Summit Financial Strategies Inc. Acquires 2,140 Shares of Tesla, Inc. (NASDAQ:TSLA)

Summit Financial Strategies Inc. boosted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 29.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,451 shares of the electric vehicle producer’s stock after purchasing an additional 2,140 shares during the quarter. Summit Financial Strategies Inc.’s holdings in Tesla were worth $2,473,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Bank & Trust Co bought a new stake in shares of Tesla in the second quarter valued at about $25,000. Valley Wealth Managers Inc. acquired a new stake in shares of Tesla during the 2nd quarter worth approximately $26,000. Abich Financial Wealth Management LLC increased its position in shares of Tesla by 168.8% during the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after purchasing an additional 81 shares during the period. Clean Yield Group raised its stake in shares of Tesla by 60.0% in the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after purchasing an additional 48 shares in the last quarter. Finally, M&R Capital Management Inc. lifted its position in Tesla by 263.2% in the third quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock worth $36,000 after purchasing an additional 100 shares during the period. 66.20% of the stock is owned by institutional investors.

Insider Activity

In other news, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the transaction, the senior vice president now owns 67,491 shares in the company, valued at $14,967,479.07. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, the senior vice president now directly owns 67,491 shares in the company, valued at $14,967,479.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $250.00, for a total value of $2,000,000.00. Following the transaction, the chief financial officer now owns 105,032 shares of the company’s stock, valued at approximately $26,258,000. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,661 shares of company stock worth $16,663,291 in the last 90 days. Corporate insiders own 20.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TSLA. Glj Research reissued a “sell” rating and issued a $24.86 price target on shares of Tesla in a report on Thursday. William Blair assumed coverage on shares of Tesla in a research note on Thursday, August 29th. They issued an “outperform” rating on the stock. Roth Mkm restated a “neutral” rating and set a $85.00 price target on shares of Tesla in a research note on Friday, October 11th. HSBC reiterated a “reduce” rating and issued a $124.00 price objective on shares of Tesla in a research note on Friday, October 11th. Finally, Truist Financial raised their target price on Tesla from $215.00 to $236.00 and gave the stock a “hold” rating in a research report on Thursday, October 3rd. Nine equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, Tesla has an average rating of “Hold” and a consensus price target of $210.72.

Tesla Trading Down 0.9 %

TSLA traded down $1.97 during mid-day trading on Thursday, hitting $219.36. The stock had a trading volume of 20,180,875 shares, compared to its average volume of 94,437,023. The stock’s fifty day simple moving average is $226.81 and its 200-day simple moving average is $204.69. The firm has a market capitalization of $700.78 billion, a price-to-earnings ratio of 61.73, a price-to-earnings-growth ratio of 5.94 and a beta of 2.29. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $271.00. 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 (NASDAQ:TSLA) last posted its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.10). Tesla had a return on equity of 10.41% and a net margin of 13.00%. The business had revenue of $25.50 billion for the quarter, compared to the consensus estimate of $24.38 billion. During the same quarter in the prior year, the firm posted $0.78 earnings per share. The business’s revenue was up 2.3% on a year-over-year basis. As a group, research analysts forecast that Tesla, Inc. will post 1.75 EPS for the current fiscal year.

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.