Avitas Wealth Management LLC Trims Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Avitas Wealth Management LLC lessened its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 2.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,885 shares of the electric vehicle producer’s stock after selling 946 shares during the quarter. Tesla accounts for about 1.2% of Avitas Wealth Management LLC’s holdings, making the stock its 17th biggest holding. Avitas Wealth Management LLC’s holdings in Tesla were worth $7,892,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in TSLA. Everhart Financial Group Inc. lifted its stake in Tesla by 20.5% during the 2nd quarter. Everhart Financial Group Inc. now owns 12,305 shares of the electric vehicle producer’s stock worth $2,435,000 after acquiring an additional 2,094 shares in the last quarter. Catalina Capital Group LLC grew its holdings in shares of Tesla by 12.8% in the second quarter. Catalina Capital Group LLC now owns 6,703 shares of the electric vehicle producer’s stock valued at $1,326,000 after purchasing an additional 761 shares in the last quarter. Diversified LLC boosted its position in Tesla by 74.0% in the 2nd quarter. Diversified LLC now owns 2,412 shares of the electric vehicle producer’s stock valued at $477,000 after buying an additional 1,026 shares during the period. Cornerstone Wealth Group LLC increased its position in shares of Tesla by 17.4% during the second quarter. Cornerstone Wealth Group LLC now owns 8,495 shares of the electric vehicle producer’s stock worth $1,681,000 after acquiring an additional 1,257 shares during the period. Finally, JB Capital LLC boosted its holdings in Tesla by 14.9% in the second quarter. JB Capital LLC now owns 4,787 shares of the electric vehicle producer’s stock valued at $947,000 after purchasing an additional 622 shares during the period. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the completion of the transaction, the director now owns 85,000 shares in the company, valued at approximately $18,696,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Xiaotong Zhu sold 650 shares of Tesla stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the completion of the transaction, the senior vice president now owns 65,155 shares of the company’s stock, valued at approximately $11,350,652.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at $18,696,600. The disclosure for this sale can be found here. 25.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $245.00 price target on shares of Tesla in a research report on Friday, August 16th. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a report on Wednesday, July 24th. Roth Mkm reaffirmed a “neutral” rating and set a $85.00 price objective on shares of Tesla in a research report on Wednesday, July 24th. Guggenheim reissued a “sell” rating and issued a $134.00 target price on shares of Tesla in a report on Tuesday, July 23rd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $300.00 price target on shares of Tesla in a report on Monday. Nine equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $204.21.

Tesla Stock Performance

Shares of TSLA stock traded up $9.66 during mid-day trading on Friday, hitting $220.32. The stock had a trading volume of 81,303,680 shares, compared to its average volume of 98,612,938. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $278.98. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. The company’s 50-day simple moving average is $219.46 and its 200-day simple moving average is $192.09. The firm has a market cap of $702.64 billion, a PE ratio of 56.20, a PEG ratio of 5.60 and a beta of 2.31.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The business had revenue of $25.50 billion during the quarter, compared to analysts’ expectations of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. Tesla’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.78 EPS. Sell-side analysts anticipate that Tesla, Inc. will post 1.79 earnings per share for the current 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.