Concorde Asset Management LLC Sells 311 Shares of Tesla, Inc. (NASDAQ:TSLA)

Concorde Asset Management LLC decreased its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 9.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,126 shares of the electric vehicle producer’s stock after selling 311 shares during the quarter. Concorde Asset Management LLC’s holdings in Tesla were worth $619,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TSLA. Bank & Trust Co acquired a new stake in Tesla during the second quarter worth approximately $25,000. Valley Wealth Managers Inc. acquired a new stake in shares of Tesla during the 2nd quarter worth approximately $26,000. OLD Point Trust & Financial Services N A bought a new stake in shares of Tesla in the 4th quarter valued at $37,000. Guardian Wealth Management Inc. bought a new position in Tesla during the fourth quarter worth $47,000. Finally, Kessler Investment Group LLC grew its holdings in Tesla by 35.9% in the second quarter. Kessler Investment Group LLC now owns 193 shares of the electric vehicle producer’s stock worth $38,000 after purchasing an additional 51 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

Insider Activity

In related news, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the sale, the director now owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the transaction, the director now owns 85,000 shares of the company’s stock, valued at $18,696,600. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the sale, the senior vice president now owns 67,491 shares in the company, valued at $14,967,479.07. The disclosure for this sale can be found here. 25.10% of the stock is owned by company insiders.

Tesla Stock Performance

Shares of TSLA opened at $227.20 on Thursday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. The firm has a market cap of $725.82 billion, a PE ratio of 57.96, a PEG ratio of 6.00 and a beta of 2.29. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $273.93. The stock’s fifty day moving average price is $221.44 and its two-hundred day moving average price is $195.15.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.10). Tesla had a return on equity of 10.41% and a net margin of 13.00%. The business had revenue of $25.50 billion during the quarter, compared to the consensus estimate of $24.38 billion. During the same period last year, the business posted $0.78 earnings per share. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. On average, equities research analysts forecast that Tesla, Inc. will post 1.75 EPS for the current year.

Wall Street Analysts Forecast Growth

TSLA has been the topic of a number of research analyst reports. Citigroup cut their price objective on shares of Tesla from $274.00 to $258.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 24th. Glj Research reaffirmed a “sell” rating and set a $24.86 target price on shares of Tesla in a research report on Thursday, September 5th. New Street Research downgraded shares of Tesla from a “buy” rating to a “neutral” rating and set a $225.00 price target for the company. in a research report on Wednesday, July 24th. Canaccord Genuity Group restated a “buy” rating and set a $254.00 price objective on shares of Tesla in a report on Friday, September 13th. Finally, Sanford C. Bernstein reiterated an “underperform” rating and set a $120.00 price objective on shares of Tesla in a report on Monday, June 10th. Nine research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Tesla currently has an average rating of “Hold” and an average target price of $209.60.

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. 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.