Mitchell Mcleod Pugh & Williams Adjusts Tesla Holdings Amid Market Activity

Mitchell Mcleod Pugh & Williams Inc. has reduced its stake in Tesla, Inc. (NASDAQ: TSLA) by 0.3% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission (SEC). The investment fund now holds 12,586 shares of the electric vehicle manufacturer, having sold 37 shares in the process. Tesla accounts for approximately 0.7% of Mitchell Mcleod Pugh & Williams Inc.’s overall investment portfolio, making it the firm’s 26th largest holding. At the close of the reporting period, the value of the fund’s Tesla shares stood at approximately $3,998,000.

Several other institutional investors have also made notable adjustments to their Tesla investments recently. For instance, Cherry Tree Wealth Management LLC increased its stake by an impressive 86.3% in the first quarter, acquiring an additional 44 shares to bring its total to 95 shares, valued at $25,000. Similarly, First PREMIER Bank raised its stake by 79.2% during the same period, also resulting in ownership of 95 shares valued at $25,000 after adding 42 shares to its portfolio.

Another significant increase came from Newton One Investments LLC, which raised its position in Tesla by 250.0%, resulting in ownership of 105 shares worth $27,000 after acquiring 75 additional shares. Arcadia Investment Management Corp entered the Tesla market for the first time, purchasing shares valued at around $27,000. Additionally, Chelsea Counsel Co. boosted its holdings by 59.7%, now owning 107 shares valued at $28,000. Collectively, institutional investors and hedge funds now hold 66.20% of Tesla’s stock.

Tesla’s Market Performance and Insider Transactions

Tesla’s stock opened at $435.15 on Thursday. The company has experienced significant price fluctuations, with a 52-week low of $212.11 and a 52-week high of $488.54. Tesla currently boasts a market capitalization of $1.45 trillion, a price-to-earnings ratio of 251.53, and a P/E/G ratio of 15.47. The firm’s 50-day simple moving average sits at $383.21, while the 200-day simple moving average is $330.90. Notably, Tesla maintains a low debt-to-equity ratio of 0.07, along with a quick ratio of 1.55 and a current ratio of 2.04.

Recent insider trading activity has also attracted attention. On September 11, Xiaotong Zhu, Senior Vice President, sold 20,000 shares at an average price of $363.75, totaling $7,275,000. Following this transaction, Zhu’s ownership decreased by 29.59%, leaving him with 47,600 shares valued at approximately $17,314,500. Additionally, James R. Murdoch, a director of Tesla, sold 120,000 shares on August 26 at an average price of $350.29, resulting in a total transaction value of $42,034,800. Murdoch now owns 697,031 shares, valued at around $244,162,988.99, which reflects a 14.69% decrease in his holdings.

Overall, insiders have sold a total of 202,606 shares worth approximately $75,588,902 in the last ninety days, with insiders currently holding 19.90% of the company’s stock.

Analysts Adjust Price Targets for Tesla

Tesla has been a focal point for numerous research analysts, resulting in a flurry of updated price targets. The Goldman Sachs Group raised its price target from $395.00 to $425.00 while maintaining a “neutral” rating in a report published on October 3. In a separate review, CICC Research adjusted its price target from $360.00 to $450.00, assigning an “outperform” rating on September 18.

Other analysts have issued their evaluations as well. Needham & Company LLC reaffirmed a “hold” rating on July 24, while Piper Sandler increased its price target from $400.00 to $500.00, issuing an “overweight” rating on September 22. Finally, HSBC raised its price objective from $120.00 to $127.00 on September 29.

Currently, two analysts have issued a “Strong Buy” rating for Tesla, while twenty-one analysts have rated the stock as a Buy. Thirteen have given it a Hold rating, and eight have assigned a Sell rating. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $363.03.

Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles, along with energy generation and storage systems, both in the United States and globally. The company operates through two main segments: Automotive and Energy Generation and Storage. The Automotive segment includes electric vehicles, regulatory credits, and various after-sales services.

For further insights into Tesla and its stakeholders, visit HoldingsChannel.com for the latest updates on hedge fund activity and insider trades related to Tesla, Inc. (NASDAQ: TSLA).