Richardson Capital Management LLC Trims Stake in Tesla, Inc. $TSLA

Richardson Capital Management LLC decreased its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 57.2% during the second quarter, according to its most recent filing with the SEC. The firm owned 194 shares of the electric vehicle producer’s stock after selling 259 shares during the period. Richardson Capital Management LLC’s holdings in Tesla were worth $62,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Tesla by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer’s stock worth $63,983,418,000 after purchasing an additional 3,694,524 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Tesla by 322.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer’s stock worth $6,891,201,000 after purchasing an additional 20,291,139 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Tesla by 4.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 18,174,941 shares of the electric vehicle producer’s stock worth $4,710,218,000 after purchasing an additional 849,091 shares in the last quarter. Amundi boosted its position in shares of Tesla by 29.4% in the 1st quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer’s stock worth $4,482,789,000 after purchasing an additional 3,814,610 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of Tesla by 17.6% in the 1st quarter. Invesco Ltd. now owns 14,786,414 shares of the electric vehicle producer’s stock worth $3,832,047,000 after purchasing an additional 2,211,300 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Analysts Set New Price Targets

TSLA has been the topic of a number of analyst reports. Dbs Bank boosted their price target on Tesla from $300.00 to $450.00 in a research report on Wednesday, September 17th. Benchmark reaffirmed a “buy” rating and issued a $475.00 price objective (up from $350.00) on shares of Tesla in a research report on Thursday, June 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $355.00 price objective on shares of Tesla in a research report on Friday, October 3rd. Daiwa Capital Markets reaffirmed a “neutral” rating on shares of Tesla in a research report on Sunday, July 27th. Finally, CICC Research upped their price objective on Tesla from $360.00 to $450.00 and gave the company an “outperform” rating in a research report on Thursday, September 18th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, thirteen have issued a Hold rating and eight have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $349.37.

Tesla Trading Down 0.7%

Shares of TSLA stock opened at $435.54 on Friday. Tesla, Inc. has a 52-week low of $212.11 and a 52-week high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. The firm has a market capitalization of $1.45 trillion, a PE ratio of 251.76, a PEG ratio of 16.04 and a beta of 2.08. The stock has a fifty day simple moving average of $373.75 and a two-hundred day simple moving average of $326.64.

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

Insiders Place Their Bets

In other Tesla news, Director James R. Murdoch sold 60,000 shares of the 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 in the company, valued at approximately $269,260,263.08. This represents a 8.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of the firm’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the transaction, the senior vice president owned 47,600 shares of the company’s stock, valued at approximately $17,314,500. The trade was a 29.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 202,606 shares of company stock worth $75,588,902. Corporate insiders own 19.90% of the company’s stock.

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.