Morris Financial Concepts Inc. Lowers Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Morris Financial Concepts Inc. lessened its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 3.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,571 shares of the electric vehicle producer’s stock after selling 332 shares during the quarter. Tesla accounts for about 0.8% of Morris Financial Concepts Inc.’s holdings, making the stock its 24th biggest holding. Morris Financial Concepts Inc.’s holdings in Tesla were worth $1,507,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wyrmwood Management LLC purchased a new stake in shares of Tesla in the 4th quarter worth about $25,000. Lam Group Inc. acquired a new stake in Tesla during the 4th quarter worth approximately $25,000. Mendota Financial Group LLC increased its position in Tesla by 202.2% during the 4th quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock worth $34,000 after purchasing an additional 91 shares in the last quarter. OLD Point Trust & Financial Services N A purchased a new position in Tesla in the 4th quarter worth approximately $37,000. Finally, Kathleen S. Wright Associates Inc. boosted its stake in shares of Tesla by 111.1% during the 4th quarter. Kathleen S. Wright Associates Inc. now owns 190 shares of the electric vehicle producer’s stock valued at $47,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Xiaotong Zhu sold 650 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total value of $113,236.50. Following the completion of the transaction, the senior vice president now directly owns 65,155 shares of the company’s stock, valued at $11,350,652.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Tesla news, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the completion of the sale, the director now owns 15,000 shares of the company’s stock, valued at $2,772,900. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Xiaotong Zhu sold 650 shares of Tesla stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $174.21, for a total value of $113,236.50. Following the sale, the senior vice president now directly owns 65,155 shares of the company’s stock, valued at approximately $11,350,652.55. The disclosure for this sale can be found here. Company insiders own 20.90% of the company’s stock.

Tesla Price Performance

TSLA traded up $11.98 on Monday, reaching $209.86. The stock had a trading volume of 134,659,469 shares, compared to its average volume of 95,645,531. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $299.29. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.04. The firm has a 50-day moving average of $177.80 and a 200-day moving average of $191.38. The company has a market capitalization of $669.29 billion, a price-to-earnings ratio of 53.54, a price-to-earnings-growth ratio of 4.91 and a beta of 2.31.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Tuesday, April 23rd. The electric vehicle producer reported $0.35 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.35. Tesla had a return on equity of 13.18% and a net margin of 14.37%. The business had revenue of $21.30 billion for the quarter, compared to analyst estimates of $22.15 billion. As a group, sell-side analysts anticipate that Tesla, Inc. will post 1.86 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Guggenheim restated a “sell” rating and set a $126.00 price objective on shares of Tesla in a research note on Tuesday, June 25th. Robert W. Baird reissued an “outperform” rating and issued a $280.00 price target on shares of Tesla in a research note on Wednesday, April 17th. Needham & Company LLC reaffirmed a “hold” rating on shares of Tesla in a research note on Wednesday, April 24th. Wells Fargo & Company restated an “underweight” rating and issued a $120.00 target price on shares of Tesla in a report on Monday. Finally, Oppenheimer restated a “market perform” rating on shares of Tesla in a report on Wednesday, April 24th. Seven equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $187.30.

Tesla Company 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.