Rede Wealth LLC Cuts Position in Tesla, Inc. (NASDAQ:TSLA)

Rede Wealth LLC reduced its position in Tesla, Inc. (NASDAQ:TSLA) by 10.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,944 shares of the electric vehicle producer’s stock after selling 218 shares during the quarter. Rede Wealth LLC’s holdings in Tesla were worth $509,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. West Branch Capital LLC boosted its stake in shares of Tesla by 42.0% in the 3rd quarter. West Branch Capital LLC now owns 4,502 shares of the electric vehicle producer’s stock valued at $1,178,000 after purchasing an additional 1,332 shares in the last quarter. Essex LLC bought a new stake in Tesla in the third quarter worth $235,000. Atlas Wealth Partners LLC boosted its position in Tesla by 3.2% during the third quarter. Atlas Wealth Partners LLC now owns 1,632 shares of the electric vehicle producer’s stock valued at $427,000 after buying an additional 50 shares during the period. Cyndeo Wealth Partners LLC grew its stake in shares of Tesla by 39.8% during the third quarter. Cyndeo Wealth Partners LLC now owns 20,845 shares of the electric vehicle producer’s stock valued at $5,454,000 after buying an additional 5,931 shares during the last quarter. Finally, Pure Portfolios Holdings LLC purchased a new position in shares of Tesla in the third quarter worth about $806,000. 66.20% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on TSLA shares. Oppenheimer restated a “market perform” rating on shares of Tesla in a research report on Tuesday, October 8th. Piper Sandler lifted their target price on shares of Tesla from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 25th. Barclays dropped their price target on shares of Tesla from $225.00 to $220.00 and set an “equal weight” rating for the company in a research report on Thursday, July 25th. William Blair assumed coverage on shares of Tesla in a research report on Thursday, August 29th. They issued an “outperform” rating on the stock. Finally, Stifel Nicolaus began coverage on Tesla in a research note on Tuesday, June 25th. They issued a “buy” rating and a $265.00 target price on the stock. Nine investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $210.72.

Insider Activity

In related news, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the sale, the senior vice president now directly owns 67,491 shares in the company, valued at approximately $14,967,479.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the sale, the senior vice president now owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Robyn M. Denholm sold 66,364 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was 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 directly owns 85,000 shares in the company, valued at $18,696,600. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 74,661 shares of company stock valued at $16,663,291 in the last quarter. 25.10% of the stock is currently owned by insiders.

Tesla Stock Performance

Shares of NASDAQ TSLA traded down $0.19 during trading on Friday, reaching $220.70. 49,611,867 shares of the company traded hands, compared to its average volume of 94,365,750. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08. The firm has a 50 day simple moving average of $227.67 and a 200-day simple moving average of $205.39. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $271.00. The stock has a market capitalization of $703.86 billion, a PE ratio of 56.30, a P/E/G ratio of 5.94 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last posted its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). Tesla had a return on equity of 10.41% and a net margin of 13.00%. The company had revenue of $25.50 billion during the quarter, compared to the consensus estimate of $24.38 billion. During the same period last year, the firm posted $0.78 EPS. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. Equities research analysts anticipate that Tesla, Inc. will post 1.75 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.