West Michigan Advisors LLC Reduces Position in Tesla, Inc. (NASDAQ:TSLA)

West Michigan Advisors LLC lessened its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 54.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,387 shares of the electric vehicle producer’s stock after selling 2,848 shares during the quarter. West Michigan Advisors LLC’s holdings in Tesla were worth $625,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TSLA. Bank & Trust Co purchased a new stake in shares of Tesla in the second quarter valued at $25,000. Clean Yield Group increased its stake in shares of Tesla by 60.0% during the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after acquiring an additional 48 shares during the last quarter. Abich Financial Wealth Management LLC lifted its holdings in shares of Tesla by 168.8% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after acquiring an additional 81 shares during the period. Valley Wealth Managers Inc. acquired a new stake in shares of Tesla in the second quarter worth approximately $26,000. Finally, M&R Capital Management Inc. boosted its position in shares of Tesla by 263.2% in the third quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock worth $36,000 after acquiring an additional 100 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the sale, the chief financial officer now owns 105,032 shares in the company, valued at approximately $26,258,000. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 20.70% of the company’s stock.

Tesla Price Performance

TSLA opened at $260.48 on Friday. 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 company’s 50-day moving average price is $228.54 and its 200 day moving average price is $206.41. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $271.00. The firm has a market cap of $832.14 billion, a price-to-earnings ratio of 73.17, a price-to-earnings-growth ratio of 6.24 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.14. The business had revenue of $25.18 billion for the quarter, compared to the consensus estimate of $25.47 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The business’s revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the business posted $0.53 EPS. As a group, sell-side analysts expect that Tesla, Inc. will post 1.75 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on TSLA shares. Wedbush reiterated an “outperform” rating and issued a $300.00 price target on shares of Tesla in a report on Thursday. Canaccord Genuity Group boosted their price target on Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. raised their price objective on Tesla from $130.00 to $135.00 and gave the stock an “underweight” rating in a report on Thursday. Mizuho boosted their target price on Tesla from $180.00 to $230.00 and gave the stock a “neutral” rating in a report on Friday, July 12th. Finally, New Street Research lowered shares of Tesla from a “buy” rating to a “neutral” rating and set a $225.00 price target on the stock. in a report on Wednesday, July 24th. Eight analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $218.18.

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.