Summit Wealth & Retirement Planning Inc. Acquires 2,252 Shares of Tesla, Inc. $TSLA

Summit Wealth & Retirement Planning Inc. lifted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 47.4% in the second quarter, Holdings Channel.com reports. The fund owned 7,008 shares of the electric vehicle producer’s stock after purchasing an additional 2,252 shares during the period. Tesla comprises approximately 0.6% of Summit Wealth & Retirement Planning Inc.’s portfolio, making the stock its 24th largest holding. Summit Wealth & Retirement Planning Inc.’s holdings in Tesla were worth $2,226,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in TSLA. KCM Investment Advisors LLC increased its position in Tesla by 0.7% during the 2nd quarter. KCM Investment Advisors LLC now owns 14,723 shares of the electric vehicle producer’s stock valued at $4,677,000 after purchasing an additional 100 shares during the period. Chancellor Financial Group WB LP increased its position in shares of Tesla by 9.8% during the second quarter. Chancellor Financial Group WB LP now owns 1,785 shares of the electric vehicle producer’s stock valued at $567,000 after buying an additional 160 shares during the period. Rovin Capital UT ADV increased its position in shares of Tesla by 4.3% during the second quarter. Rovin Capital UT ADV now owns 3,276 shares of the electric vehicle producer’s stock valued at $1,041,000 after buying an additional 136 shares during the period. Harvest Portfolios Group Inc. lifted its holdings in Tesla by 107.8% in the second quarter. Harvest Portfolios Group Inc. now owns 319,450 shares of the electric vehicle producer’s stock worth $101,476,000 after buying an additional 165,744 shares during the period. Finally, Vestmark Advisory Solutions Inc. lifted its holdings in Tesla by 103.1% in the second quarter. Vestmark Advisory Solutions Inc. now owns 136,243 shares of the electric vehicle producer’s stock worth $43,279,000 after buying an additional 69,149 shares during the period. Institutional investors own 66.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on TSLA. Roth Capital set a $505.00 target price on Tesla and gave the stock a “buy” rating in a report on Thursday, October 23rd. Bank of America upped their price target on Tesla from $341.00 to $471.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 29th. China Renaissance raised their price objective on Tesla from $349.00 to $380.00 and gave the company a “hold” rating in a research report on Friday, October 24th. Barclays restated a “negative” rating and set a $350.00 target price (up previously from $275.00) on shares of Tesla in a report on Thursday, October 16th. Finally, Glj Research reiterated a “sell” rating on shares of Tesla in a research note on Wednesday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, thirteen have assigned a Hold rating and eleven have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $391.08.

Insider Buying and Selling

In related news, Director James R. Murdoch sold 120,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the transaction, the director directly owned 697,031 shares of the company’s stock, valued at approximately $244,162,988.99. This represents a 14.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction on Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the sale, the chief financial officer directly owned 9,856 shares of the company’s stock, valued at approximately $3,473,057.28. The trade was a 20.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 202,606 shares of company stock worth $75,588,902 in the last three months. Insiders own 19.90% of the company’s stock.

Tesla Stock Performance

Shares of Tesla stock opened at $429.52 on Friday. Tesla, Inc. has a 1 year low of $214.25 and a 1 year high of $488.54. The firm’s 50-day moving average is $420.97 and its 200 day moving average is $354.73. The stock has a market cap of $1.43 trillion, a price-to-earnings ratio of 286.35, a PEG ratio of 16.84 and a beta of 2.06. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.07 and a quick ratio of 1.67.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. The business had revenue of $28.10 billion during the quarter, compared to analyst estimates of $24.98 billion. Tesla had a net margin of 5.51% and a return on equity of 6.61%. Tesla’s revenue was up 11.6% compared to the same quarter last year. During the same period last year, the business earned $0.72 EPS. Sell-side analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

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.