SP Asset Management LLC Sells 3,506 Shares of Tesla, Inc. (NASDAQ:TSLA)

SP Asset Management LLC lessened its position in Tesla, Inc. (NASDAQ:TSLA) by 33.3% in the second quarter, HoldingsChannel reports. The firm owned 7,025 shares of the electric vehicle producer’s stock after selling 3,506 shares during the quarter. SP Asset Management LLC’s holdings in Tesla were worth $1,390,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Bank & Trust Co purchased a new position in shares of Tesla in the 2nd quarter worth about $25,000. OLD Point Trust & Financial Services N A purchased a new stake in Tesla during the 4th quarter valued at about $37,000. Kessler Investment Group LLC increased its stake in Tesla by 35.9% during the 2nd quarter. Kessler Investment Group LLC now owns 193 shares of the electric vehicle producer’s stock valued at $38,000 after purchasing an additional 51 shares in the last quarter. Aspect Partners LLC raised its holdings in Tesla by 121.3% in the second quarter. Aspect Partners LLC now owns 208 shares of the electric vehicle producer’s stock worth $41,000 after buying an additional 114 shares during the last quarter. Finally, 1620 Investment Advisors Inc. bought a new position in shares of Tesla in the second quarter worth approximately $42,000. 66.20% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TSLA has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $295.00 price target on shares of Tesla in a report on Tuesday. William Blair initiated coverage on shares of Tesla in a research note on Thursday, August 29th. They issued an “outperform” rating for the company. Royal Bank of Canada lowered their price objective on shares of Tesla from $227.00 to $224.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Oppenheimer reaffirmed a “market perform” rating on shares of Tesla in a research report on Tuesday, July 9th. Finally, Stifel Nicolaus started coverage on Tesla in a report on Tuesday, June 25th. They set a “buy” rating and a $265.00 price target on the stock. Nine research analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $209.03.

Insiders Place Their Bets

In related 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 transaction 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 filing with the SEC, which is available through this link. In related news, Director Robyn M. Denholm sold 66,364 shares of the company’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 sale, the director now owns 85,000 shares of the company’s stock, valued at $18,696,600. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction 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. Corporate insiders own 25.10% of the company’s stock.

Tesla Stock Up 4.6 %

NASDAQ TSLA opened at $226.17 on Wednesday. The stock’s 50 day moving average is $224.49 and its 200 day moving average is $193.96. The company has a current ratio of 1.91, a quick ratio of 1.40 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $278.98. The stock has a market cap of $722.53 billion, a PE ratio of 57.70, a P/E/G ratio of 5.57 and a beta of 2.29.

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