Opes Wealth Management LLC Lowers Position in Tesla, Inc. (NASDAQ:TSLA)

Opes Wealth Management LLC lessened its stake in Tesla, Inc. (NASDAQ:TSLA) by 4.9% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,388 shares of the electric vehicle producer’s stock after selling 72 shares during the quarter. Opes Wealth Management LLC’s holdings in Tesla were worth $345,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of TSLA. Axiom Financial Strategies LLC increased its position in Tesla by 9.8% in the first quarter. Axiom Financial Strategies LLC now owns 906 shares of the electric vehicle producer’s stock worth $777,000 after purchasing an additional 81 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Tesla by 19.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,001,923 shares of the electric vehicle producer’s stock worth $1,079,672,000 after purchasing an additional 164,789 shares during the last quarter. MAS Advisors LLC increased its position in Tesla by 25.7% in the first quarter. MAS Advisors LLC now owns 396 shares of the electric vehicle producer’s stock worth $433,000 after purchasing an additional 81 shares during the last quarter. Ergoteles LLC increased its position in Tesla by 33.4% in the first quarter. Ergoteles LLC now owns 3,567 shares of the electric vehicle producer’s stock worth $3,844,000 after purchasing an additional 893 shares during the last quarter. Finally, Mackenzie Financial Corp increased its position in Tesla by 6.8% in the first quarter. Mackenzie Financial Corp now owns 72,167 shares of the electric vehicle producer’s stock worth $77,767,000 after purchasing an additional 4,593 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Buying and Selling

In related news, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $176.20, for a total value of $1,850,100.00. Following the transaction, the senior vice president now owns 31,230 shares in the company, valued at $5,502,726. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Tesla news, SVP Andrew D. Baglino sold 10,500 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $176.20, for a total transaction of $1,850,100.00. Following the sale, the senior vice president now owns 31,230 shares in the company, valued at $5,502,726. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robyn M. Denholm sold 93,706 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $194.73, for a total value of $18,247,369.38. Following the sale, the director now owns 15,000 shares in the company, valued at approximately $2,920,950. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 209,098 shares of company stock worth $38,802,534. 25.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Edward Jones cut shares of Tesla from a “buy” rating to a “hold” rating in a research report on Friday, January 26th. Piper Sandler cut their price objective on shares of Tesla from $225.00 to $205.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 10th. China Renaissance assumed coverage on shares of Tesla in a research report on Monday, February 26th. They set a “hold” rating on the stock. TD Cowen cut their price objective on shares of Tesla from $200.00 to $180.00 and set a “market perform” rating on the stock in a research report on Thursday, January 25th. Finally, Canaccord Genuity Group cut their price objective on shares of Tesla from $267.00 to $234.00 and set a “buy” rating on the stock in a research report on Thursday, January 25th. Ten research analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Tesla has an average rating of “Hold” and a consensus target price of $194.70.

Tesla Stock Down 3.6 %

Shares of NASDAQ TSLA traded down $5.52 on Thursday, hitting $149.93. The company had a trading volume of 95,522,509 shares, compared to its average volume of 101,837,430. Tesla, Inc. has a 12-month low of $148.70 and a 12-month high of $299.29. The business has a 50 day moving average of $180.24 and a two-hundred day moving average of $212.64. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $477.50 billion, a P/E ratio of 35.25, a PEG ratio of 4.15 and a beta of 2.39.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, January 24th. The electric vehicle producer reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.03). Tesla had a return on equity of 16.62% and a net margin of 15.50%. The company had revenue of $25.17 billion during the quarter, compared to analysts’ expectations of $25.64 billion. During the same period in the previous year, the company earned $1.07 EPS. Tesla’s quarterly revenue was up 3.5% on a year-over-year basis. As a group, equities research analysts forecast that Tesla, Inc. will post 1.97 earnings per share for the current fiscal year.

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.