Summit X LLC Has $2.26 Million Position in Tesla, Inc. (NASDAQ:TSLA)

Summit X LLC cut its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 11.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,596 shares of the electric vehicle producer’s stock after selling 741 shares during the period. Summit X LLC’s holdings in Tesla were worth $2,260,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of TSLA. Windle Wealth LLC bought a new stake in shares of Tesla during the 4th quarter worth about $287,000. Prosperity Financial Group Inc. boosted its holdings in shares of Tesla by 53.5% during the 4th quarter. Prosperity Financial Group Inc. now owns 6,303 shares of the electric vehicle producer’s stock worth $2,545,000 after buying an additional 2,198 shares during the period. Warburton Capital Management LLC bought a new stake in shares of Tesla during the 4th quarter worth about $285,000. Natural Investments LLC bought a new stake in shares of Tesla during the 4th quarter worth about $425,000. Finally, AGF Management Ltd. boosted its holdings in shares of Tesla by 25.2% during the 4th quarter. AGF Management Ltd. now owns 14,169 shares of the electric vehicle producer’s stock worth $5,722,000 after buying an additional 2,848 shares during the period. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Kathleen Wilson-Thompson sold 100,000 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $411.63, for a total value of $41,163,000.00. Following the completion of 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 document filed with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 7,000 shares of the stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 108,965 shares of the company’s stock, valued at approximately $45,063,565.40. This represents a 6.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 422,452 shares of company stock worth $153,659,530 over the last quarter. Insiders own 20.70% of the company’s stock.

Tesla Stock Up 3.8 %

Tesla stock opened at $230.58 on Wednesday. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $488.54. The firm has a market capitalization of $741.66 billion, a price-to-earnings ratio of 113.03, a price-to-earnings-growth ratio of 5.86 and a beta of 2.50. The firm’s fifty day moving average price is $360.40 and its two-hundred day moving average price is $319.53. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data 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 net margin of 7.26% and a return on equity of 10.31%. On average, equities research analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently commented on TSLA. Royal Bank of Canada reaffirmed a “mixed” rating on shares of Tesla in a report on Saturday, February 8th. UBS Group cut their price objective on shares of Tesla from $259.00 to $225.00 and set a “sell” rating for the company in a report on Monday. Truist Financial boosted their price objective on shares of Tesla from $351.00 to $373.00 and gave the company a “hold” rating in a report on Thursday, January 30th. Stifel Nicolaus cut their price objective on shares of Tesla from $492.00 to $474.00 and set a “buy” rating for the company in a report on Monday, February 10th. Finally, TD Cowen raised shares of Tesla from a “hold” rating to a “buy” rating and boosted their price objective for the company from $180.00 to $388.00 in a report on Friday, March 7th. Nine equities research analysts have rated the stock with a sell rating, ten have given a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $326.43.

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.