Sound View Wealth Advisors Group LLC Sells 3,241 Shares of Tesla, Inc. $TSLA

Sound View Wealth Advisors Group LLC lowered its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 8.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 35,216 shares of the electric vehicle producer’s stock after selling 3,241 shares during the period. Tesla comprises about 0.8% of Sound View Wealth Advisors Group LLC’s investment portfolio, making the stock its 29th biggest position. Sound View Wealth Advisors Group LLC’s holdings in Tesla were worth $11,187,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Rathbones Group PLC boosted its position in Tesla by 10.4% during the second quarter. Rathbones Group PLC now owns 93,247 shares of the electric vehicle producer’s stock valued at $29,621,000 after buying an additional 8,746 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Tesla by 47.4% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 246,259 shares of the electric vehicle producer’s stock valued at $78,227,000 after acquiring an additional 79,158 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Tesla by 7.1% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,635,578 shares of the electric vehicle producer’s stock valued at $1,790,198,000 after acquiring an additional 371,324 shares during the period. Parkside Financial Bank & Trust grew its position in Tesla by 5.1% during the 2nd quarter. Parkside Financial Bank & Trust now owns 19,483 shares of the electric vehicle producer’s stock worth $6,189,000 after acquiring an additional 949 shares during the last quarter. Finally, Freemont Management S.A. increased its stake in Tesla by 527.6% in the 2nd quarter. Freemont Management S.A. now owns 65,900 shares of the electric vehicle producer’s stock worth $20,934,000 after purchasing an additional 55,400 shares during the period. 66.20% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on TSLA shares. Melius began coverage on Tesla in a research note on Monday, October 13th. They set a “buy” rating and a $520.00 price objective for the company. HSBC increased their price target on shares of Tesla from $120.00 to $127.00 in a research report on Monday, September 29th. President Capital boosted their price objective on shares of Tesla from $373.00 to $529.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. DZ Bank reaffirmed a “sell” rating on shares of Tesla in a research note on Thursday, October 23rd. Finally, CICC Research raised their target price on Tesla from $360.00 to $450.00 and gave the stock an “outperform” rating in a research note on Thursday, September 18th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, thirteen have assigned a Hold rating and eleven have given a Sell rating to the stock. Based on data from MarketBeat.com, Tesla currently has a consensus rating of “Hold” and an average price target of $391.08.

Tesla Trading Down 3.7%

Shares of TSLA opened at $429.52 on Friday. Tesla, Inc. has a 1-year low of $214.25 and a 1-year high of $488.54. The company has a current ratio of 2.07, a quick ratio of 1.67 and a debt-to-equity ratio of 0.07. The firm’s 50-day moving average price is $420.97 and its 200-day moving average price is $355.54. The firm has a market capitalization of $1.43 trillion, a price-to-earnings ratio of 286.35, a PEG ratio of 16.84 and a beta of 2.06.

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

Insider Activity

In other news, SVP Xiaotong Zhu sold 20,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the senior vice president owned 47,600 shares in the company, valued at $17,314,500. This trade represents a 29.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction 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 sale, the chief financial officer directly owned 9,856 shares in the company, valued at approximately $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 202,606 shares of company stock worth $75,588,902 in the last quarter. 19.90% of the stock is owned by company insiders.

Tesla Company 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.