Echo Wealth Management LLC Has $1.26 Million Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Echo Wealth Management LLC reduced its position in Tesla, Inc. (NASDAQ:TSLA) by 19.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 5,212 shares of the electric vehicle producer’s stock after selling 1,262 shares during the quarter. Tesla makes up about 0.9% of Echo Wealth Management LLC’s holdings, making the stock its 25th largest holding. Echo Wealth Management LLC’s holdings in Tesla were worth $1,256,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Integris Wealth Management LLC raised its position in Tesla by 1.0% during the second quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock valued at $804,000 after buying an additional 42 shares during the period. Sherrill & Hutchins Financial Advisory Inc grew its position in Tesla by 1.4% during the third quarter. Sherrill & Hutchins Financial Advisory Inc now owns 3,058 shares of the electric vehicle producer’s stock valued at $800,000 after purchasing an additional 43 shares in the last quarter. WASHINGTON TRUST Co grew its holdings in shares of Tesla by 3.2% during the 2nd quarter. WASHINGTON TRUST Co now owns 1,433 shares of the electric vehicle producer’s stock valued at $284,000 after acquiring an additional 45 shares in the last quarter. Bellevue Asset Management LLC raised its stake in shares of Tesla by 1.6% during the 2nd quarter. Bellevue Asset Management LLC now owns 2,868 shares of the electric vehicle producer’s stock worth $568,000 after purchasing an additional 45 shares in the last quarter. Finally, Cypress Capital Group grew its position in Tesla by 1.7% in the second quarter. Cypress Capital Group now owns 2,806 shares of the electric vehicle producer’s stock worth $555,000 after acquiring an additional 47 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TSLA. William Blair began coverage on Tesla in a research note on Thursday, August 29th. They set an “outperform” rating for the company. Sanford C. Bernstein reiterated an “underperform” rating and set a $120.00 price target on shares of Tesla in a report on Thursday, October 3rd. KGI Securities reiterated a “neutral” rating and issued a $236.00 target price on shares of Tesla in a research note on Thursday, July 25th. Wolfe Research began coverage on Tesla in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $230.00 price target on shares of Tesla in a report on Friday, October 11th. Nine research analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Tesla presently has a consensus rating of “Hold” and a consensus target price of $210.72.

Tesla Price Performance

NASDAQ TSLA opened at $220.70 on Monday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $271.00. The business has a 50 day simple moving average of $227.67 and a 200 day simple moving average of $205.65. The stock has a market cap of $705.06 billion, a price-to-earnings ratio of 61.99, a PEG ratio of 6.31 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last posted 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 net margin of 13.00% and a return on equity of 10.41%. The company had revenue of $25.50 billion during the quarter, compared to the consensus estimate of $24.38 billion. During the same period in the prior year, the firm posted $0.78 earnings per share. The company’s revenue was up 2.3% compared to the same quarter last year. Analysts anticipate that Tesla, Inc. will post 1.75 earnings per share for the current fiscal year.

Insider Activity at Tesla

In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the director now owns 85,000 shares of the company’s stock, valued at $18,696,600. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Vaibhav Taneja sold 8,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the sale, the chief financial officer now owns 105,032 shares in the company, valued at approximately $26,258,000. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robyn M. Denholm sold 66,364 shares of the firm’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 value 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 approximately $18,696,600. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 74,661 shares of company stock valued at $16,663,291. 20.70% of the stock is owned by insiders.

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.