Black Diamond Financial LLC Cuts Position in Tesla, Inc. (NASDAQ:TSLA)

Black Diamond Financial LLC cut its stake in Tesla, Inc. (NASDAQ:TSLA) by 15.7% during the third quarter, HoldingsChannel reports. The fund owned 2,746 shares of the electric vehicle producer’s stock after selling 512 shares during the quarter. Black Diamond Financial LLC’s holdings in Tesla were worth $718,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in TSLA. Bank & Trust Co purchased a new position in Tesla during the 2nd quarter worth $25,000. Valley Wealth Managers Inc. acquired a new stake in Tesla during the 2nd quarter worth about $26,000. Abich Financial Wealth Management LLC lifted its position in 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 acquiring an additional 81 shares during the period. Transcendent Capital Group LLC acquired a new stake in Tesla during the 3rd quarter worth about $29,000. Finally, Clean Yield Group lifted its position in Tesla by 60.0% during the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after acquiring an additional 48 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of Tesla 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 completion of the sale, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. The trade was a 0.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the completion of the sale, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. The trade was a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 188,797 shares of company stock worth $57,616,781. Company insiders own 20.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on TSLA shares. Truist Financial lifted their price target on Tesla from $236.00 to $238.00 and gave the stock a “hold” rating in a research report on Thursday, October 24th. HSBC reissued a “reduce” rating and issued a $124.00 price objective on shares of Tesla in a report on Friday, October 11th. Wedbush boosted their price objective on Tesla from $300.00 to $400.00 and gave the company an “outperform” rating in a report on Monday. JPMorgan Chase & Co. boosted their price objective on Tesla from $130.00 to $135.00 and gave the company an “underweight” rating in a report on Thursday, October 24th. Finally, The Goldman Sachs Group boosted their price objective on Tesla from $230.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 24th. Nine research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $228.24.

Tesla Price Performance

Shares of NASDAQ:TSLA opened at $311.18 on Friday. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08. The company has a market cap of $998.91 billion, a P/E ratio of 85.25, a PEG ratio of 10.73 and a beta of 2.29. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $358.64. The company has a 50-day moving average price of $248.48 and a 200 day moving average price of $218.94.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The company had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. During the same period last year, the firm earned $0.53 EPS. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. Research analysts predict that Tesla, Inc. will post 1.99 earnings per share for the current 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.