Summit Financial Strategies Inc. Has $1.45 Million Position in Tesla, Inc. (NASDAQ:TSLA)

Summit Financial Strategies Inc. raised its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 17.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,311 shares of the electric vehicle producer’s stock after acquiring an additional 1,070 shares during the period. Summit Financial Strategies Inc.’s holdings in Tesla were worth $1,447,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Bank & Trust Co bought a new stake in Tesla during the 2nd quarter worth about $25,000. OLD Point Trust & Financial Services N A bought a new position in Tesla during the 4th quarter worth approximately $37,000. Kessler Investment Group LLC grew its holdings in Tesla by 35.9% during the second quarter. Kessler Investment Group LLC now owns 193 shares of the electric vehicle producer’s stock valued at $38,000 after purchasing an additional 51 shares during the period. Aspect Partners LLC raised its holdings in Tesla by 121.3% in the second quarter. Aspect Partners LLC now owns 208 shares of the electric vehicle producer’s stock worth $41,000 after purchasing an additional 114 shares during the period. Finally, Kathleen S. Wright Associates Inc. raised its stake in Tesla by 111.1% during the 4th quarter. Kathleen S. Wright Associates Inc. now owns 190 shares of the electric vehicle producer’s stock worth $47,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Price Performance

TSLA stock traded up $1.98 during mid-day trading on Friday, hitting $216.12. 88,620,586 shares of the stock were exchanged, compared to its average volume of 90,901,848. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. The stock has a market capitalization of $689.25 billion, a price-to-earnings ratio of 55.13, a PEG ratio of 5.22 and a beta of 2.31. The business has a fifty day moving average price of $215.14 and a 200 day moving average price of $190.97. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $278.98.

Tesla (NASDAQ:TSLA) last issued its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.10). The firm had revenue of $25.50 billion during the quarter, compared to analysts’ expectations of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.78 EPS. On average, sell-side analysts anticipate that Tesla, Inc. will post 1.79 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Roth Mkm reaffirmed a “neutral” rating and issued a $85.00 price objective on shares of Tesla in a report on Wednesday, July 24th. KGI Securities reiterated a “neutral” rating and set a $236.00 price objective on shares of Tesla in a research note on Thursday, July 25th. Needham & Company LLC restated a “hold” rating on shares of Tesla in a research report on Wednesday, July 24th. TD Cowen increased their target price on Tesla from $160.00 to $180.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Finally, Sanford C. Bernstein reaffirmed an “underperform” rating and issued a $120.00 price objective on shares of Tesla in a research note on Monday, June 10th. Nine investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $204.21.

Insider Buying and Selling at Tesla

In other news, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the sale, the director now owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Xiaotong Zhu sold 650 shares of Tesla stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $174.21, for a total transaction of $113,236.50. Following the completion of the transaction, the senior vice president now directly owns 65,155 shares in the company, valued at $11,350,652.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the transaction, the director now directly owns 85,000 shares of the company’s stock, valued at $18,696,600. The disclosure for this sale can be found here. 25.10% 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.