Modern Wealth Management LLC Has $3.96 Million Stake in Tesla, Inc. (NASDAQ:TSLA)

Modern Wealth Management LLC increased its stake in Tesla, Inc. (NASDAQ:TSLA) by 12.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 9,805 shares of the electric vehicle producer’s stock after purchasing an additional 1,094 shares during the quarter. Modern Wealth Management LLC’s holdings in Tesla were worth $3,960,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its holdings in Tesla by 5.6% in the 3rd quarter. Principal Financial Group Inc. now owns 3,650,393 shares of the electric vehicle producer’s stock valued at $955,052,000 after buying an additional 194,796 shares during the last quarter. United Bank acquired a new stake in shares of Tesla in the third quarter worth $287,000. Massachusetts Financial Services Co. MA increased its position in Tesla by 61.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 115,241 shares of the electric vehicle producer’s stock worth $30,151,000 after acquiring an additional 43,950 shares during the period. Algert Global LLC acquired a new position in Tesla during the 3rd quarter valued at $3,194,000. Finally, Pekin Hardy Strauss Inc. bought a new stake in Tesla in the 3rd quarter valued at $207,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

Insiders Place Their Bets

In other Tesla news, Director James R. Murdoch sold 54,776 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $240.79, for a total transaction of $13,189,513.04. Following the transaction, the director now owns 477,011 shares in the company, valued at approximately $114,859,478.69. This trade represents a 10.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 7,000 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $413.56, for a total value of $2,894,920.00. Following the completion of the sale, the chief financial officer now directly owns 108,965 shares of the company’s stock, valued at approximately $45,063,565.40. This trade represents a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 477,228 shares of company stock valued at $166,849,043. Company insiders own 20.70% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Tesla from $295.00 to $370.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Robert W. Baird reduced their price objective on Tesla from $440.00 to $370.00 and set an “outperform” rating for the company in a research report on Thursday, March 6th. Benchmark started coverage on Tesla in a research report on Wednesday, February 12th. They set a “buy” rating and a $475.00 price objective on the stock. Mizuho reduced their target price on Tesla from $515.00 to $430.00 and set an “outperform” rating for the company in a research report on Monday, March 17th. Finally, UBS Group lowered their price target on shares of Tesla from $259.00 to $225.00 and set a “sell” rating on the stock in a report on Monday, March 10th. Nine analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $318.93.

Tesla Trading Up 3.4 %

Shares of TSLA opened at $287.95 on Wednesday. The stock’s fifty day simple moving average is $330.52 and its 200-day simple moving average is $322.04. 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 firm has a market capitalization of $926.20 billion, a PE ratio of 141.15, a price-to-earnings-growth ratio of 5.86 and a beta of 2.50. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $488.54.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. As a group, research analysts predict that Tesla, Inc. will post 2.56 earnings per share 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.