Kingswood Wealth Advisors LLC Reduces Stake in Tesla, Inc. (NASDAQ:TSLA)

Kingswood Wealth Advisors LLC lessened its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 30.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 36,096 shares of the electric vehicle producer’s stock after selling 15,925 shares during the quarter. Tesla comprises 0.7% of Kingswood Wealth Advisors LLC’s investment portfolio, making the stock its 19th biggest holding. Kingswood Wealth Advisors LLC’s holdings in Tesla were worth $6,345,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Federated Hermes Inc. boosted its position in Tesla by 13.3% during the third quarter. Federated Hermes Inc. now owns 82,508 shares of the electric vehicle producer’s stock worth $20,645,000 after purchasing an additional 9,676 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of Tesla by 10.0% in the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,073 shares of the electric vehicle producer’s stock valued at $1,019,000 after acquiring an additional 370 shares in the last quarter. Cadence Bank lifted its position in shares of Tesla by 10.8% in the third quarter. Cadence Bank now owns 2,013 shares of the electric vehicle producer’s stock valued at $504,000 after acquiring an additional 196 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its position in shares of Tesla by 38.6% in the third quarter. O Shaughnessy Asset Management LLC now owns 105,279 shares of the electric vehicle producer’s stock valued at $26,343,000 after acquiring an additional 29,314 shares in the last quarter. Finally, Morse Asset Management Inc lifted its position in shares of Tesla by 4.2% in the third quarter. Morse Asset Management Inc now owns 11,976 shares of the electric vehicle producer’s stock valued at $2,997,000 after acquiring an additional 481 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Transactions at Tesla

In other news, Director Robyn M. Denholm sold 93,705 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $184.86, for a total value of $17,322,306.30. Following the completion of the sale, the director now owns 15,000 shares of the company’s stock, valued at $2,772,900. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, SVP Xiaotong Zhu sold 650 shares of Tesla stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the completion of the sale, the senior vice president now owns 65,155 shares of the company’s stock, valued at $11,350,652.55. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction on Monday, May 6th. The shares were sold at an average price of $184.86, for a total value of $17,322,306.30. Following the sale, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $2,772,900. The disclosure for this sale can be found here. Insiders sold a total of 104,855 shares of company stock valued at $19,285,643 in the last three months. 25.10% of the stock is currently owned by corporate insiders.

Tesla Price Performance

Shares of TSLA stock traded up $9.02 during mid-day trading on Wednesday, hitting $196.37. 95,407,381 shares of the stock traded hands, compared to its average volume of 95,510,969. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $299.29. The firm has a market cap of $626.26 billion, a price-to-earnings ratio of 50.09, a price-to-earnings-growth ratio of 4.65 and a beta of 2.32. The company’s 50-day simple moving average is $175.02 and its 200-day simple moving average is $192.25. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.17 and a current ratio of 1.72.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Tuesday, April 23rd. The electric vehicle producer reported $0.35 earnings per share for the quarter, hitting the consensus estimate of $0.35. The business had revenue of $21.30 billion during the quarter, compared to analyst estimates of $22.15 billion. Tesla had a return on equity of 13.18% and a net margin of 14.37%. As a group, equities research analysts expect that Tesla, Inc. will post 1.87 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on TSLA. Citigroup reiterated a “neutral” rating on shares of Tesla in a research note on Wednesday, June 12th. Oppenheimer reiterated a “market perform” rating on shares of Tesla in a research note on Wednesday, April 24th. Wedbush reissued an “outperform” rating and issued a $275.00 price target on shares of Tesla in a report on Friday, June 14th. JPMorgan Chase & Co. reduced their price target on Tesla from $130.00 to $115.00 and set an “underweight” rating for the company in a report on Wednesday, April 3rd. Finally, Wells Fargo & Company reduced their price target on Tesla from $125.00 to $120.00 and set an “underweight” rating for the company in a report on Friday, April 12th. Seven equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Tesla currently has a consensus rating of “Hold” and an average target price of $187.30.

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.