Summit Financial LLC Reduces Position in Tesla, Inc. (NASDAQ:TSLA)

Summit Financial LLC lessened its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 3.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 22,700 shares of the electric vehicle producer’s stock after selling 775 shares during the quarter. Summit Financial LLC’s holdings in Tesla were worth $5,640,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Wyrmwood Management LLC purchased a new stake in shares of Tesla in the fourth quarter valued at about $25,000. Lam Group Inc. acquired a new position in shares of Tesla during the 4th quarter valued at about $25,000. Mendota Financial Group LLC increased its stake in Tesla by 202.2% during the fourth quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock worth $34,000 after acquiring an additional 91 shares during the last quarter. Kathleen S. Wright Associates Inc. increased its holdings in Tesla by 111.1% in the 4th quarter. Kathleen S. Wright Associates Inc. now owns 190 shares of the electric vehicle producer’s stock valued at $47,000 after purchasing an additional 100 shares in the last quarter. Finally, Cordant Inc. acquired a new stake in shares of Tesla in the third quarter valued at about $53,000. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on TSLA shares. HSBC reduced their price target on Tesla from $138.00 to $120.00 and set a “reduce” rating for the company in a report on Wednesday, April 24th. Morgan Stanley lowered their target price on Tesla from $320.00 to $310.00 and set an “overweight” rating on the stock in a research report on Thursday, April 4th. Roth Mkm reaffirmed a “neutral” rating and set a $85.00 target price on shares of Tesla in a research note on Wednesday, April 24th. Deutsche Bank Aktiengesellschaft lifted their target price on Tesla from $123.00 to $136.00 and gave the stock a “hold” rating in a report on Thursday, April 25th. Finally, Citigroup upped their price target on shares of Tesla from $180.00 to $182.00 and gave the company a “neutral” rating in a research report on Wednesday, April 24th. Eight analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Tesla has an average rating of “Hold” and a consensus price target of $184.32.

Tesla Stock Down 1.8 %

Shares of Tesla stock traded down $3.29 during trading on Wednesday, reaching $179.99. The company’s stock had a trading volume of 92,577,555 shares, compared to its average volume of 105,217,711. The company has a 50-day simple moving average of $174.71 and a two-hundred day simple moving average of $206.29. The company has a market cap of $574.02 billion, a price-to-earnings ratio of 45.96, a P/E/G ratio of 5.28 and a beta of 2.39. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $299.29. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.04.

Insider Transactions at Tesla

In related news, SVP Xiaotong Zhu sold 687 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $177.11, for a total transaction of $121,674.57. Following the completion of the sale, the senior vice president now owns 63,171 shares of the company’s stock, valued at approximately $11,188,215.81. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Tesla news, SVP Xiaotong Zhu sold 687 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $177.11, for a total transaction of $121,674.57. Following the sale, the senior vice president now directly owns 63,171 shares in the company, valued at approximately $11,188,215.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Andrew D. Baglino sold 10,500 shares of Tesla stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $176.20, for a total transaction of $1,850,100.00. Following the sale, the senior vice president now owns 31,230 shares of the company’s stock, valued at $5,502,726. The disclosure for this sale can be found here. Insiders have sold 209,098 shares of company stock valued at $38,802,534 in the last 90 days. 20.90% of the stock is currently owned by company insiders.

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.