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

Connecticut Wealth Management LLC trimmed its position in Tesla, Inc. (NASDAQ:TSLA) by 2.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,196 shares of the electric vehicle producer’s stock after selling 33 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Tesla were worth $799,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Clear Investment Research LLC acquired a new stake in shares of Tesla in the fourth quarter valued at about $26,000. Psagot Investment House Ltd. acquired a new stake in shares of Tesla in the fourth quarter valued at about $28,000. Veritas Investment Partners UK Ltd. acquired a new stake in shares of Tesla in the fourth quarter valued at about $28,000. Highlander Capital Management LLC acquired a new stake in shares of Tesla in the fourth quarter valued at about $35,000. Finally, Ovata Capital Management Ltd grew its stake in shares of Tesla by 200.0% in the fourth quarter. Ovata Capital Management Ltd now owns 50 shares of the electric vehicle producer’s stock valued at $35,000 after buying an additional 100 shares in the last quarter. Institutional investors own 41.37% of the company’s stock.

Tesla stock traded up $1.88 during mid-day trading on Friday, hitting $612.00. 669,792 shares of the company’s stock traded hands, compared to its average volume of 33,271,965. The company has a 50 day moving average price of $653.62. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.38 and a current ratio of 1.66. The firm has a market cap of $589.56 billion, a P/E ratio of 609.35, a PEG ratio of 6.13 and a beta of 1.97. Tesla, Inc. has a one year low of $181.70 and a one year high of $900.40.

Tesla (NASDAQ:TSLA) last announced its earnings results on Sunday, April 25th. The electric vehicle producer reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.14. Tesla had a return on equity of 6.13% and a net margin of 3.18%. The firm had revenue of $10.39 billion for the quarter, compared to the consensus estimate of $9.89 billion. During the same quarter in the previous year, the business earned $0.23 EPS. The firm’s revenue for the quarter was up 73.6% on a year-over-year basis. Sell-side analysts forecast that Tesla, Inc. will post 2.64 earnings per share for the current year.

TSLA has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their target price on Tesla from $135.00 to $155.00 and gave the company an “underweight” rating in a research note on Monday, April 5th. Sanford C. Bernstein restated a “sell” rating and set a $180.00 price objective on shares of Tesla in a research note on Tuesday, March 9th. The Goldman Sachs Group raised their price objective on Tesla to $860.00 and gave the company a “buy” rating in a research note on Tuesday, April 27th. Jefferies Financial Group restated a “hold” rating and set a $700.00 price objective (down previously from $775.00) on shares of Tesla in a research note on Monday, March 29th. Finally, FIX upgraded Tesla to a “buy” rating in a research note on Tuesday, March 9th. Eleven investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Tesla currently has an average rating of “Hold” and an average price target of $455.19.

In other news, SVP Andrew D. Baglino sold 1,500 shares of Tesla stock in a transaction on Monday, March 29th. The stock was sold at an average price of $615.75, for a total transaction of $923,625.00. Following the transaction, the senior vice president now directly owns 20,614 shares in the company, valued at approximately $12,693,070.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Zachary Kirkhorn sold 1,250 shares of Tesla stock in a transaction on Wednesday, March 17th. The shares were sold at an average price of $655.81, for a total value of $819,762.50. Following the transaction, the chief financial officer now owns 57,234 shares in the company, valued at $37,534,629.54. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 109,919 shares of company stock worth $77,904,588. 23.00% of the stock is owned by insiders.

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.

Further Reading: How is diluted EPS different from basic EPS?

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Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

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