Avitas Wealth Management LLC Cuts Holdings in Tesla, Inc. (NASDAQ:TSLA)

Avitas Wealth Management LLC reduced its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 2.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,834 shares of the electric vehicle producer’s stock after selling 1,051 shares during the quarter. Tesla accounts for approximately 1.4% of Avitas Wealth Management LLC’s investment portfolio, making the stock its 14th biggest holding. Avitas Wealth Management LLC’s holdings in Tesla were worth $10,160,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of TSLA. Childress Capital Advisors LLC lifted its position in shares of Tesla by 15.9% in the third quarter. Childress Capital Advisors LLC now owns 8,023 shares of the electric vehicle producer’s stock valued at $2,099,000 after acquiring an additional 1,101 shares in the last quarter. Foundation Wealth Management LLC purchased a new position in shares of Tesla in the third quarter worth about $225,000. Eagle Strategies LLC boosted its position in Tesla by 41.4% during the third quarter. Eagle Strategies LLC now owns 6,780 shares of the electric vehicle producer’s stock worth $1,774,000 after acquiring an additional 1,985 shares during the last quarter. Jacobsen Capital Management grew its stake in Tesla by 19.6% during the 3rd quarter. Jacobsen Capital Management now owns 4,767 shares of the electric vehicle producer’s stock valued at $1,247,000 after acquiring an additional 780 shares in the last quarter. Finally, Fidelis Capital Partners LLC raised its holdings in Tesla by 6.4% in the 3rd quarter. Fidelis Capital Partners LLC now owns 15,054 shares of the electric vehicle producer’s stock valued at $3,939,000 after acquiring an additional 904 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TSLA. Royal Bank of Canada boosted their target price on Tesla from $236.00 to $249.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Phillip Securities raised shares of Tesla to a “moderate sell” rating in a research report on Friday, October 25th. Morgan Stanley reiterated an “overweight” rating and set a $310.00 price target on shares of Tesla in a research report on Thursday, October 3rd. StockNews.com raised Tesla from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Guggenheim raised their price objective on shares of Tesla from $153.00 to $156.00 and gave the company a “sell” rating in a research note on Thursday, October 24th. Eight analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $219.45.

Insider Activity

In related news, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $250.00, for a total value of $1,000,000.00. Following the transaction, the chief financial officer now owns 105,032 shares in the company, valued at approximately $26,258,000. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,297 shares of company stock valued at $3,065,866 in the last 90 days. 20.70% of the stock is currently owned by insiders.

Tesla Stock Down 1.1 %

TSLA stock opened at $259.52 on Wednesday. The company has a 50 day moving average price of $232.09 and a two-hundred day moving average price of $209.16. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. The stock has a market capitalization of $833.07 billion, a P/E ratio of 71.10, a PEG ratio of 7.59 and a beta of 2.29. Tesla, Inc. has a one year low of $138.80 and a one year high of $273.54.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The business had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. During the same quarter in the previous year, the business earned $0.53 earnings per share. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. As a group, sell-side analysts expect that Tesla, Inc. will post 1.75 EPS for the current year.

Tesla 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.