rating and eight have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $345.70.

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.