IAG Wealth Partners LLC Cuts Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

IAG Wealth Partners LLC decreased its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 14.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 271 shares of the electric vehicle producer’s stock after selling 45 shares during the quarter. IAG Wealth Partners LLC’s holdings in Tesla were worth $109,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. CFO4Life Group LLC grew its holdings in shares of Tesla by 1.8% during the fourth quarter. CFO4Life Group LLC now owns 4,192 shares of the electric vehicle producer’s stock valued at $1,693,000 after buying an additional 74 shares during the last quarter. PGGM Investments boosted its holdings in Tesla by 100.6% in the fourth quarter. PGGM Investments now owns 112,312 shares of the electric vehicle producer’s stock worth $45,356,000 after purchasing an additional 56,324 shares during the last quarter. Stelac Advisory Services LLC boosted its holdings in Tesla by 5.2% in the fourth quarter. Stelac Advisory Services LLC now owns 762 shares of the electric vehicle producer’s stock worth $308,000 after purchasing an additional 38 shares during the last quarter. 1776 Wealth LLC boosted its holdings in Tesla by 1.5% in the fourth quarter. 1776 Wealth LLC now owns 16,698 shares of the electric vehicle producer’s stock worth $6,743,000 after purchasing an additional 250 shares during the last quarter. Finally, Bowen Hanes & Co. Inc. purchased a new stake in Tesla in the fourth quarter worth approximately $67,774,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Stock Performance

Shares of NASDAQ:TSLA opened at $248.09 on Thursday. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $797.99 billion, a price-to-earnings ratio of 121.61, a PEG ratio of 5.86 and a beta of 2.50. The firm’s 50-day moving average is $357.29 and its 200 day moving average is $319.03. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $488.54.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 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%. Research analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 7,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $413.56, for a total transaction of $2,894,920.00. Following the transaction, the chief financial officer now directly owns 108,965 shares in the company, valued at approximately $45,063,565.40. This trade represents a 6.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James R. Murdoch sold 54,776 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $240.79, for a total transaction of $13,189,513.04. Following the transaction, the director now owns 477,011 shares in the company, valued at approximately $114,859,478.69. This represents a 10.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 477,228 shares of company stock worth $166,849,043 in the last three months. Corporate insiders own 20.70% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TSLA. Roth Capital upgraded shares of Tesla from a “hold” rating to a “strong-buy” rating in a report on Monday, December 2nd. Cantor Fitzgerald reiterated a “neutral” rating and set a $365.00 price target on shares of Tesla in a research note on Wednesday, January 29th. Bank of America dropped their price target on shares of Tesla from $490.00 to $380.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Piper Sandler lifted their price target on shares of Tesla from $315.00 to $500.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 21st. Finally, Benchmark initiated coverage on shares of Tesla in a research note on Wednesday, February 12th. They set a “buy” rating and a $475.00 price target on the stock. Nine research analysts have rated the stock with a sell rating, ten have issued a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Tesla presently has a consensus rating of “Hold” and an average target price of $325.81.

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.