Tesla Motors Inc Director Rakes In $4.2M In Share Sales

Tesla Motors Inc Director Rakes In $4.2M In Share Sales
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Tesla Motors Inc (NASDAQ:TSLA) insiders aren’t known for selling their stock very often, but director Antonio Gracias has begun to unload some of his shares in the automaker. Last week, Gracias sold 20,000 shares, and this week, he sold an additional 20,000 shares of Tesla.

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Tesla director sells shares this week

According to regulatory filings with the Securities and Exchange Commission, Gracias sold his shares on Tuesday and Wednesday for an average price of $210.49, turning his paper profits into more than $4.2 million. The regulatory filing shows that all of the shares he sold were indirectly owned by him through a couple of different entities. He sold the 20,000 shares in 23 separate transactions, five of which were on Tuesday and the rest on Wednesday. After the sales of all those shares, Gracias had 46,633 more shares of Tesla Motors Inc (NASDAQ:TSLA) remaining.

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A handful of insiders at Tesla Motors Inc (NASDAQ:TSLA) have sold some shares over the last month or so, but those sales don’t appear to be having an effect on the stock price.

Short interest in Tesla falls

In only about a month, short in Tesla Motors Inc (NASDAQ:TSLA) has slumped meaningfully as sentiment started to shift back toward the positive. NASDAQ data shows that as of May 15, more than 25.2 million shares were sold short. That’s a 6% decline from the previous interest at the end of April, which was recorded as more than 26.7 million shares.

However, there is still significant short interest in Tesla Motors Inc (NASDAQ:TSLA), as more than 29% of its shares are sold short. The number of days to cover is also rather high, at more than three days.

Morgan Stanley still loves Tesla

In spite of the high short interest, several analysts still like Tesla Motors Inc (NASDAQ:TSLA). While many have focused on the company’s technology and whether it can increase or speed up adoption of electric vehicles, analyst Adam Jonas thinks it’s more about how fun the Model S is to drive. He thinks that it just happens to be an electric car and that Tesla’s fate isn’t tied to the EV market.

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Michelle Jones is editor-in-chief for ValueWalk.com and has been with the site since 2012. Previously, she was a television news producer for eight years. She produced the morning news programs for the NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spent a short time at the CBS affiliate in Huntsville. She has experience as a writer and public relations expert for a wide variety of businesses. Email her at Mjones@valuewalk.com.
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  1. From day 1 the cause of that fire was identified as faulty house wiring, not the car or charging station. Most companies would simply point the finger and leave it at that, but Tesla is not like most companies.They want to be sure they do everything they can for the safety of their customers, even if their product is not the cause. They distributed a software update to all cars over the air so now the car can detect suspected house wiring issues like this and slow down the charging rate to be safe. And they distributed, free of charge to all Model S owners, a new charging station adaptor (that plugs into the customer’s wall socket) that is more resistant to heat generated by bad wiring in the wall socket.

  2. How many $214.80 investors/Model S devotees got scalped today?

    Point of information. I now know, that the Model S is powered by a 3 phase AC motor. Wow! Hope the motor casing is well insulated.

    Anybody heard how the Tesla Motors Inc. led, Toronto, Canada fire investigation is coming along? Was drive motor invertor involved in anyway?

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