Tesla, Inc. (NASDAQ:TSLA) Shares Bought by Summit Global Investments

Summit Global Investments lifted its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 350.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 36,810 shares of the electric vehicle producer’s stock after acquiring an additional 28,635 shares during the period. Tesla accounts for approximately 0.9% of Summit Global Investments’ portfolio, making the stock its 18th biggest holding. Summit Global Investments’ holdings in Tesla were worth $14,865,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TSLA. Mindset Wealth Management LLC boosted its stake in shares of Tesla by 15.7% during the 4th quarter. Mindset Wealth Management LLC now owns 3,283 shares of the electric vehicle producer’s stock worth $1,326,000 after purchasing an additional 446 shares during the last quarter. Wealth Advisors of Iowa LLC purchased a new position in shares of Tesla during the fourth quarter valued at approximately $344,000. 1620 Investment Advisors Inc. boosted its position in Tesla by 189.7% during the fourth quarter. 1620 Investment Advisors Inc. now owns 678 shares of the electric vehicle producer’s stock worth $274,000 after acquiring an additional 444 shares during the last quarter. Lakeshore Financial Planning Inc. purchased a new stake in Tesla in the 4th quarter worth approximately $253,000. Finally, Wayfinding Financial LLC acquired a new position in Tesla in the 4th quarter valued at $342,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Trading Up 5.3 %

NASDAQ:TSLA opened at $248.71 on Friday. Tesla, Inc. has a one year low of $138.80 and a one year high of $488.54. The business’s 50-day simple moving average is $335.19 and its 200 day simple moving average is $319.68. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02. The stock has a market cap of $799.98 billion, a price-to-earnings ratio of 121.92, a price-to-earnings-growth ratio of 5.86 and a beta of 2.50.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. As a group, sell-side analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In other Tesla news, Director Kathleen Wilson-Thompson sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $411.63, for a total transaction of $41,163,000.00. Following the sale, the director now owns 5,400 shares in the company, valued at $2,222,802. This represents a 94.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Vaibhav Taneja sold 7,000 shares of Tesla stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $413.56, for a total value of $2,894,920.00. Following the completion of the transaction, the chief financial officer now owns 108,965 shares of the company’s stock, valued at approximately $45,063,565.40. The trade was a 6.04 % decrease in their position. 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 ninety days. 20.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

TSLA has been the subject of a number of recent analyst reports. Morgan Stanley lowered their price objective on Tesla from $430.00 to $410.00 and set an “overweight” rating for the company in a research report on Friday. Benchmark began coverage on Tesla in a report on Wednesday, February 12th. They issued a “buy” rating and a $475.00 price target for the company. UBS Group cut their price objective on shares of Tesla from $259.00 to $225.00 and set a “sell” rating on the stock in a report on Monday, March 10th. JPMorgan Chase & Co. lowered their target price on shares of Tesla from $135.00 to $120.00 and set an “underweight” rating for the company in a report on Wednesday, March 12th. Finally, Royal Bank of Canada cut their price target on shares of Tesla from $440.00 to $320.00 and set an “outperform” rating on the stock in a research note on Tuesday. Nine analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $318.93.

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.