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

Summit Wealth Partners LLC reduced its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 6.8% in the second quarter, according to its most recent filing with the SEC. The fund owned 1,941 shares of the electric vehicle producer’s stock after selling 142 shares during the period. Summit Wealth Partners LLC’s holdings in Tesla were worth $384,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp grew its holdings in shares of Tesla by 46.3% during the 4th quarter. Jones Financial Companies Lllp now owns 6,296 shares of the electric vehicle producer’s stock valued at $1,564,000 after purchasing an additional 1,993 shares during the last quarter. Peapack Gladstone Financial Corp increased its holdings in shares of Tesla by 6.4% in the fourth quarter. Peapack Gladstone Financial Corp now owns 18,771 shares of the electric vehicle producer’s stock worth $4,666,000 after buying an additional 1,135 shares during the period. Edge Capital Group LLC lifted its stake in shares of Tesla by 17.9% in the 4th quarter. Edge Capital Group LLC now owns 1,195 shares of the electric vehicle producer’s stock valued at $297,000 after acquiring an additional 181 shares during the last quarter. Capital International Ltd. CA boosted its holdings in Tesla by 0.8% during the 4th quarter. Capital International Ltd. CA now owns 275,997 shares of the electric vehicle producer’s stock valued at $68,580,000 after acquiring an additional 2,143 shares during the period. Finally, Capital International Sarl grew its position in Tesla by 11.6% during the 4th quarter. Capital International Sarl now owns 305,164 shares of the electric vehicle producer’s stock worth $75,827,000 after acquiring an additional 31,842 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Stock Performance

Shares of TSLA opened at $258.02 on Wednesday. The firm has a market capitalization of $824.28 billion, a P/E ratio of 65.82, a PEG ratio of 7.08 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. Tesla, Inc. has a one year low of $138.80 and a one year high of $271.00. The business has a fifty day moving average of $222.33 and a 200 day moving average of $200.24.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.10). The business had revenue of $25.50 billion for the quarter, compared to analysts’ expectations of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. Tesla’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.78 EPS. As a group, sell-side analysts anticipate that Tesla, Inc. will post 1.75 EPS for the current year.

Analyst Ratings Changes

TSLA has been the topic of several recent analyst reports. Oppenheimer restated a “market perform” rating on shares of Tesla in a report on Tuesday, July 9th. Argus restated a “buy” rating and issued a $286.00 price objective on shares of Tesla in a research report on Friday, July 26th. Robert W. Baird restated an “outperform” rating and set a $280.00 price target on shares of Tesla in a report on Tuesday, August 20th. TD Cowen boosted their target price on Tesla from $160.00 to $180.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Finally, Citigroup dropped their price target on Tesla from $274.00 to $258.00 and set a “neutral” rating for the company in a research note on Wednesday, July 24th. Nine analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $209.90.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 8,000 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the completion of the sale, the chief financial officer now owns 105,032 shares of the company’s stock, valued at approximately $26,258,000. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Tesla news, CFO Vaibhav Taneja sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the sale, the chief financial officer now owns 105,032 shares in the company, valued at approximately $26,258,000. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the transaction, the director now owns 85,000 shares of the company’s stock, valued at $18,696,600. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 74,661 shares of company stock worth $16,663,291. Company insiders own 25.10% of the company’s stock.

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.