Tesla, Inc. (NASDAQ:TSLA) Shares Purchased by Summit Financial Strategies Inc.

Summit Financial Strategies Inc. raised its holdings in Tesla, Inc. (NASDAQ:TSLA) by 14.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 10,772 shares of the electric vehicle producer’s stock after acquiring an additional 1,321 shares during the period. Tesla accounts for about 0.5% of Summit Financial Strategies Inc.’s holdings, making the stock its 25th biggest position. Summit Financial Strategies Inc.’s holdings in Tesla were worth $4,350,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in TSLA. Heartland Bank & Trust Co increased its stake in Tesla by 0.8% in the fourth quarter. Heartland Bank & Trust Co now owns 6,286 shares of the electric vehicle producer’s stock valued at $2,539,000 after purchasing an additional 49 shares during the last quarter. Mount Yale Investment Advisors LLC increased its stake in shares of Tesla by 170.9% during the 4th quarter. Mount Yale Investment Advisors LLC now owns 12,924 shares of the electric vehicle producer’s stock valued at $5,219,000 after acquiring an additional 8,154 shares during the last quarter. Refined Wealth Management purchased a new position in shares of Tesla during the 4th quarter worth about $209,000. Curran Financial Partners LLC grew its holdings in Tesla by 29.2% in the fourth quarter. Curran Financial Partners LLC now owns 1,093 shares of the electric vehicle producer’s stock valued at $441,000 after purchasing an additional 247 shares during the period. Finally, McLean Asset Management Corp increased its position in Tesla by 3.9% during the fourth quarter. McLean Asset Management Corp now owns 958 shares of the electric vehicle producer’s stock worth $387,000 after purchasing an additional 36 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Trading Up 2.9 %

NASDAQ TSLA opened at $400.28 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. Tesla, Inc. has a one year low of $138.80 and a one year high of $488.54. The company has a 50-day simple moving average of $401.98 and a 200-day simple moving average of $297.28. The firm has a market capitalization of $1.28 trillion, a PE ratio of 109.67, a price-to-earnings-growth ratio of 8.42 and a beta of 2.30.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a net margin of 13.07% and a return on equity of 10.24%. On average, equities analysts forecast that Tesla, Inc. will post 2.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

TSLA has been the subject of several research reports. Wells Fargo & Company boosted their price objective on shares of Tesla from $125.00 to $135.00 and gave the company an “underweight” rating in a research note on Thursday. UBS Group boosted their price target on Tesla from $226.00 to $259.00 and gave the company a “sell” rating in a research report on Thursday. Truist Financial lifted their price objective on Tesla from $351.00 to $373.00 and gave the company a “hold” rating in a research note on Thursday. Evercore ISI raised their price target on shares of Tesla from $195.00 to $275.00 and gave the company an “in-line” rating in a report on Friday, January 3rd. Finally, Jefferies Financial Group boosted their price objective on shares of Tesla from $195.00 to $300.00 and gave the stock a “hold” rating in a research note on Thursday, November 14th. Eight equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $318.31.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 8,000 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $300.37, for a total transaction of $2,402,960.00. Following the completion of the transaction, the chief financial officer now owns 105,032 shares in the company, valued at approximately $31,548,461.84. This represents a 7.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at approximately $26,727,400. This represents a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 553,386 shares of company stock valued at $196,305,796 over the last three months. Company insiders own 20.70% of the company’s stock.

About Tesla

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.