Altus Wealth Group LLC Trims Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Altus Wealth Group LLC decreased its holdings in Tesla, Inc. (NASDAQ:TSLA) by 50.1% in the 4th quarter, Holdings Channel reports. The institutional investor owned 1,878 shares of the electric vehicle producer’s stock after selling 1,885 shares during the period. Altus Wealth Group LLC’s holdings in Tesla were worth $758,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Facet Wealth Inc. grew its holdings in Tesla by 9.8% in the fourth quarter. Facet Wealth Inc. now owns 4,793 shares of the electric vehicle producer’s stock valued at $1,936,000 after purchasing an additional 427 shares during the period. Sovereign Investment Advisors LLC acquired a new position in shares of Tesla in the 4th quarter valued at $366,000. Harbour Investments Inc. grew its stake in shares of Tesla by 4.5% during the 4th quarter. Harbour Investments Inc. now owns 25,982 shares of the electric vehicle producer’s stock valued at $10,493,000 after buying an additional 1,127 shares during the period. CV Advisors LLC acquired a new stake in shares of Tesla during the 4th quarter worth $1,054,000. Finally, Envestnet Portfolio Solutions Inc. raised its position in shares of Tesla by 12.8% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 104,055 shares of the electric vehicle producer’s stock worth $42,022,000 after buying an additional 11,821 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

TSLA has been the subject of a number of research reports. Morgan Stanley reissued a “top pick” rating and set a $430.00 price target on shares of Tesla in a research report on Monday, March 3rd. Stifel Nicolaus dropped their target price on shares of Tesla from $492.00 to $474.00 and set a “buy” rating for the company in a research report on Monday, February 10th. The Goldman Sachs Group reaffirmed a “cautious” rating on shares of Tesla in a research report on Monday, March 3rd. Guggenheim dropped their price objective on shares of Tesla from $175.00 to $170.00 and set a “sell” rating for the company in a research report on Wednesday. Finally, 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. Nine analysts have rated the stock with a sell rating, ten have given a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Tesla has an average rating of “Hold” and a consensus target price of $325.65.

Tesla Price Performance

Shares of TSLA opened at $249.98 on Friday. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $488.54. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. The firm has a market cap of $804.06 billion, a price-to-earnings ratio of 122.54, a PEG ratio of 5.86 and a beta of 2.50. The stock has a 50 day moving average of $351.31 and a 200-day moving average of $319.51.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 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%. As a group, analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 2,672 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $268.73, for a total transaction of $718,046.56. Following the completion of the transaction, the chief financial officer now directly owns 26,950 shares in the company, valued at $7,242,273.50. This represents a 9.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robyn M. Denholm sold 112,390 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $384.04, for a total value of $43,162,255.60. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at $32,643,400. The trade was a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 477,228 shares of company stock valued at $166,849,043 in the last quarter. 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.