Cabot Wealth Management Inc. Cuts Position in Tesla Inc. (NASDAQ:TSLA)
Cabot Wealth Management Inc. cut its position in shares of Tesla Inc. (NASDAQ:TSLA) by 25.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,480 shares of the electric vehicle producer’s stock after selling 3,936 shares during the period. Cabot Wealth Management Inc.’s holdings in Tesla were worth $4,151,000 as of its most recent filing with the SEC.
Several other large investors have also made changes to their positions in TSLA. Global X Management Co. LLC boosted its stake in shares of Tesla by 34.8% in the second quarter. Global X Management Co. LLC now owns 43,819 shares of the electric vehicle producer’s stock worth $15,845,000 after buying an additional 11,323 shares during the period. BP PLC acquired a new stake in shares of Tesla during the second quarter worth about $5,064,000. Gilder Gagnon Howe & Co. LLC boosted its stake in shares of Tesla by 0.4% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 692,792 shares of the electric vehicle producer’s stock worth $250,521,000 after buying an additional 2,754 shares during the period. Korea Investment CORP boosted its stake in shares of Tesla by 2,631.8% in the second quarter. Korea Investment CORP now owns 13,495 shares of the electric vehicle producer’s stock worth $4,880,000 after buying an additional 13,001 shares during the period. Finally, Candriam Luxembourg S.C.A. boosted its stake in shares of Tesla by 40.9% in the second quarter. Candriam Luxembourg S.C.A. now owns 42,094 shares of the electric vehicle producer’s stock worth $15,222,000 after buying an additional 12,215 shares during the period. 63.71% of the stock is owned by institutional investors.
Tesla Inc. (TSLA) opened at 365.22 on Wednesday. Tesla Inc. has a 12-month low of $178.19 and a 12-month high of $386.99. The stock’s market capitalization is $60.34 billion. The company has a 50 day moving average of $346.20 and a 200-day moving average of $302.00.
Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($2.00) by $0.67. Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. The firm had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same period in the prior year, the company earned ($1.06) EPS. The firm’s revenue was up 119.6% compared to the same quarter last year. On average, equities research analysts forecast that Tesla Inc. will post ($6.23) earnings per share for the current year.
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A number of equities research analysts have recently issued reports on the stock. Deutsche Bank AG reaffirmed a “hold” rating and issued a $240.00 price objective on shares of Tesla in a research note on Wednesday. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $345.00 price objective (up previously from $314.00) on shares of Tesla in a research note on Wednesday. Vetr cut shares of Tesla from a “buy” rating to a “hold” rating and set a $371.10 price objective for the company. in a research note on Wednesday. Argus raised shares of Tesla from a “hold” rating to a “buy” rating and upped their price objective for the company from $355.17 to $444.00 in a research note on Tuesday. Finally, Goldman Sachs Group, Inc. (The) upped their price target on shares of Tesla from $180.00 to $190.00 in a report on Friday, August 4th. Seven research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and fifteen have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $309.29.
In related news, Director Kimbal Musk sold 2,190 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $321.36, for a total value of $703,778.40. Following the completion of the transaction, the director now directly owns 160,274 shares of the company’s stock, valued at approximately $51,505,652.64. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 23.10% of the stock is currently owned by corporate insiders.
Tesla Company Profile
Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products. The Company operates through two segments: Automotive, and Energy generation and storage.
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