Praxis Investment Management Inc. Has $15.48 Million Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Praxis Investment Management Inc. lowered its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 7.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 59,730 shares of the electric vehicle producer’s stock after selling 5,060 shares during the quarter. Tesla makes up approximately 1.1% of Praxis Investment Management Inc.’s holdings, making the stock its 16th biggest holding. Praxis Investment Management Inc.’s holdings in Tesla were worth $15,480,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Wealth Group Ltd. bought a new stake in Tesla during the 4th quarter worth about $275,000. Tallon Kerry Patrick bought a new stake in Tesla during the 4th quarter worth about $374,000. Eagle Capital Management LLC bought a new stake in Tesla during the 4th quarter worth about $331,000. Brighton Jones LLC grew its holdings in Tesla by 11.8% during the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer’s stock worth $35,509,000 after acquiring an additional 9,293 shares during the last quarter. Finally, Revolve Wealth Partners LLC grew its holdings in Tesla by 21.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer’s stock worth $2,147,000 after acquiring an additional 931 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Stock Performance

Shares of TSLA stock opened at $322.16 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.54 and a current ratio of 2.00. The company has a market capitalization of $1.04 trillion, a P/E ratio of 177.01, a price-to-earnings-growth ratio of 12.04 and a beta of 2.47. The company’s 50 day moving average price is $306.22 and its two-hundred day moving average price is $332.14. Tesla, Inc. has a 52 week low of $180.69 and a 52 week high of $488.54.

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

Insiders Place Their Bets

In other Tesla news, CFO Vaibhav Taneja sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the sale, the chief financial officer now directly owns 26,950 shares in the company, valued at approximately $6,737,500. This trade represents a 12.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robyn M. Denholm sold 112,395 shares of Tesla stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $274.12, for a total transaction of $30,809,717.40. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at $23,300,200. This trade represents a 56.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 833,509 shares of company stock worth $278,648,925. Company insiders own 20.70% of the company’s stock.

Analyst Ratings Changes

TSLA has been the topic of a number of research analyst reports. Morgan Stanley reissued an “overweight” rating and set a $410.00 price objective on shares of Tesla in a report on Friday, June 6th. HSBC decreased their price objective on shares of Tesla from $165.00 to $130.00 and set a “reduce” rating on the stock in a report on Thursday, March 27th. Wells Fargo & Company reduced their target price on shares of Tesla from $135.00 to $130.00 and set an “underweight” rating on the stock in a research note on Friday, March 14th. Royal Bank Of Canada reduced their target price on shares of Tesla from $314.00 to $307.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 23rd. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $400.00 target price on shares of Tesla in a research note on Tuesday, June 10th. Ten analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $293.67.

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.