Ledge Wealth Management Inc. Sells 341 Shares of Tesla, Inc. (NASDAQ:TSLA)

Ledge Wealth Management Inc. cut its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 29.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 805 shares of the electric vehicle producer’s stock after selling 341 shares during the quarter. Ledge Wealth Management Inc.’s holdings in Tesla were worth $211,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of TSLA. Lakewood Asset Management LLC bought a new position in shares of Tesla during the 4th quarter valued at $25,000. Alpha Paradigm Partners LLC purchased a new stake in shares of Tesla during the 3rd quarter valued at about $27,000. GW&K Investment Management LLC bought a new position in shares of Tesla in the 1st quarter worth approximately $30,000. MayTech Global Investments LLC purchased a new position in shares of Tesla during the 4th quarter worth $30,000. Finally, St. Johns Investment Management Company LLC lifted its position in Tesla by 451.9% during the first quarter. St. Johns Investment Management Company LLC now owns 149 shares of the electric vehicle producer’s stock valued at $31,000 after purchasing an additional 122 shares in the last quarter. Hedge funds and other institutional investors own 41.87% of the company’s stock.

Tesla Stock Down 3.3 %

Shares of TSLA opened at $265.28 on Tuesday. The firm has a fifty day moving average price of $255.83 and a 200-day moving average price of $220.81. The company has a current ratio of 1.59, a quick ratio of 1.07 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $842.00 billion, a P/E ratio of 75.15, a P/E/G ratio of 4.28 and a beta of 2.09. Tesla, Inc. has a 12-month low of $101.81 and a 12-month high of $313.80.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, July 19th. The electric vehicle producer reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.22. Tesla had a net margin of 12.97% and a return on equity of 26.10%. The business had revenue of $24.93 billion for the quarter, compared to analyst estimates of $24.22 billion. During the same period last year, the company posted $0.65 earnings per share. The company’s quarterly revenue was up 47.2% compared to the same quarter last year. Equities research analysts expect that Tesla, Inc. will post 2.94 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $242.53, for a total value of $2,546,565.00. Following the completion of the sale, the senior vice president now owns 66,834 shares in the company, valued at approximately $16,209,250.02. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, SVP Xiaotong Zhu sold 2,500 shares of Tesla stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $276.35, for a total transaction of $690,875.00. Following the completion of the sale, the senior vice president now directly owns 62,938 shares in the company, valued at $17,392,916.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Andrew D. Baglino sold 10,500 shares of the stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $242.53, for a total value of $2,546,565.00. Following the completion of the transaction, the senior vice president now directly owns 66,834 shares in the company, valued at $16,209,250.02. The disclosure for this sale can be found here. Insiders have sold a total of 55,815 shares of company stock worth $14,384,135 in the last three months. Corporate insiders own 20.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Wedbush raised their target price on shares of Tesla from $300.00 to $350.00 and gave the stock an “outperform” rating in a research note on Thursday, July 20th. Canaccord Genuity Group lifted their target price on shares of Tesla from $257.00 to $293.00 and gave the company a “buy” rating in a research note on Monday, July 3rd. DZ Bank lowered Tesla from a “buy” rating to a “sell” rating and set a $210.00 price target for the company. in a research note on Friday, June 23rd. UBS Group initiated coverage on Tesla in a research report on Tuesday, September 12th. They issued a “neutral” rating and a $290.00 price objective on the stock. Finally, TD Cowen increased their target price on Tesla from $150.00 to $200.00 and gave the stock a “market perform” rating in a research report on Thursday, July 20th. Six research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $239.43.

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. It 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, retail merchandise, and vehicle insurance services.