Solitude Financial Services Reduces Position in Tesla, Inc. (NASDAQ:TSLA)

Solitude Financial Services lowered its position in Tesla, Inc. (NASDAQ:TSLA) by 33.3% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 600 shares of the electric vehicle producer’s stock after selling 300 shares during the period. Solitude Financial Services’ holdings in Tesla were worth $242,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of TSLA. Swedbank AB grew its position in Tesla by 2.8% during the 3rd quarter. Swedbank AB now owns 1,098,717 shares of the electric vehicle producer’s stock worth $287,457,000 after purchasing an additional 29,669 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Tesla by 5.6% during the third quarter. Principal Financial Group Inc. now owns 3,650,393 shares of the electric vehicle producer’s stock worth $955,052,000 after buying an additional 194,796 shares during the last quarter. Equitable Trust Co. increased its position in Tesla by 78.7% in the 3rd quarter. Equitable Trust Co. now owns 8,950 shares of the electric vehicle producer’s stock valued at $2,342,000 after acquiring an additional 3,943 shares during the period. United Bank purchased a new stake in Tesla during the 3rd quarter valued at approximately $287,000. Finally, First Personal Financial Services acquired a new stake in Tesla during the 3rd quarter worth approximately $81,000. 66.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Roth Capital raised Tesla from a “hold” rating to a “strong-buy” rating in a report on Monday, December 2nd. 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 research note on Thursday, January 30th. Needham & Company LLC restated a “hold” rating on shares of Tesla in a research report on Monday, February 10th. Barclays lifted their target price on shares of Tesla from $270.00 to $325.00 and gave the company an “equal weight” rating in a report on Wednesday, January 15th. Finally, The Goldman Sachs Group reissued a “cautious” rating on shares of Tesla in a report on Monday, March 3rd. Nine equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $327.37.

Tesla Stock Down 0.3 %

Shares of TSLA opened at $262.67 on Monday. The firm has a market cap of $844.88 billion, a PE ratio of 128.76, a price-to-earnings-growth ratio of 5.86 and a beta of 2.50. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. The company’s fifty day moving average is $367.78 and its two-hundred day moving average is $319.38. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $488.54.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (EPS) 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%. Analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Vaibhav Taneja sold 2,672 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $268.73, for a total value of $718,046.56. Following the completion of the sale, the chief financial officer now owns 26,950 shares of the company’s stock, valued at $7,242,273.50. This represents a 9.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $299.61, for a total transaction of $33,673,167.90. Following the transaction, the director now owns 85,000 shares in the company, valued at $25,466,850. The trade was a 56.94 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 422,452 shares of company stock valued at $153,659,530. 20.70% of the stock is currently owned by corporate insiders.

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.