Cidel Asset Management Inc. cut its stake in shares of Tesla Inc. (NASDAQ:TSLA) by 14.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,613 shares of the electric vehicle producer’s stock after selling 925 shares during the period. Cidel Asset Management Inc.’s holdings in Tesla were worth $2,030,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in TSLA. Crestwood Advisors Group LLC purchased a new stake in shares of Tesla during the first quarter valued at approximately $101,000. SRS Capital Advisors Inc. raised its stake in shares of Tesla by 1,213.3% in the first quarter. SRS Capital Advisors Inc. now owns 394 shares of the electric vehicle producer’s stock valued at $109,000 after buying an additional 364 shares during the last quarter. Winfield Associates Inc. raised its stake in shares of Tesla by 85.2% in the second quarter. Winfield Associates Inc. now owns 326 shares of the electric vehicle producer’s stock valued at $118,000 after buying an additional 150 shares during the last quarter. Advisory Services Network LLC purchased a new stake in shares of Tesla during the first quarter valued at approximately $122,000. Finally, Acropolis Investment Management LLC purchased a new stake in shares of Tesla during the second quarter valued at approximately $122,000. Institutional investors own 62.92% of the company’s stock.
Tesla Inc. (NASDAQ TSLA) opened at 351.92 on Friday. Tesla Inc. has a 12-month low of $178.19 and a 12-month high of $386.99. The company’s market cap is $58.73 billion. The stock’s 50 day moving average is $339.60 and its 200-day moving average is $310.11.
Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($2.00) by $0.67. The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.50 billion. Tesla had a negative net margin of 7.61% and a negative return on equity of 16.36%. The business’s quarterly revenue was up 119.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.06) earnings per share. Analysts predict that Tesla Inc. will post ($6.23) earnings per share for the current fiscal year.
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Several equities research analysts have commented on TSLA shares. Goldman Sachs Group, Inc. (The) raised their price target on shares of Tesla from $180.00 to $190.00 in a research note on Friday, August 4th. Zacks Investment Research upgraded shares of Tesla from a “hold” rating to a “buy” rating and set a $345.00 price target on the stock in a research note on Tuesday, April 25th. Dougherty & Co restated a “buy” rating and issued a $375.00 price target (down previously from $500.00) on shares of Tesla in a research note on Wednesday, April 26th. Guggenheim raised their price target on shares of Tesla from $320.00 to $380.00 and gave the company a “buy” rating in a research note on Friday, May 5th. Finally, Berenberg Bank upgraded shares of Tesla from a “hold” rating to a “buy” rating and raised their price target for the company from $193.00 to $464.00 in a research note on Tuesday, June 13th. Eight investment analysts have rated the stock with a sell rating, twelve have given a hold rating and fifteen have issued a buy rating to the company. Tesla presently has an average rating of “Hold” and an average price target of $310.84.
In related news, Director Kimbal Musk sold 2,190 shares of the stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $321.36, for a total transaction of $703,778.40. Following the completion of the transaction, the director now owns 160,274 shares in the company, valued at $51,505,652.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 23.10% of the stock is owned by corporate insiders.
Tesla Company Profile
Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products. The Company operates through two segments: Automotive, and Energy generation and storage.
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