Straight Path Wealth Management Sells 7,495 Shares of Tesla, Inc. (NASDAQ:TSLA)

Straight Path Wealth Management lowered its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 5.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 122,343 shares of the electric vehicle producer’s stock after selling 7,495 shares during the quarter. Tesla comprises about 13.8% of Straight Path Wealth Management’s investment portfolio, making the stock its 2nd largest position. Straight Path Wealth Management’s holdings in Tesla were worth $32,009,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. China Universal Asset Management Co. Ltd. grew its holdings in Tesla by 0.9% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 36,399 shares of the electric vehicle producer’s stock worth $6,399,000 after buying an additional 331 shares in the last quarter. M&G Plc bought a new position in Tesla during the 1st quarter valued at $2,509,000. Blue Barn Wealth LLC bought a new position in Tesla during the 1st quarter valued at $261,000. Chiron Capital Management LLC boosted its stake in Tesla by 3.7% during the 1st quarter. Chiron Capital Management LLC now owns 2,193 shares of the electric vehicle producer’s stock valued at $386,000 after purchasing an additional 79 shares in the last quarter. Finally, Strait & Sound Wealth Management LLC boosted its stake in Tesla by 2.7% during the 1st quarter. Strait & Sound Wealth Management LLC now owns 12,335 shares of the electric vehicle producer’s stock valued at $2,154,000 after purchasing an additional 319 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $350.00, for a total value of $1,400,000.00. Following the completion of the transaction, the chief financial officer now owns 105,032 shares in the company, valued at approximately $36,761,200. The trade was a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Xiaotong Zhu sold 297 shares of Tesla 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 transaction, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This trade represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 188,797 shares of company stock worth $57,616,781 over the last quarter. Company insiders own 20.70% of the company’s stock.

Tesla Stock Performance

TSLA stock traded up $9.54 during trading on Friday, reaching $320.72. 114,440,286 shares of the stock were exchanged, compared to its average volume of 96,026,047. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $358.64. The company has a market capitalization of $1.03 trillion, a P/E ratio of 87.87, a price-to-earnings-growth ratio of 10.73 and a beta of 2.29. The stock has a 50 day simple moving average of $252.30 and a 200-day simple moving average of $220.46. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The business had revenue of $25.18 billion for the quarter, compared to the consensus estimate of $25.47 billion. During the same period last year, the business earned $0.53 earnings per share. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Tesla, Inc. will post 1.99 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TSLA. Wells Fargo & Company raised their price objective on Tesla from $120.00 to $125.00 and gave the stock an “underweight” rating in a research note on Thursday, October 24th. Cantor Fitzgerald restated a “neutral” rating and issued a $245.00 target price on shares of Tesla in a report on Wednesday, October 23rd. Needham & Company LLC restated a “hold” rating on shares of Tesla in a report on Thursday, October 24th. Wolfe Research began coverage on Tesla in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. Finally, Stifel Nicolaus increased their target price on Tesla from $265.00 to $287.00 and gave the company a “buy” rating in a report on Friday, October 25th. Nine research analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $230.18.

Tesla 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.