REDW Wealth LLC Reduces Position in Tesla, Inc. (NASDAQ:TSLA)

REDW Wealth LLC cut its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 3.4% during the first quarter, Holdings Channel.com reports. The institutional investor owned 3,388 shares of the electric vehicle producer’s stock after selling 118 shares during the quarter. REDW Wealth LLC’s holdings in Tesla were worth $878,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Tesla by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 243,193,181 shares of the electric vehicle producer’s stock valued at $98,211,134,000 after buying an additional 3,571,793 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Tesla by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 61,011,604 shares of the electric vehicle producer’s stock valued at $24,566,217,000 after buying an additional 1,655,203 shares during the last quarter. Norges Bank purchased a new stake in shares of Tesla during the fourth quarter valued at $14,420,248,000. FMR LLC grew its holdings in shares of Tesla by 40.1% during the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer’s stock valued at $13,997,660,000 after buying an additional 9,920,325 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Tesla by 21.6% during the fourth quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer’s stock valued at $11,541,592,000 after buying an additional 5,075,418 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Tesla news, Director Robyn M. Denholm sold 112,395 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $274.12, for a total value of $30,809,717.40. Following the completion of the sale, the director owned 85,000 shares in the company, valued at approximately $23,300,200. This represents a 56.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the sale, the director directly owned 855,394 shares of the company’s stock, valued at approximately $305,632,276.20. This trade represents a 35.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 833,509 shares of company stock worth $278,648,925 in the last 90 days. Corporate insiders own 20.70% of the company’s stock.

Tesla Stock Down 0.7%

TSLA opened at $313.56 on Friday. Tesla, Inc. has a twelve month low of $182.00 and a twelve month high of $488.54. The company has a quick ratio of 1.54, a current ratio of 2.00 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average price of $320.93 and a 200 day moving average price of $325.13. The company has a market cap of $1.01 trillion, a PE ratio of 172.29, a price-to-earnings-growth ratio of 9.17 and a beta of 2.39.

Tesla (NASDAQ:TSLA) last released 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). The business had revenue of $19.34 billion during the quarter, compared to analyst estimates of $22.93 billion. Tesla had a net margin of 6.66% and a return on equity of 9.02%. During the same quarter in the previous year, the company posted $0.45 EPS. Sell-side analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

TSLA has been the topic of a number of research analyst reports. Wedbush reissued an “outperform” rating and set a $500.00 price objective on shares of Tesla in a report on Tuesday, July 1st. Royal Bank Of Canada lowered their price target on shares of Tesla from $314.00 to $307.00 and set an “outperform” rating on the stock in a report on Wednesday, April 23rd. Oppenheimer reaffirmed a “mixed” rating on shares of Tesla in a report on Tuesday, March 18th. Barclays lowered their price target on shares of Tesla from $325.00 to $275.00 and set an “equal weight” rating on the stock in a report on Monday, April 21st. Finally, Argus reaffirmed a “hold” rating on shares of Tesla in a report on Monday, June 9th. Ten equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $301.60.

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.