Biltmore Wealth Management LLC Sells 43 Shares of Tesla, Inc. (NASDAQ:TSLA)

Biltmore Wealth Management LLC lessened its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 1.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,729 shares of the electric vehicle producer’s stock after selling 43 shares during the quarter. Tesla makes up approximately 0.4% of Biltmore Wealth Management LLC’s portfolio, making the stock its 23rd largest holding. Biltmore Wealth Management LLC’s holdings in Tesla were worth $966,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of TSLA. Vanguard Group Inc. boosted its stake in Tesla by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 243,193,181 shares of the electric vehicle producer’s stock worth $98,211,134,000 after buying an additional 3,571,793 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Tesla by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 61,011,604 shares of the electric vehicle producer’s stock valued at $24,566,217,000 after acquiring an additional 1,655,203 shares in the last quarter. Norges Bank acquired a new stake in shares of Tesla during the 4th quarter valued at about $14,420,248,000. FMR LLC increased its stake in Tesla by 40.1% in the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer’s stock valued at $13,997,660,000 after acquiring an additional 9,920,325 shares during the period. Finally, Northern Trust Corp lifted its stake in Tesla by 21.6% during the fourth quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer’s stock worth $11,541,592,000 after purchasing an additional 5,075,418 shares during the period. Institutional investors own 66.20% of the company’s stock.

Insider Activity at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,564 shares of Tesla stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $285.71, for a total value of $732,560.44. Following the transaction, the chief financial officer now owns 5,924 shares of the company’s stock, valued at approximately $1,692,546.04. The trade was a 30.21% 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, Director Ira Matthew Ehrenpreis sold 477,572 shares of Tesla stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the transaction, the director now directly owns 855,394 shares in the company, valued at approximately $305,632,276.20. The trade was a 35.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 818,509 shares of company stock worth $273,791,775 in the last quarter. Corporate insiders own 20.70% of the company’s stock.

Tesla Price Performance

Tesla stock opened at $325.31 on Friday. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $1.05 trillion, a P/E ratio of 159.47, a PEG ratio of 5.86 and a beta of 2.47. The business has a 50-day moving average of $299.39 and a 200-day moving average of $332.88. Tesla, Inc. has a 1 year low of $177.00 and a 1 year high of $488.54.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). The firm had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. Tesla had a net margin of 7.26% and a return on equity of 10.31%. During the same quarter in the prior year, the firm posted $0.45 EPS. On average, equities analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on TSLA shares. TD Cowen upgraded Tesla from a “hold” rating to a “buy” rating and upped their price objective for the company from $180.00 to $388.00 in a research note on Friday, March 7th. Cfra Research cut Tesla from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, April 22nd. Robert W. Baird reissued a “neutral” rating and set a $320.00 price objective on shares of Tesla in a report on Monday, June 9th. Argus restated a “hold” rating on shares of Tesla in a research note on Monday, June 9th. Finally, Cantor Fitzgerald dropped their target price on shares of Tesla from $425.00 to $355.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Ten investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $293.67.

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.