Summit Financial Strategies Inc. Raises Position in Tesla, Inc. (NASDAQ:TSLA)

Summit Financial Strategies Inc. raised its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 14.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,772 shares of the electric vehicle producer’s stock after acquiring an additional 1,321 shares during the quarter. Tesla makes up about 0.5% of Summit Financial Strategies Inc.’s holdings, making the stock its 25th largest holding. Summit Financial Strategies Inc.’s holdings in Tesla were worth $4,350,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Heartland Bank & Trust Co boosted its position in Tesla by 0.8% during the fourth quarter. Heartland Bank & Trust Co now owns 6,286 shares of the electric vehicle producer’s stock worth $2,539,000 after acquiring an additional 49 shares during the last quarter. Mount Yale Investment Advisors LLC grew its position in shares of Tesla by 170.9% in the fourth quarter. Mount Yale Investment Advisors LLC now owns 12,924 shares of the electric vehicle producer’s stock valued at $5,219,000 after purchasing an additional 8,154 shares in the last quarter. Refined Wealth Management acquired a new stake in shares of Tesla in the fourth quarter valued at approximately $209,000. Curran Financial Partners LLC lifted its position in Tesla by 29.2% during the fourth quarter. Curran Financial Partners LLC now owns 1,093 shares of the electric vehicle producer’s stock worth $441,000 after buying an additional 247 shares in the last quarter. Finally, McLean Asset Management Corp grew its holdings in Tesla by 3.9% in the 4th quarter. McLean Asset Management Corp now owns 958 shares of the electric vehicle producer’s stock valued at $387,000 after buying an additional 36 shares in the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Stock Up 2.9 %

TSLA opened at $400.28 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $488.54. The stock has a market capitalization of $1.28 trillion, a P/E ratio of 109.67, a P/E/G ratio of 8.42 and a beta of 2.30. The business has a 50 day simple moving average of $401.98 and a 200-day simple moving average of $297.28.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a return on equity of 10.24% and a net margin of 13.07%. On average, equities analysts anticipate that Tesla, Inc. will post 2.01 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on TSLA shares. Needham & Company LLC restated a “hold” rating on shares of Tesla in a research report on Thursday. Truist Financial lifted their price target on shares of Tesla from $351.00 to $373.00 and gave the company a “hold” rating in a research report on Thursday. Phillip Securities lowered Tesla from a “moderate sell” rating to a “strong sell” rating in a research report on Wednesday, November 13th. Barclays lifted their target price on Tesla from $270.00 to $325.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 15th. Finally, Roth Mkm upgraded Tesla from a “neutral” rating to a “buy” rating and increased their price target for the stock from $85.00 to $380.00 in a report on Monday, December 2nd. Eight investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $318.31.

Insider Buying and Selling at Tesla

In related news, CFO Vaibhav Taneja sold 8,000 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $300.37, for a total value of $2,402,960.00. Following the sale, the chief financial officer now directly owns 105,032 shares in the company, valued at $31,548,461.84. The trade was a 7.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $411.63, for a total transaction of $41,163,000.00. Following the transaction, the director now owns 5,400 shares of the company’s stock, valued at $2,222,802. This trade represents a 94.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 553,386 shares of company stock valued at $196,305,796. Corporate insiders own 20.70% of the company’s stock.

Tesla 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.