Tesla, Inc. (NASDAQ:TSLA) Shares Sold by Summit Wealth Partners LLC

Summit Wealth Partners LLC reduced its holdings in Tesla, Inc. (NASDAQ:TSLA) by 43.4% during the fourth quarter, Holdings Channel reports. The firm owned 949 shares of the electric vehicle producer’s stock after selling 727 shares during the period. Summit Wealth Partners LLC’s holdings in Tesla were worth $383,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Transcendent Capital Group LLC acquired a new stake in shares of Tesla during the 3rd quarter valued at $29,000. Peterson Financial Group Inc. acquired a new stake in shares of Tesla during the third quarter worth $35,000. E Fund Management Hong Kong Co. Ltd. lifted its holdings in shares of Tesla by 692.6% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 214 shares of the electric vehicle producer’s stock valued at $56,000 after purchasing an additional 187 shares during the last quarter. Finley Financial LLC acquired a new position in shares of Tesla in the 4th quarter valued at $64,000. Finally, Abich Financial Wealth Management LLC increased its stake in Tesla by 136.4% in the 3rd quarter. Abich Financial Wealth Management LLC now owns 305 shares of the electric vehicle producer’s stock worth $80,000 after purchasing an additional 176 shares in the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TSLA. Truist Financial raised their target price on shares of Tesla from $351.00 to $373.00 and gave the stock a “hold” rating in a report on Thursday, January 30th. Morgan Stanley lifted their price objective on shares of Tesla from $400.00 to $430.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Mizuho restated an “outperform” rating and issued a $515.00 target price on shares of Tesla in a report on Thursday, January 30th. The Goldman Sachs Group lifted their price target on Tesla from $250.00 to $345.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Finally, Robert W. Baird decreased their price objective on Tesla from $480.00 to $440.00 and set an “outperform” rating for the company in a research report on Thursday, January 30th. Nine analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $322.29.

Tesla Trading Down 3.4 %

Tesla stock opened at $361.62 on Monday. The business has a 50 day moving average price of $408.27 and a two-hundred day moving average price of $303.93. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $488.54. The stock has a market cap of $1.16 trillion, a price-to-earnings ratio of 177.27, a price-to-earnings-growth ratio of 6.22 and a beta of 2.34.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. As a group, equities analysts forecast that Tesla, Inc. will post 2.54 EPS for the current year.

Insider Activity

In related news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $374.21, for a total value of $975,191.26. Following the sale, the chief financial officer now owns 108,965 shares of the company’s stock, valued at $40,775,792.65. The trade was a 2.34 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robyn M. Denholm sold 112,390 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $314.44, for a total value of $35,339,911.60. Following the transaction, the director now owns 85,000 shares of the company’s stock, valued at $26,727,400. This represents a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 560,776 shares of company stock worth $203,744,862. Corporate insiders own 20.70% of the company’s stock.

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.