Tesla, Inc. (NASDAQ:TSLA) Stake Reduced by Purus Wealth Management LLC

Purus Wealth Management LLC cut its holdings in Tesla, Inc. (NASDAQ:TSLA) by 8.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,515 shares of the electric vehicle producer’s stock after selling 570 shares during the quarter. Purus Wealth Management LLC’s holdings in Tesla were worth $1,289,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TSLA. Strategic Financial Concepts LLC raised its position in Tesla by 21,816.0% in the second quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock worth $1,167,970,000 after acquiring an additional 5,875,484 shares in the last quarter. Vanguard Group Inc. lifted its stake in Tesla by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock valued at $57,102,287,000 after buying an additional 3,866,361 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Tesla by 2,101.1% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,469,190 shares of the electric vehicle producer’s stock valued at $365,064,000 after buying an additional 1,402,443 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Tesla by 12.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock valued at $1,731,430,000 after buying an additional 1,125,329 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. lifted its stake in Tesla by 60.2% during the first quarter. Nikko Asset Management Americas Inc. now owns 2,854,198 shares of the electric vehicle producer’s stock valued at $501,654,000 after buying an additional 1,072,366 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TSLA has been the subject of a number of analyst reports. Glj Research reaffirmed a “sell” rating and set a $24.86 price objective on shares of Tesla in a research note on Thursday, September 5th. Royal Bank of Canada reduced their price objective on shares of Tesla from $227.00 to $224.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Truist Financial reaffirmed a “hold” rating and set a $215.00 price objective on shares of Tesla in a research note on Wednesday, August 14th. Wolfe Research started coverage on Tesla in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Finally, Citigroup dropped their target price on Tesla from $274.00 to $258.00 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. Nine analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $209.60.

Insider Activity

In other news, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction that occurred on 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 sale, the director now directly owns 85,000 shares of the company’s stock, valued at $18,696,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Robyn M. Denholm sold 66,364 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $18,696,600. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 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. The disclosure for this sale can be found here. 25.10% of the stock is owned by company insiders.

Tesla Trading Up 0.5 %

Shares of TSLA stock opened at $227.87 on Wednesday. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $273.93. 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 has a market cap of $726.72 billion, a PE ratio of 58.13, a price-to-earnings-growth ratio of 6.08 and a beta of 2.29. The business’s 50 day moving average is $222.16 and its two-hundred day moving average is $194.93.

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