Acorn Financial Advisory Services Inc. ADV Sells 977 Shares of Tesla, Inc. (NASDAQ:TSLA)

Acorn Financial Advisory Services Inc. ADV trimmed its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 12.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,061 shares of the electric vehicle producer’s stock after selling 977 shares during the quarter. Acorn Financial Advisory Services Inc. ADV’s holdings in Tesla were worth $1,830,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of TSLA. Eagle Capital Management LLC purchased a new stake in Tesla in the fourth quarter worth about $331,000. Brighton Jones LLC raised its stake in shares of Tesla by 11.8% in the fourth quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer’s stock worth $35,509,000 after buying an additional 9,293 shares during the period. Revolve Wealth Partners LLC raised its stake in shares of Tesla by 21.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer’s stock worth $2,147,000 after buying an additional 931 shares during the period. Mascagni Wealth Management Inc. bought a new position in shares of Tesla in the fourth quarter worth about $346,000. Finally, Highview Capital Management LLC DE bought a new position in shares of Tesla in the fourth quarter worth about $2,367,000. 66.20% of the stock is owned by institutional investors.

Insider Activity

In related news, SVP Xiaotong Zhu sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the completion of the sale, the senior vice president directly owned 67,600 shares of the company’s stock, valued at approximately $21,889,556. This trade represents a 18.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 2,564 shares of the firm’s stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $285.71, for a total value of $732,560.44. Following the sale, the chief financial officer directly owned 5,924 shares of the company’s stock, valued at $1,692,546.04. This represents a 30.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 833,509 shares of company stock worth $278,648,925 in the last three months. Corporate insiders own 20.70% of the company’s stock.

Tesla Price Performance

Shares of Tesla stock opened at $313.56 on Friday. The stock has a market cap of $1.01 trillion, a price-to-earnings ratio of 172.29, a price-to-earnings-growth ratio of 9.17 and a beta of 2.39. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.54 and a current ratio of 2.00. The stock has a 50 day moving average price of $320.93 and a 200-day moving average price of $325.92. Tesla, Inc. has a one year low of $182.00 and a one year high of $488.54.

Tesla (NASDAQ:TSLA) last announced its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). The company had revenue of $19.34 billion during the quarter, compared to analysts’ expectations of $22.93 billion. Tesla had a return on equity of 9.02% and a net margin of 6.66%. During the same quarter last year, the firm posted $0.45 EPS. Equities analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Roth Mkm decreased their price objective on Tesla from $450.00 to $395.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. Cfra Research downgraded Tesla from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, April 22nd. The Goldman Sachs Group raised their price objective on Tesla from $285.00 to $315.00 and gave the stock a “neutral” rating in a research note on Thursday. Robert W. Baird reaffirmed a “neutral” rating and issued a $320.00 price objective on shares of Tesla in a research note on Monday, June 9th. Finally, Wells Fargo & Company decreased their price objective on Tesla from $135.00 to $130.00 and set an “underweight” rating on the stock in a research note on Friday, March 14th. Ten equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Tesla has an average rating of “Hold” and an average price target of $301.24.

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.