Pictet Asset Management Ltd. Sells 38,966 Shares of Tesla Inc (NASDAQ:TSLA)

Pictet Asset Management Ltd. lowered its stake in shares of Tesla Inc (NASDAQ:TSLA) by 12.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 263,562 shares of the electric vehicle producer’s stock after selling 38,966 shares during the period. Pictet Asset Management Ltd. owned 0.15% of Tesla worth $58,896,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Clarus Wealth Advisors lifted its holdings in Tesla by 83.3% during the second quarter. Clarus Wealth Advisors now owns 110 shares of the electric vehicle producer’s stock valued at $25,000 after purchasing an additional 50 shares during the last quarter. Trustcore Financial Services LLC raised its position in shares of Tesla by 121.8% in the second quarter. Trustcore Financial Services LLC now owns 122 shares of the electric vehicle producer’s stock valued at $27,000 after purchasing an additional 67 shares during the period. Mizuho Securities Co. Ltd. bought a new stake in shares of Tesla in the first quarter valued at approximately $28,000. Bedel Financial Consulting Inc. lifted its stake in shares of Tesla by 197.7% during the 2nd quarter. Bedel Financial Consulting Inc. now owns 128 shares of the electric vehicle producer’s stock valued at $29,000 after buying an additional 85 shares in the last quarter. Finally, Coastal Capital Group Inc. purchased a new stake in shares of Tesla during the 2nd quarter valued at approximately $32,000. Institutional investors own 54.44% of the company’s stock.

In related news, Director Robyn M. Denholm acquired 1,000 shares of the stock in a transaction dated Monday, July 29th. The shares were purchased at an average price of $232.72 per share, for a total transaction of $232,720.00. Following the transaction, the director now owns 1,000 shares in the company, valued at approximately $232,720. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Zachary Kirkhorn sold 150 shares of Tesla stock in a transaction on Monday, August 19th. The stock was sold at an average price of $224.00, for a total transaction of $33,600.00. Following the sale, the chief financial officer now directly owns 9,812 shares of the company’s stock, valued at $2,197,888. The disclosure for this sale can be found here. In the last three months, insiders sold 30,300 shares of company stock valued at $6,881,352. Corporate insiders own 24.40% of the company’s stock.

TSLA has been the subject of a number of recent research reports. Nomura set a $270.00 price objective on shares of Tesla and gave the company a “hold” rating in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. set a $200.00 target price on Tesla and gave the stock a “sell” rating in a research report on Thursday, July 25th. Robert W. Baird dropped their target price on Tesla from $400.00 to $340.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 21st. Roth Capital reaffirmed a “neutral” rating and issued a $238.00 price target on shares of Tesla in a report on Monday, July 22nd. Finally, Citigroup reduced their price target on Tesla from $238.00 to $191.00 and set a “sell” rating for the company in a research report on Wednesday, May 22nd. Eighteen analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have given a buy rating to the company. Tesla currently has an average rating of “Hold” and an average target price of $269.53.

Shares of NASDAQ TSLA traded up $11.18 during midday trading on Wednesday, hitting $246.72. 937,929 shares of the company’s stock were exchanged, compared to its average volume of 5,801,114. Tesla Inc has a 12-month low of $176.99 and a 12-month high of $379.49. The company has a current ratio of 1.06, a quick ratio of 0.71 and a debt-to-equity ratio of 1.71. The company has a market cap of $41.52 billion, a price-to-earnings ratio of -43.18 and a beta of 0.54. The business’s fifty day moving average price is $228.18 and its two-hundred day moving average price is $242.03.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, July 24th. The electric vehicle producer reported ($2.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.55) by ($0.76). Tesla had a negative net margin of 2.64% and a negative return on equity of 11.42%. The company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.44 billion. During the same period in the prior year, the business earned ($3.06) earnings per share. The company’s revenue for the quarter was up 58.7% compared to the same quarter last year. Equities analysts expect that Tesla Inc will post -7.51 earnings per share for the current fiscal year.

About Tesla

Tesla, Inc designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Netherlands, Norway, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers sedans and sport utility vehicles.

Read More: Outstanding Shares, Buying and Selling Stocks

Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

Receive News & Ratings for Tesla Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tesla and related companies with MarketBeat.com's FREE daily email newsletter.