Institute for Wealth Management LLC. Lowers Position in Tesla, Inc. (NASDAQ:TSLA)

Institute for Wealth Management LLC. reduced its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 2.0% in the fourth quarter, Holdings Channel reports. The firm owned 27,164 shares of the electric vehicle producer’s stock after selling 558 shares during the period. Tesla comprises approximately 1.4% of Institute for Wealth Management LLC.’s holdings, making the stock its 7th biggest position. Institute for Wealth Management LLC.’s holdings in Tesla were worth $10,970,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Narus Financial Partners LLC boosted its holdings in Tesla by 6.7% during the 4th quarter. Narus Financial Partners LLC now owns 1,315 shares of the electric vehicle producer’s stock valued at $531,000 after acquiring an additional 83 shares during the period. Hansen & Associates Financial Group Inc. boosted its holdings in Tesla by 11.1% during the 4th quarter. Hansen & Associates Financial Group Inc. now owns 10,492 shares of the electric vehicle producer’s stock valued at $4,529,000 after acquiring an additional 1,046 shares during the period. Heritage Financial Services LLC purchased a new stake in Tesla during the 4th quarter valued at about $208,000. Strategic Advocates LLC boosted its holdings in Tesla by 7.9% during the 4th quarter. Strategic Advocates LLC now owns 12,186 shares of the electric vehicle producer’s stock valued at $4,921,000 after acquiring an additional 894 shares during the period. Finally, Boomfish Wealth Group LLC purchased a new stake in Tesla during the 4th quarter valued at about $950,000. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Tesla

In other news, CFO Vaibhav Taneja sold 7,000 shares of Tesla stock in a transaction on Monday, January 6th. The stock was 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 directly owns 108,965 shares in the company, valued at approximately $45,063,565.40. This trade represents a 6.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of Tesla stock in a transaction on Monday, November 11th. The stock was sold at an average price of $346.02, for a total value of $34,602,000.00. Following the sale, the director now owns 5,400 shares of the company’s stock, valued at approximately $1,868,508. 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 ninety days, insiders sold 553,386 shares of company stock worth $196,305,796. 20.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. UBS Group increased their target price on Tesla from $226.00 to $259.00 and gave the company a “sell” rating in a report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft increased their price objective on Tesla from $295.00 to $370.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Roth Capital upgraded Tesla from a “hold” rating to a “strong-buy” rating in a report on Monday, December 2nd. Robert W. Baird dropped their price objective on Tesla from $480.00 to $440.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. Finally, The Goldman Sachs Group increased their price objective on Tesla from $250.00 to $345.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Nine research analysts have rated the stock with a sell rating, thirteen have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $318.31.

Tesla Stock Down 5.2 %

Shares of TSLA opened at $383.68 on Tuesday. The company has a market cap of $1.23 trillion, a PE ratio of 188.08, a P/E/G ratio of 6.79 and a beta of 2.34. The business has a fifty day moving average of $404.22 and a 200 day moving average of $299.70. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $488.54. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last issued 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 return on equity of 10.31% and a net margin of 7.26%. On average, sell-side analysts expect that Tesla, Inc. will post 2.82 EPS for the current year.

About Tesla

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.