Pinnacle Wealth Management LLC boosted its holdings in Tesla Inc. by 18.2% during the second quarter, according to its latest 13F filing with the SEC. The firm now owns 7,914 shares valued at $2.514 million. Meanwhile, Signature Estate & Investment Advisors LLC reduced its position by 4.5%, holding 13,839 shares worth $4.396 million.
Pinnacle Wealth Management LLC increased its position in Tesla Inc. (NASDAQ:TSLA) shares by 18.2% in the second quarter, purchasing an additional 1,219 shares to reach a total of 7,914 shares. These holdings were valued at $2,514,000 at the end of the period, representing about 2.1% of the firm's portfolio and ranking as its 20th largest holding.
In contrast, Signature Estate & Investment Advisors LLC trimmed its Tesla stake by 4.5% during the same quarter, selling 649 shares to end with 13,839 shares worth $4,396,000. These adjustments were disclosed in the firms' most recent 13F filings with the Securities and Exchange Commission.
Other institutional investors also modified their Tesla positions in the second quarter. Financial Synergies Wealth Advisors Inc. raised its holdings by 11.7% to 1,379 shares valued at $438,000. Dumont & Blake Investment Advisors LLC initiated a new stake worth $212,000. Arcus Capital Partners LLC increased by 14.1% to 3,827 shares at $1,216,000. Goldstein Advisors LLC grew its position by 26.7% to 1,780 shares worth $565,000. Wealthstream Advisors Inc. added 17.3% to hold 2,847 shares valued at $904,000.
Hedge funds and institutional investors collectively own 66.20% of Tesla's stock. Tesla's shares opened at $439.31 on Friday, with a market capitalization of $1.46 trillion, a price-to-earnings ratio of 253.94, and a beta of 2.08. The stock's 52-week range spans $212.11 to $488.54.
Tesla reported second-quarter earnings on July 23, posting $0.40 earnings per share, below the $0.43 consensus estimate, and revenue of $22.50 billion, missing $23.18 billion expectations and down 11.8% year-over-year. Analysts forecast $2.56 EPS for the current year. Wall Street's consensus rating is Hold, with a $363.54 target price: two Strong Buy, 21 Buy, 12 Hold, and 10 Sell ratings.
Recent insider activity includes sales by executives. CFO Vaibhav Taneja sold 2,606 shares on September 8 at $352.38 for $918,302. Director James R. Murdoch sold 60,000 shares on September 15 at $422.68 for $25,360,800. SVP Xiaotong Zhu sold 20,000 shares on September 11 at $363.75 for $7,275,000. Over the last 90 days, insiders sold 202,606 shares worth $75,588,902, with insiders owning 19.90% of the company.