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

WT Wealth Management lowered its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 33.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,477 shares of the electric vehicle producer's stock after selling 6,715 shares during the quarter. Tesla makes up approximately 0.9% of WT Wealth Management's investment portfolio, making the stock its 29th largest position. WT Wealth Management's holdings in Tesla were worth $3,526,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Clean Energy Transition LLP raised its holdings in Tesla by 347.7% in the 2nd quarter. Clean Energy Transition LLP now owns 4,818,600 shares of the electric vehicle producer's stock valued at $953,505,000 after buying an additional 6,764,300 shares during the last quarter. Strategic Financial Concepts LLC raised its position in Tesla by 21,816.0% during the 2nd quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer's stock worth $1,167,970,000 after purchasing an additional 5,875,484 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Tesla by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer's stock worth $41,064,917,000 after buying an additional 3,795,748 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Tesla by 236.8% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,104,010 shares of the electric vehicle producer's stock valued at $416,341,000 after buying an additional 1,479,378 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of 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 worth $1,731,430,000 after acquiring an additional 1,125,329 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Price Performance

TSLA traded down $0.88 on Tuesday, reaching $217.97. The company had a trading volume of 43,148,045 shares, compared to its average volume of 93,884,398. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $271.00. The company has a market cap of $695.15 billion, a price-to-earnings ratio of 55.60, a P/E/G ratio of 6.31 and a beta of 2.29. The business has a 50 day simple moving average of $228.30 and a 200 day simple moving average of $206.36.

Tesla (NASDAQ:TSLA - Get Free Report) last released its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing analysts' consensus estimates of $0.62 by ($0.10). The firm had revenue of $25.50 billion for the quarter, compared to analysts' expectations of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The company's revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.78 EPS. As a group, sell-side analysts anticipate that Tesla, Inc. will post 1.75 EPS for the current year.

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total value of $2,000,000.00. Following the transaction, the chief financial officer now directly owns 105,032 shares of the company's stock, valued at $26,258,000. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the business's stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the transaction, the director now directly owns 85,000 shares of the company's stock, valued at approximately $18,696,600. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of the business's 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 transaction, the chief financial officer now owns 105,032 shares in the company, valued at $26,258,000. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 74,661 shares of company stock valued at $16,663,291. Insiders own 25.10% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. New Street Research lowered shares of Tesla from a "buy" rating to a "neutral" rating and set a $225.00 price target for the company. in a report on Wednesday, July 24th. Needham & Company LLC reiterated a "hold" rating on shares of Tesla in a report on Friday, October 11th. KGI Securities reissued a "neutral" rating and issued a $236.00 price objective on shares of Tesla in a research note on Thursday, July 25th. Guggenheim lifted their price objective on shares of Tesla from $134.00 to $153.00 and gave the company a "sell" rating in a research note on Friday, September 13th. Finally, Roth Mkm restated a "neutral" rating and issued a $85.00 target price on shares of Tesla in a research note on Friday, October 11th. Nine research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $211.63.

Tesla Company 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.