Sunburst Financial Group LLC Cuts Position in Tesla, Inc. (NASDAQ:TSLA)

Sunburst Financial Group LLC lessened its position in Tesla, Inc. (NASDAQ:TSLA) by 5.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,091 shares of the electric vehicle producer’s stock after selling 69 shares during the quarter. Sunburst Financial Group LLC’s holdings in Tesla were worth $286,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Diversify Wealth Management LLC lifted its holdings in shares of Tesla by 1.5% in the 3rd quarter. Diversify Wealth Management LLC now owns 24,078 shares of the electric vehicle producer’s stock worth $6,300,000 after acquiring an additional 360 shares during the last quarter. First Trust Direct Indexing L.P. raised its position in Tesla by 13.1% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 81,566 shares of the electric vehicle producer’s stock worth $21,340,000 after purchasing an additional 9,426 shares during the period. Edge Financial Advisors LLC bought a new stake in Tesla in the third quarter worth $582,000. Highline Wealth Partners LLC purchased a new stake in Tesla during the third quarter valued at about $4,484,000. Finally, GSB Wealth Management LLC bought a new position in shares of Tesla during the third quarter valued at about $209,000. Institutional investors own 66.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TSLA. Roth Mkm restated a “neutral” rating and set a $85.00 target price on shares of Tesla in a report on Friday, October 11th. Glj Research reissued a “sell” rating and set a $24.86 price objective on shares of Tesla in a research note on Thursday, October 17th. Morgan Stanley reaffirmed an “overweight” rating and issued a $310.00 target price on shares of Tesla in a research note on Thursday, October 3rd. HSBC reissued a “reduce” rating and set a $124.00 price target on shares of Tesla in a research report on Friday, October 11th. Finally, Wells Fargo & Company boosted their price objective on shares of Tesla from $120.00 to $125.00 and gave the company an “underweight” rating in a research report on Thursday, October 24th. Eight investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $219.45.

Tesla Price Performance

Shares of NASDAQ TSLA traded up $2.15 during mid-day trading on Wednesday, reaching $261.67. The company’s stock had a trading volume of 31,785,685 shares, compared to its average volume of 94,370,297. The stock has a fifty day moving average of $232.09 and a two-hundred day moving average of $209.16. The firm has a market capitalization of $839.98 billion, a PE ratio of 71.63, a P/E/G ratio of 7.59 and a beta of 2.29. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $273.54. 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 (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The business had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. During the same period in the prior year, the company posted $0.53 EPS. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Tesla, Inc. will post 1.75 EPS for the current fiscal year.

Insider Buying and Selling at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction dated 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 transaction, the chief financial officer now owns 105,032 shares of the company’s stock, valued at $26,258,000. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at approximately $26,258,000. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,297 shares of company stock worth $3,065,866. 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.