Sunbelt Securities Inc. Sells 366 Shares of Tesla, Inc. (NASDAQ:TSLA)

Sunbelt Securities Inc. lessened its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 1.7% in the third quarter, HoldingsChannel.com reports. The firm owned 20,688 shares of the electric vehicle producer’s stock after selling 366 shares during the quarter. Sunbelt Securities Inc.’s holdings in Tesla were worth $5,413,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Valley Wealth Managers Inc. acquired a new position in Tesla during the 2nd quarter worth approximately $26,000. Abich Financial Wealth Management LLC increased its position in shares of Tesla by 168.8% during the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after acquiring an additional 81 shares in the last quarter. Transcendent Capital Group LLC acquired a new stake in shares of Tesla in the 3rd quarter worth about $29,000. Clean Yield Group boosted its stake in Tesla by 60.0% during the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after purchasing an additional 48 shares during the last quarter. Finally, Peterson Financial Group Inc. bought a new position in shares of Tesla in the third quarter valued at approximately $35,000. Institutional investors own 66.20% of the company’s stock.

Insider Activity

In other news, Director Kimbal Musk sold 60,500 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the completion of the sale, the director now owns 1,563,220 shares of the company’s stock, valued at $391,164,540.60. This represents a 3.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Vaibhav Taneja sold 2,606 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $374.21, for a total transaction of $975,191.26. Following the completion of the transaction, the chief financial officer now directly owns 108,965 shares in the company, valued at approximately $40,775,792.65. The trade was a 2.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 522,886 shares of company stock valued at $171,393,831 over the last three months. Insiders own 20.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TSLA. Wedbush restated an “outperform” rating and set a $400.00 price target on shares of Tesla in a report on Monday, November 18th. Deutsche Bank Aktiengesellschaft lifted their price target on Tesla from $295.00 to $370.00 and gave the stock a “buy” rating in a report on Monday. Oppenheimer reaffirmed a “market perform” rating on shares of Tesla in a research report on Tuesday, October 8th. Stifel Nicolaus raised their price objective on shares of Tesla from $287.00 to $411.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. Finally, KGI Securities raised Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 price objective for the company in a report on Thursday, October 24th. Nine research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Tesla has a consensus rating of “Hold” and an average price target of $254.48.

Tesla Stock Performance

Shares of Tesla stock opened at $400.99 on Wednesday. The stock has a market cap of $1.29 trillion, a price-to-earnings ratio of 109.86, a PEG ratio of 12.64 and a beta of 2.36. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $409.73. The firm’s 50-day moving average is $288.09 and its 200 day moving average is $240.67.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The firm had revenue of $25.18 billion during the quarter, compared to analysts’ expectations of $25.47 billion. During the same quarter in the previous year, the business earned $0.53 earnings per share. The company’s revenue was up 7.8% on a year-over-year basis. Sell-side analysts anticipate that Tesla, Inc. will post 1.99 EPS for the current fiscal 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.