Summit Financial Wealth Advisors LLC Trims Holdings in Tesla, Inc. (NASDAQ:TSLA)

Summit Financial Wealth Advisors LLC cut its stake in Tesla, Inc. (NASDAQ:TSLAFree Report) by 3.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,127 shares of the electric vehicle producer’s stock after selling 150 shares during the quarter. Summit Financial Wealth Advisors LLC’s holdings in Tesla were worth $1,025,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of TSLA. Vanguard Group Inc. raised its stake in Tesla by 1.6% during the third quarter. Vanguard Group Inc. now owns 225,940,011 shares of the electric vehicle producer’s stock worth $56,534,710,000 after purchasing an additional 3,453,078 shares during the period. State Street Corp raised its position in shares of Tesla by 4.4% during the 2nd quarter. State Street Corp now owns 104,115,390 shares of the electric vehicle producer’s stock valued at $27,254,286,000 after buying an additional 4,431,570 shares during the period. Morgan Stanley lifted its holdings in Tesla by 7.8% in the third quarter. Morgan Stanley now owns 30,160,747 shares of the electric vehicle producer’s stock valued at $7,546,823,000 after acquiring an additional 2,177,397 shares during the last quarter. FMR LLC increased its stake in Tesla by 0.9% during the third quarter. FMR LLC now owns 29,040,734 shares of the electric vehicle producer’s stock worth $7,266,572,000 after acquiring an additional 269,182 shares during the last quarter. Finally, Norges Bank purchased a new stake in Tesla in the fourth quarter valued at $3,459,540,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on TSLA. Oppenheimer restated a “market perform” rating on shares of Tesla in a report on Monday, March 25th. Edward Jones lowered shares of Tesla from a “buy” rating to a “hold” rating in a report on Friday, January 26th. KGI Securities reissued a “neutral” rating and issued a $213.00 target price (down previously from $309.00) on shares of Tesla in a research report on Thursday, January 25th. Royal Bank of Canada restated an “outperform” rating and set a $298.00 price target on shares of Tesla in a research report on Wednesday. Finally, China Renaissance began coverage on Tesla in a research report on Monday, February 26th. They issued a “hold” rating on the stock. Ten investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $204.63.

Get Our Latest Research Report on TSLA

Insider Activity

In other news, SVP Xiaotong Zhu sold 687 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $177.11, for a total value of $121,674.57. Following the completion of the sale, the senior vice president now directly owns 63,171 shares of the company’s stock, valued at approximately $11,188,215.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Robyn M. Denholm sold 93,706 shares of Tesla stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $194.73, for a total transaction of $18,247,369.38. Following the completion of the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at $2,920,950. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 687 shares of Tesla stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $177.11, for a total value of $121,674.57. Following the transaction, the senior vice president now directly owns 63,171 shares of the company’s stock, valued at $11,188,215.81. The disclosure for this sale can be found here. Insiders sold 198,598 shares of company stock valued at $36,952,434 in the last three months. 25.10% of the stock is currently owned by company insiders.

Tesla Trading Down 2.2 %

Shares of TSLA stock opened at $175.79 on Friday. The business’s 50 day moving average is $186.33 and its two-hundred day moving average is $221.06. Tesla, Inc. has a twelve month low of $152.37 and a twelve month high of $299.29. The company has a market capitalization of $559.85 billion, a P/E ratio of 40.79, a price-to-earnings-growth ratio of 3.97 and a beta of 2.41. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 0.05.

Tesla (NASDAQ:TSLAGet Free Report) last posted its quarterly earnings results on Wednesday, January 24th. The electric vehicle producer reported $0.71 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.03). The business had revenue of $25.17 billion during the quarter, compared to analyst estimates of $25.64 billion. Tesla had a net margin of 15.50% and a return on equity of 16.62%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.07 earnings per share. Equities analysts forecast that Tesla, Inc. will post 2.44 EPS for the current year.

Tesla Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

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