Thrive Wealth Management LLC Reduces Holdings in Tesla, Inc. (NASDAQ:TSLA)

Thrive Wealth Management LLC decreased its holdings in Tesla, Inc. (NASDAQ:TSLA) by 14.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,644 shares of the electric vehicle producer’s stock after selling 603 shares during the period. Thrive Wealth Management LLC’s holdings in Tesla were worth $954,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. MidWestOne Financial Group Inc. lifted its position in Tesla by 3.3% in the 1st quarter. MidWestOne Financial Group Inc. now owns 472 shares of the electric vehicle producer’s stock worth $509,000 after buying an additional 15 shares during the last quarter. Linscomb & Williams Inc. raised its position in Tesla by 3.5% in the 1st quarter. Linscomb & Williams Inc. now owns 1,233 shares of the electric vehicle producer’s stock worth $1,329,000 after purchasing an additional 42 shares during the period. Indiana Trust & Investment Management CO lifted its stake in Tesla by 1.5% in the second quarter. Indiana Trust & Investment Management CO now owns 2,998 shares of the electric vehicle producer’s stock worth $785,000 after purchasing an additional 45 shares during the last quarter. Salem Investment Counselors Inc. boosted its position in Tesla by 22.3% during the first quarter. Salem Investment Counselors Inc. now owns 263 shares of the electric vehicle producer’s stock valued at $283,000 after buying an additional 48 shares during the period. Finally, Johnson Bixby & Associates LLC increased its holdings in shares of Tesla by 2.1% in the first quarter. Johnson Bixby & Associates LLC now owns 2,769 shares of the electric vehicle producer’s stock worth $574,000 after buying an additional 56 shares during the period. 41.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on TSLA shares. Wedbush raised their price target on Tesla from $300.00 to $350.00 and gave the stock an “outperform” rating in a research report on Thursday, July 20th. Bank of America lifted their target price on shares of Tesla from $225.00 to $300.00 in a research note on Thursday, July 6th. Jefferies Financial Group raised their price target on shares of Tesla from $185.00 to $265.00 and gave the stock a “hold” rating in a report on Monday, July 10th. Barclays cut Tesla from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $220.00 to $260.00 in a research note on Wednesday, June 21st. Finally, Mizuho lifted their price objective on Tesla from $300.00 to $330.00 in a research report on Thursday, July 20th. Six equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $239.43.

Tesla Stock Performance

NASDAQ:TSLA opened at $265.28 on Tuesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.59 and a quick ratio of 1.07. The company has a market cap of $842.00 billion, a price-to-earnings ratio of 75.15, a PEG ratio of 4.28 and a beta of 2.09. Tesla, Inc. has a 1 year low of $101.81 and a 1 year high of $313.80. The stock’s 50 day simple moving average is $255.83 and its two-hundred day simple moving average is $220.81.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, July 19th. The electric vehicle producer reported $0.91 earnings per share (EPS) for the quarter, beating 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 company had revenue of $24.93 billion for the quarter, compared to the consensus estimate of $24.22 billion. During the same quarter in the prior year, the firm earned $0.65 earnings per share. Tesla’s revenue was up 47.2% on a year-over-year basis. As a group, equities analysts anticipate that Tesla, Inc. will post 2.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, SVP Xiaotong Zhu sold 1,065 shares of Tesla stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $249.62, for a total value of $265,845.30. Following the completion of the transaction, the senior vice president now owns 59,540 shares in the company, valued at approximately $14,862,374.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, SVP Xiaotong Zhu sold 1,065 shares of the company’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $249.62, for a total transaction of $265,845.30. Following the transaction, the senior vice president now directly owns 59,540 shares in the company, valued at approximately $14,862,374.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Andrew D. Baglino sold 10,500 shares of the company’s stock in a transaction that occurred on 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 transaction, the senior vice president now directly owns 66,834 shares in the company, valued at approximately $16,209,250.02. The disclosure for this sale can be found here. Over the last quarter, insiders sold 55,815 shares of company stock worth $14,384,135. Corporate insiders own 20.90% of the company’s stock.

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. 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.