Absher Wealth Management LLC Decreases Stake in Tesla, Inc. (NASDAQ:TSLA)

Absher Wealth Management LLC decreased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 70.3% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 507 shares of the electric vehicle producer’s stock after selling 1,199 shares during the quarter. Absher Wealth Management LLC’s holdings in Tesla were worth $205,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of TSLA. Transcendent Capital Group LLC acquired a new stake in Tesla in the 3rd quarter valued at about $29,000. Peterson Financial Group Inc. acquired a new stake in shares of Tesla in the third quarter valued at approximately $35,000. E Fund Management Hong Kong Co. Ltd. lifted its position in Tesla by 692.6% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 214 shares of the electric vehicle producer’s stock worth $56,000 after buying an additional 187 shares in the last quarter. Finley Financial LLC acquired a new position in Tesla during the fourth quarter worth $64,000. Finally, Abich Financial Wealth Management LLC increased its stake in shares of Tesla by 136.4% in the 3rd quarter. Abich Financial Wealth Management LLC now owns 305 shares of the electric vehicle producer’s stock worth $80,000 after acquiring an additional 176 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Price Performance

Shares of NASDAQ:TSLA opened at $361.62 on Monday. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $488.54. The firm has a market capitalization of $1.16 trillion, a P/E ratio of 177.27, a P/E/G ratio of 6.22 and a beta of 2.34. The company’s fifty day moving average price is $408.27 and its 200 day moving average price is $303.93.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing the consensus estimate 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, sell-side analysts predict that Tesla, Inc. will post 2.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In related news, Director Robyn M. Denholm sold 112,390 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $354.06, for a total transaction of $39,792,803.40. Following the completion of the sale, the director now directly owns 85,000 shares of the company’s stock, valued at $30,095,100. This trade represents a 56.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Vaibhav Taneja sold 7,000 shares of the business’s stock in a transaction dated 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 transaction, the chief financial officer now 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 560,776 shares of company stock worth $203,744,862. 20.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their price target on shares of Tesla from $130.00 to $135.00 and gave the company an “underweight” rating in a research report on Thursday, October 24th. Wedbush increased their price target on shares of Tesla from $515.00 to $550.00 and gave the company an “outperform” rating in a research note on Wednesday, January 22nd. Mizuho reaffirmed an “outperform” rating and set a $515.00 price target on shares of Tesla in a research report on Thursday, January 30th. Truist Financial increased their price objective on Tesla from $351.00 to $373.00 and gave the stock a “hold” rating in a research report on Thursday, January 30th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $440.00 target price on shares of Tesla in a research report on Thursday, January 30th. Nine analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $322.29.

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.