Horizon Investment Services LLC Reduces Stake in Tesla, Inc. (NASDAQ:TSLA)

Horizon Investment Services LLC reduced its position in Tesla, Inc. (NASDAQ:TSLA) by 1.8% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 3,034 shares of the electric vehicle producer’s stock after selling 55 shares during the period. Horizon Investment Services LLC’s holdings in Tesla were worth $600,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of TSLA. Sterling Investment Advisors Ltd. increased its position in Tesla by 15.3% during the second quarter. Sterling Investment Advisors Ltd. now owns 9,617 shares of the electric vehicle producer’s stock worth $1,903,000 after buying an additional 1,275 shares in the last quarter. N.E.W. Advisory Services LLC increased its position in Tesla by 5.6% during the second quarter. N.E.W. Advisory Services LLC now owns 6,261 shares of the electric vehicle producer’s stock worth $1,239,000 after buying an additional 332 shares in the last quarter. SouthState Corp increased its position in Tesla by 54.0% during the second quarter. SouthState Corp now owns 2,692 shares of the electric vehicle producer’s stock worth $533,000 after buying an additional 944 shares in the last quarter. Nicholas Hoffman & Company LLC. increased its position in Tesla by 4.7% during the second quarter. Nicholas Hoffman & Company LLC. now owns 3,032 shares of the electric vehicle producer’s stock worth $600,000 after buying an additional 135 shares in the last quarter. Finally, Prospect Hill Management LLC increased its position in Tesla by 0.3% during the second quarter. Prospect Hill Management LLC now owns 99,506 shares of the electric vehicle producer’s stock worth $19,690,000 after buying an additional 325 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TSLA has been the subject of several recent research reports. HSBC raised their price target on Tesla from $120.00 to $130.00 in a research report on Wednesday, July 10th. Mizuho lifted their price objective on Tesla from $180.00 to $230.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. Robert W. Baird reaffirmed an “outperform” rating and issued a $280.00 price objective on shares of Tesla in a research report on Tuesday, August 20th. China Renaissance raised Tesla from a “hold” rating to a “buy” rating and set a $290.00 price objective for the company in a research report on Friday, July 5th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $310.00 target price on shares of Tesla in a report on Thursday. Nine investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $204.21.

Tesla Stock Up 4.9 %

NASDAQ:TSLA opened at $230.17 on Friday. The firm has a market capitalization of $735.31 billion, a PE ratio of 58.72, a price-to-earnings-growth ratio of 5.55 and a beta of 2.29. The stock has a 50 day moving average of $224.21 and a 200-day moving average of $193.52. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $278.98. The company has a current ratio of 1.91, a quick ratio of 1.40 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last posted its earnings results 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). The company had revenue of $25.50 billion for the quarter, compared to the consensus estimate of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period last year, the company posted $0.78 earnings per share. Analysts predict that Tesla, Inc. will post 1.79 EPS for the current year.

Insider Transactions at Tesla

In other news, Director Robyn M. Denholm sold 66,364 shares of the business’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 directly owns 85,000 shares in the company, valued at $18,696,600. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 25.10% of the company’s stock.

Tesla 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.