Tesla, Inc. (NASDAQ:TSLA) Shares Sold by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC decreased its position in Tesla, Inc. (NASDAQ:TSLA) by 3.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 17,431 shares of the electric vehicle producer’s stock after selling 601 shares during the period. Cornerstone Wealth Management LLC’s holdings in Tesla were worth $4,560,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Bank & Trust Co purchased a new position in Tesla during the 2nd quarter valued at about $25,000. Clean Yield Group grew its position in shares of Tesla by 60.0% in the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after purchasing an additional 48 shares during the last quarter. Abich Financial Wealth Management LLC raised its position in shares of Tesla by 168.8% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after purchasing an additional 81 shares during the last quarter. Valley Wealth Managers Inc. purchased a new stake in Tesla in the 2nd quarter valued at approximately $26,000. Finally, M&R Capital Management Inc. increased its position in Tesla by 263.2% during the third quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock worth $36,000 after buying an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Stock Performance

TSLA stock opened at $221.33 on Thursday. The stock’s fifty day moving average is $226.81 and its two-hundred day moving average is $204.69. The stock has a market capitalization of $707.07 billion, a price-to-earnings ratio of 62.17, a PEG ratio of 5.94 and a beta of 2.29. 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 1 year low of $138.80 and a 1 year high of $271.00.

Tesla (NASDAQ:TSLA) last announced its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.10). Tesla had a net margin of 13.00% and a return on equity of 10.41%. The business had revenue of $25.50 billion for the quarter, compared to the consensus estimate of $24.38 billion. During the same period in the previous year, the firm earned $0.78 EPS. The firm’s revenue was up 2.3% on a year-over-year basis. On average, research analysts predict that Tesla, Inc. will post 1.75 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms recently commented on TSLA. Barclays decreased their price objective on Tesla from $225.00 to $220.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 25th. KGI Securities restated a “neutral” rating and issued a $236.00 price target on shares of Tesla in a report on Thursday, July 25th. Wedbush reaffirmed an “outperform” rating and set a $300.00 price target on shares of Tesla in a research note on Wednesday, July 24th. New Street Research cut shares of Tesla from a “buy” rating to a “neutral” rating and set a $225.00 price objective for the company. in a research note on Wednesday, July 24th. Finally, Truist Financial increased their target price on Tesla from $215.00 to $236.00 and gave the stock a “hold” rating in a research report on Thursday, October 3rd. Nine investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $210.72.

Insider Buying and Selling

In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction dated 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 directly owns 85,000 shares in the company, valued at approximately $18,696,600. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Robyn M. Denholm sold 66,364 shares of the firm’s stock in a transaction dated 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 owns 85,000 shares of the company’s stock, valued at $18,696,600. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction dated Monday, September 23rd. The stock was 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 in the company, valued at approximately $26,258,000. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,661 shares of company stock valued at $16,663,291 over the last 90 days. 20.70% of the stock is currently owned by company insiders.

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.