Panoramic Investment Advisors LLC Decreases Holdings in Tesla, Inc. (NASDAQ:TSLA)
Panoramic Investment Advisors LLC reduced its stake in Tesla, Inc. (NASDAQ:TSLA) by 48.2% in Q1, now holding 1,036 shares valued at $268,000. Other institutional investors, including Geode Capital and FMR LLC, increased their stakes. Tesla's stock is currently trading at $305.30, down 8.2%, with a market cap of $983.36 billion. The company reported Q2 earnings of $0.40 per share, missing estimates, and revenue of $22.50 billion, down 11.8% year-over-year. Insider selling has also been noted, with significant shares sold by Director Kimbal Musk and CFO Vaibhav Taneja.
Panoramic Investment Advisors LLC cut its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 48.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,036 shares of the electric vehicle producer's stock after selling 963 shares during the quarter. Panoramic Investment Advisors LLC's holdings in Tesla were worth $268,000 as of its most recent SEC filing.
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A number of other institutional investors also recently bought and sold shares of TSLA. Geode Capital Management LLC grew its stake in Tesla by 2.8% in the fourth quarter. Geode Capital Management LLC now owns 61,011,604 shares of the electric vehicle producer's stock valued at $24,566,217,000 after purchasing an additional 1,655,203 shares during the last quarter. Norges Bank purchased a new position in Tesla in the fourth quarter valued at about $14,420,248,000. FMR LLC grew its stake in Tesla by 40.1% in the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer's stock valued at $13,997,660,000 after purchasing an additional 9,920,325 shares during the last quarter. Northern Trust Corp grew its stake in Tesla by 21.6% in the fourth quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock valued at $11,541,592,000 after purchasing an additional 5,075,418 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Tesla by 0.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,536,519 shares of the electric vehicle producer's stock valued at $9,908,828,000 after purchasing an additional 158,697 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors.
Tesla Trading Down 8.2%
NASDAQ:TSLA opened at $305.30 on Friday. The stock's 50 day moving average price is $325.38 and its 200 day moving average price is $315.19. Tesla, Inc. has a 52-week low of $182.00 and a 52-week high of $488.54. The company has a market capitalization of $983.36 billion, a PE ratio of 176.47, a P/E/G ratio of 12.63 and a beta of 2.39. The company has a quick ratio of 1.54, a current ratio of 2.00 and a debt-to-equity ratio of 0.07.
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Tesla (NASDAQ:TSLA - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 8.11%. The company had revenue of $22.50 billion during the quarter, compared to analysts' expectations of $23.18 billion. During the same quarter last year, the business posted $0.52 earnings per share. The company's revenue for the quarter was down 11.8% compared to the same quarter last year. On average, research analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current year.
Insider Buying and Selling
In related news, Director Kimbal Musk sold 91,588 shares of Tesla stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value of $32,732,635.32. Following the sale, the director directly owned 1,463,220 shares in the company, valued at $522,940,195.80. The trade was a 5.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Vaibhav Taneja sold 6,000 shares of Tesla stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $341.02, for a total value of $2,046,120.00. Following the completion of the sale, the chief financial officer owned 1,950 shares in the company, valued at approximately $664,989. This trade represents a 75.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 835,509 shares of company stock worth $279,420,485. 20.70% of the stock is currently owned by insiders.
Analysts Set New Price Targets
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TSLA has been the topic of a number of research analyst reports. Benchmark restated a "buy" rating and set a $475.00 price target (up previously from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Argus restated a "hold" rating on shares of Tesla in a research note on Monday, June 9th. Raymond James Financial lowered Tesla to an "outperform" rating in a research note on Tuesday, April 22nd. Stifel Nicolaus set a $450.00 price target on Tesla and gave the stock a "buy" rating in a research note on Thursday, April 24th. Finally, Roth Mkm dropped their price target on Tesla from $450.00 to $395.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Ten research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Tesla presently has a consensus rating of "Hold" and a consensus target price of $301.26.
Get Our Latest Stock Analysis on Tesla
Tesla Company Profile
(Free Report)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.
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