Prospect Financial Services LLC Reduces Stock Position in Tesla, Inc. $TSLA

Prospect Financial Services LLC cut its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 25.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,598 shares of the electric vehicle producer’s stock after selling 1,903 shares during the period. Tesla comprises approximately 1.1% of Prospect Financial Services LLC’s holdings, making the stock its 26th largest position. Prospect Financial Services LLC’s holdings in Tesla were worth $1,778,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Stephenson & Company Inc. bought a new stake in shares of Tesla in the second quarter worth $247,000. Capstone Financial Advisors Inc. lifted its holdings in Tesla by 11.3% in the second quarter. Capstone Financial Advisors Inc. now owns 3,186 shares of the electric vehicle producer’s stock valued at $1,012,000 after acquiring an additional 323 shares during the period. Advisors Capital Management LLC boosted its position in Tesla by 7.3% in the second quarter. Advisors Capital Management LLC now owns 22,514 shares of the electric vehicle producer’s stock worth $7,152,000 after purchasing an additional 1,524 shares during the last quarter. L & S Advisors Inc boosted its position in Tesla by 0.3% in the second quarter. L & S Advisors Inc now owns 14,797 shares of the electric vehicle producer’s stock worth $4,700,000 after purchasing an additional 45 shares during the last quarter. Finally, WP Advisors LLC grew its stake in shares of Tesla by 2.7% during the 2nd quarter. WP Advisors LLC now owns 2,543 shares of the electric vehicle producer’s stock valued at $808,000 after purchasing an additional 68 shares during the period. 66.20% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the transaction, the chief financial officer directly owned 9,856 shares in the company, valued at $3,473,057.28. This represents a 20.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the sale, the senior vice president owned 47,600 shares in the company, valued at approximately $17,314,500. The trade was a 29.59% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 202,606 shares of company stock valued at $75,588,902. Corporate insiders own 19.90% of the company’s stock.

Analyst Upgrades and Downgrades

TSLA has been the topic of several recent research reports. Cantor Fitzgerald set a $510.00 price objective on shares of Tesla and gave the stock an “overweight” rating in a research note on Thursday, October 23rd. Baird R W upgraded shares of Tesla from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 19th. New Street Research boosted their price objective on shares of Tesla from $465.00 to $520.00 and gave the company a “buy” rating in a research report on Thursday, October 23rd. BNP Paribas Exane initiated coverage on Tesla in a research note on Thursday, October 16th. They issued an “underperform” rating and a $307.00 price objective for the company. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $500.00 target price on shares of Tesla in a research report on Thursday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have given a Hold rating and ten have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $393.61.

Tesla Trading Down 6.6%

Shares of Tesla stock opened at $401.99 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.67 and a current ratio of 2.07. The company has a fifty day moving average of $428.60 and a 200 day moving average of $359.48. The company has a market capitalization of $1.34 trillion, a P/E ratio of 267.99, a P/E/G ratio of 16.84 and a beta of 2.06. Tesla, Inc. has a fifty-two week low of $214.25 and a fifty-two week high of $488.54.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Thursday, October 23rd. The electric vehicle producer reported $0.50 EPS for the quarter, beating the consensus estimate of $0.48 by $0.02. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The business had revenue of $28.10 billion for the quarter, compared to the consensus estimate of $24.98 billion. During the same period in the previous year, the business earned $0.72 earnings per share. The business’s revenue was up 11.6% on a year-over-year basis. On average, sell-side analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

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.