Wellspring Financial Advisors LLC Raises Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Wellspring Financial Advisors LLC grew its holdings in Tesla, Inc. (NASDAQ:TSLA) by 19.4% in the 4th quarter, HoldingsChannel reports. The firm owned 14,508 shares of the electric vehicle producer’s stock after purchasing an additional 2,357 shares during the quarter. Wellspring Financial Advisors LLC’s holdings in Tesla were worth $5,859,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Destination Wealth Management increased its position in shares of Tesla by 12.1% during the third quarter. Destination Wealth Management now owns 12,597 shares of the electric vehicle producer’s stock worth $3,296,000 after acquiring an additional 1,359 shares during the period. Stephens Consulting LLC increased its holdings in Tesla by 126.7% during the 4th quarter. Stephens Consulting LLC now owns 1,594 shares of the electric vehicle producer’s stock worth $644,000 after purchasing an additional 891 shares during the period. MML Investors Services LLC raised its position in Tesla by 3.3% in the 3rd quarter. MML Investors Services LLC now owns 309,382 shares of the electric vehicle producer’s stock valued at $80,944,000 after purchasing an additional 9,919 shares in the last quarter. Worth Asset Management LLC boosted its stake in shares of Tesla by 383.1% in the 4th quarter. Worth Asset Management LLC now owns 8,314 shares of the electric vehicle producer’s stock valued at $3,358,000 after buying an additional 6,593 shares during the period. Finally, Strategic Family Wealth Counselors L.L.C. grew its position in shares of Tesla by 133.7% during the fourth quarter. Strategic Family Wealth Counselors L.L.C. now owns 2,847 shares of the electric vehicle producer’s stock worth $1,150,000 after buying an additional 1,629 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Insider Activity at Tesla

In related news, Director Robyn M. Denholm sold 112,390 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $384.04, for a total value of $43,162,255.60. Following the completion of the transaction, the director now directly owns 85,000 shares of the company’s stock, valued at $32,643,400. This trade represents a 56.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 2,672 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $268.73, for a total value of $718,046.56. Following the sale, the chief financial officer now owns 26,950 shares in the company, valued at approximately $7,242,273.50. The trade was a 9.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 370,228 shares of company stock worth $122,791,123 over the last 90 days. Company insiders own 20.70% of the company’s stock.

Tesla Stock Performance

Shares of TSLA stock opened at $239.43 on Monday. 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 stock has a 50 day simple moving average of $305.98 and a 200-day simple moving average of $324.24. The company has a market cap of $770.13 billion, a price-to-earnings ratio of 117.37, a price-to-earnings-growth ratio of 5.86 and a beta of 2.58. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $488.54.

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

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Piper Sandler decreased their price target on shares of Tesla from $500.00 to $450.00 and set an “overweight” rating for the company in a research note on Thursday, March 20th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $404.00 price objective on shares of Tesla in a research report on Monday, March 17th. Deutsche Bank Aktiengesellschaft dropped their target price on Tesla from $420.00 to $345.00 and set a “buy” rating on the stock in a report on Friday, March 28th. Wells Fargo & Company decreased their price target on Tesla from $135.00 to $130.00 and set an “underweight” rating for the company in a report on Friday, March 14th. Finally, Mizuho dropped their price objective on Tesla from $515.00 to $430.00 and set an “outperform” rating on the stock in a report on Monday, March 17th. Eight investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Tesla has an average rating of “Hold” and an average price target of $312.65.

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.