Strategic Planning Group LLC Sells 21,621 Shares of Tesla, Inc. (NASDAQ:TSLA)

Strategic Planning Group LLC reduced its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 34.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,793 shares of the electric vehicle producer's stock after selling 21,621 shares during the period. Tesla accounts for about 2.1% of Strategic Planning Group LLC's investment portfolio, making the stock its 16th largest position. Strategic Planning Group LLC's holdings in Tesla were worth $10,572,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in shares of Tesla during the 4th quarter valued at $14,420,248,000. FMR LLC raised its stake in shares of Tesla by 40.1% during the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer's stock valued at $13,997,660,000 after purchasing an additional 9,920,325 shares during the period. GAMMA Investing LLC lifted its holdings in Tesla by 27,378.6% in the 1st quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer's stock worth $2,542,960,000 after buying an additional 9,776,607 shares in the last quarter. Strategic Financial Concepts LLC grew its stake in Tesla by 36,790.0% during the 4th quarter. Strategic Financial Concepts LLC now owns 8,660,672 shares of the electric vehicle producer's stock valued at $3,497,526,000 after purchasing an additional 8,637,195 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Tesla by 4,963.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,834,707 shares of the electric vehicle producer's stock worth $2,356,288,000 after buying an additional 5,719,466 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Stock Performance

TSLA stock traded down $47.37 during midday trading on Thursday, hitting $284.68. The stock had a trading volume of 286,093,850 shares, compared to its average volume of 99,141,787. The firm has a market capitalization of $916.94 billion, a price-to-earnings ratio of 139.55, a P/E/G ratio of 5.86 and a beta of 2.47. 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 $291.12 and a 200 day simple moving average of $334.34. Tesla, Inc. has a 52 week low of $167.41 and a 52 week high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing analysts' consensus estimates of $0.53 by ($0.26). The business had revenue of $19.34 billion for the quarter, compared to the consensus estimate of $22.93 billion. Tesla had a return on equity of 10.31% and a net margin of 7.26%. During the same period in the previous year, the business posted $0.45 earnings per share. As a group, equities research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director James R. Murdoch sold 54,776 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $240.79, for a total value 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. This represents a 10.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kimbal Musk sold 91,588 shares of the company's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total value of $32,732,635.32. Following the completion of the sale, the director now owns 1,463,220 shares in the company, valued at $522,940,195.80. This trade represents a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 870,721 shares of company stock worth $286,248,728 over the last quarter. Company insiders own 20.70% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on TSLA. Roth Mkm cut their price objective on Tesla from $450.00 to $395.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Benchmark reaffirmed a "buy" rating and issued a $350.00 price target on shares of Tesla in a research note on Wednesday, April 23rd. Cantor Fitzgerald lowered their target price on Tesla from $425.00 to $355.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Mizuho lifted their target price on shares of Tesla from $325.00 to $390.00 and gave the company an "outperform" rating in a research note on Friday, May 16th. Finally, HSBC lowered their price target on Tesla from $165.00 to $130.00 and set a "reduce" rating for the company in a research note on Thursday, March 27th. Ten investment analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $293.97.

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.