Summit Global Investments Grows Position in Tesla, Inc. (NASDAQ:TSLA)

Summit Global Investments raised its position in Tesla, Inc. (NASDAQ:TSLA) by 350.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 36,810 shares of the electric vehicle producer’s stock after acquiring an additional 28,635 shares during the quarter. Tesla makes up about 0.9% of Summit Global Investments’ holdings, making the stock its 18th biggest holding. Summit Global Investments’ holdings in Tesla were worth $14,865,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TSLA. Mindset Wealth Management LLC grew its stake in shares of Tesla by 15.7% during the fourth quarter. Mindset Wealth Management LLC now owns 3,283 shares of the electric vehicle producer’s stock worth $1,326,000 after purchasing an additional 446 shares in the last quarter. Wealth Advisors of Iowa LLC purchased a new stake in Tesla during the 4th quarter worth about $344,000. 1620 Investment Advisors Inc. boosted its position in shares of Tesla by 189.7% during the 4th quarter. 1620 Investment Advisors Inc. now owns 678 shares of the electric vehicle producer’s stock worth $274,000 after acquiring an additional 444 shares in the last quarter. Lakeshore Financial Planning Inc. purchased a new position in shares of Tesla in the 4th quarter valued at about $253,000. Finally, Wayfinding Financial LLC acquired a new stake in shares of Tesla during the 4th quarter worth about $342,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

Insider Transactions at Tesla

In related news, Director James R. Murdoch sold 54,776 shares of Tesla stock in a transaction on 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 completion of the transaction, the director now directly owns 477,011 shares of the company’s stock, valued at approximately $114,859,478.69. The trade was a 10.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $411.63, for a total value of $41,163,000.00. Following the completion of the sale, the director now directly owns 5,400 shares in the company, valued at $2,222,802. This trade represents a 94.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 477,228 shares of company stock valued at $166,849,043 in the last quarter. 20.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on TSLA. Wells Fargo & Company dropped their price target on shares of Tesla from $135.00 to $130.00 and set an “underweight” rating on the stock in a research note on Friday, March 14th. Roth Mkm upgraded shares of Tesla from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $85.00 to $380.00 in a research note on Monday, December 2nd. Cantor Fitzgerald upgraded shares of Tesla from a “neutral” rating to an “overweight” rating and set a $425.00 price objective for the company in a research note on Wednesday. UBS Group cut their target price on Tesla from $259.00 to $225.00 and set a “sell” rating on the stock in a research report on Monday, March 10th. Finally, Guggenheim decreased their target price on Tesla from $175.00 to $170.00 and set a “sell” rating for the company in a research report on Wednesday, March 12th. Nine investment 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $318.93.

Tesla Price Performance

Tesla stock opened at $248.71 on Friday. The company has a market cap of $799.98 billion, a P/E ratio of 121.92, a price-to-earnings-growth ratio of 5.86 and a beta of 2.50. Tesla, Inc. has a one year low of $138.80 and a one year high of $488.54. The business has a fifty day moving average of $335.19 and a two-hundred day moving average of $319.68. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data 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 net margin of 7.26% and a return on equity of 10.31%. As a group, analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

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.