Altus Wealth Group LLC Decreases Position in Tesla, Inc. (NASDAQ:TSLA)

Altus Wealth Group LLC lowered its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 50.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,878 shares of the electric vehicle producer’s stock after selling 1,885 shares during the quarter. Altus Wealth Group LLC’s holdings in Tesla were worth $758,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of TSLA. Peterson Financial Group Inc. acquired a new stake in Tesla in the 3rd quarter valued at about $35,000. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in shares of Tesla during the fourth quarter worth approximately $46,000. Parkworth Wealth Management Inc. purchased a new position in Tesla in the fourth quarter worth approximately $47,000. PayPay Securities Corp grew its holdings in Tesla by 130.2% during the 4th quarter. PayPay Securities Corp now owns 122 shares of the electric vehicle producer’s stock worth $49,000 after acquiring an additional 69 shares in the last quarter. Finally, Rialto Wealth Management LLC purchased a new stake in shares of Tesla in the 4th quarter valued at approximately $55,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Tesla

In other news, Director James R. Murdoch sold 54,776 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $240.79, for a total value of $13,189,513.04. Following the sale, the director now directly owns 477,011 shares in the company, valued at $114,859,478.69. This represents a 10.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 2,672 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $268.73, for a total value of $718,046.56. Following the sale, the chief financial officer now directly owns 26,950 shares in the company, valued at approximately $7,242,273.50. The trade was a 9.02 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 477,228 shares of company stock valued at $166,849,043. 20.70% of the stock is owned by corporate insiders.

Analyst Ratings Changes

TSLA has been the subject of a number of recent analyst reports. Canaccord Genuity Group reaffirmed a “buy” rating and set a $404.00 price target on shares of Tesla in a report on Tuesday, March 11th. Barclays raised their price objective on Tesla from $270.00 to $325.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 15th. Evercore ISI boosted their target price on Tesla from $195.00 to $275.00 and gave the company an “in-line” rating in a report on Friday, January 3rd. StockNews.com downgraded Tesla from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Finally, Wells Fargo & Company reduced their price objective on Tesla from $135.00 to $130.00 and set an “underweight” rating for the company in a research note on Friday. Nine investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $325.65.

Tesla Trading Up 3.9 %

Shares of TSLA stock opened at $249.98 on Friday. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $488.54. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. The business has a fifty day simple moving average of $351.31 and a 200-day simple moving average of $319.51. The stock has a market cap of $804.06 billion, a P/E ratio of 122.54, a P/E/G ratio of 5.86 and a beta of 2.50.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. On average, analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Tesla 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.