Pinnacle Wealth Management Advisory Group LLC Lowers Holdings in Tesla, Inc. (NASDAQ:TSLA)

Pinnacle Wealth Management Advisory Group LLC lessened its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 3.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,338 shares of the electric vehicle producer’s stock after selling 492 shares during the quarter. Pinnacle Wealth Management Advisory Group LLC’s holdings in Tesla were worth $3,314,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mount Vernon Associates Inc. MD increased its position in Tesla by 5.3% in the fourth quarter. Mount Vernon Associates Inc. MD now owns 6,940 shares of the electric vehicle producer’s stock worth $1,724,000 after purchasing an additional 350 shares during the last quarter. Oak Ridge Investments LLC boosted its position in shares of Tesla by 4.6% during the third quarter. Oak Ridge Investments LLC now owns 32,230 shares of the electric vehicle producer’s stock valued at $8,065,000 after buying an additional 1,405 shares during the period. Corient Private Wealth LLC boosted its stake in shares of Tesla by 3.7% during the third quarter. Corient Private Wealth LLC now owns 728,615 shares of the electric vehicle producer’s stock valued at $182,352,000 after purchasing an additional 25,943 shares during the period. J.W. Cole Advisors Inc. grew its holdings in shares of Tesla by 16.6% in the fourth quarter. J.W. Cole Advisors Inc. now owns 46,414 shares of the electric vehicle producer’s stock worth $11,533,000 after purchasing an additional 6,615 shares during the last quarter. Finally, Nordea Investment Management AB increased its stake in Tesla by 11.8% in the 4th quarter. Nordea Investment Management AB now owns 776,765 shares of the electric vehicle producer’s stock worth $193,935,000 after buying an additional 81,729 shares during the period. Institutional investors own 66.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Morgan Stanley reduced their target price on shares of Tesla from $320.00 to $310.00 and set an “overweight” rating on the stock in a research report on Thursday, April 4th. Piper Sandler reiterated an “overweight” rating and issued a $205.00 target price on shares of Tesla in a report on Monday, April 22nd. Redburn Atlantic started coverage on Tesla in a research note on Wednesday, January 24th. They set a “sell” rating and a $170.00 price target on the stock. Robert W. Baird reiterated an “outperform” rating and issued a $280.00 price target on shares of Tesla in a report on Wednesday, April 17th. Finally, Truist Financial cut their price objective on shares of Tesla from $176.00 to $162.00 and set a “hold” rating on the stock in a report on Wednesday, April 24th. Eight analysts have rated the stock with a sell rating, seventeen have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $185.90.

Insider Transactions at Tesla

In other Tesla news, Director Robyn M. Denholm sold 93,705 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the transaction, the director now owns 15,000 shares of the company’s stock, valued at $2,772,900. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the sale, the director now owns 15,000 shares of the company’s stock, valued at approximately $2,772,900. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Xiaotong Zhu sold 687 shares of Tesla stock in a transaction on Wednesday, March 6th. The shares were 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 owns 63,171 shares in the company, valued at approximately $11,188,215.81. The disclosure for this sale can be found here. Insiders sold 302,803 shares of company stock valued at $56,124,840 over the last 90 days. 20.90% of the stock is currently owned by corporate insiders.

Tesla Price Performance

NASDAQ:TSLA traded down $2.11 during trading hours on Thursday, hitting $172.61. 47,200,506 shares of the stock were exchanged, compared to its average volume of 103,200,867. The firm’s fifty day moving average price is $173.12 and its 200 day moving average price is $204.32. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $299.29. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.04. The company has a market cap of $550.49 billion, a P/E ratio of 44.36, a P/E/G ratio of 4.74 and a beta of 2.41.

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.