Summit Wealth & Retirement Planning Inc. Acquires 1,928 Shares of Tesla, Inc. (NASDAQ:TSLA)

Summit Wealth & Retirement Planning Inc. increased its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 68.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,756 shares of the electric vehicle producer's stock after acquiring an additional 1,928 shares during the quarter. Tesla makes up about 0.4% of Summit Wealth & Retirement Planning Inc.'s portfolio, making the stock its 27th largest position. Summit Wealth & Retirement Planning Inc.'s holdings in Tesla were worth $1,233,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Chancellor Financial Group WB LP raised its holdings in shares of Tesla by 13.6% in the first quarter. Chancellor Financial Group WB LP now owns 1,625 shares of the electric vehicle producer's stock valued at $421,000 after purchasing an additional 195 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in Tesla by 15.4% during the first quarter. Los Angeles Capital Management LLC now owns 1,239,581 shares of the electric vehicle producer's stock worth $321,250,000 after buying an additional 165,156 shares during the last quarter. Wealth Quarterback LLC increased its holdings in Tesla by 26.4% during the first quarter. Wealth Quarterback LLC now owns 3,014 shares of the electric vehicle producer's stock worth $781,000 after buying an additional 630 shares during the last quarter. Wealth Alliance LLC increased its stake in shares of Tesla by 8.1% in the first quarter. Wealth Alliance LLC now owns 9,592 shares of the electric vehicle producer's stock worth $2,486,000 after purchasing an additional 722 shares in the last quarter. Finally, Meridian Wealth Advisors LLC boosted its holdings in shares of Tesla by 20.6% in the first quarter. Meridian Wealth Advisors LLC now owns 1,233 shares of the electric vehicle producer's stock worth $320,000 after acquiring an additional 211 shares during the period. 66.20% of the stock is owned by institutional investors.

Insider Activity at Tesla

In other news, SVP Xiaotong Zhu sold 15,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the completion of the transaction, the senior vice president directly owned 67,600 shares in the company, valued at approximately $21,889,556. This represents a 18.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 2,000 shares of the stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total value of $600,000.00. Following the transaction, the chief financial officer owned 5,924 shares of the company's stock, valued at $1,777,200. This represents a 25.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 835,509 shares of company stock valued at $279,420,485. Corporate insiders own 20.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on TSLA shares. Canaccord Genuity Group restated a "buy" rating and issued a $303.00 price objective on shares of Tesla in a research report on Monday, June 30th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Tesla from $420.00 to $345.00 and set a "buy" rating for the company in a research report on Friday, March 28th. Guggenheim reiterated a "sell" rating and set a $175.00 target price on shares of Tesla in a research report on Tuesday, July 8th. The Goldman Sachs Group dropped their target price on shares of Tesla from $315.00 to $285.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. Finally, Piper Sandler reiterated an "overweight" rating and set a $400.00 target price on shares of Tesla in a research report on Tuesday, June 10th. Ten investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Tesla currently has an average rating of "Hold" and a consensus target price of $298.97.

Tesla Stock Performance

Tesla stock traded up $3.62 during midday trading on Tuesday, hitting $332.11. The stock had a trading volume of 76,939,359 shares, compared to its average volume of 98,750,310. The firm's fifty day moving average is $326.27 and its two-hundred day moving average is $316.26. The company has a market capitalization of $1.07 trillion, a PE ratio of 182.48, a P/E/G ratio of 12.56 and a beta of 2.39. Tesla, Inc. has a 52-week low of $182.00 and a 52-week high of $488.54. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.53 by ($0.26). Tesla had a net margin of 6.66% and a return on equity of 9.02%. The company had revenue of $19.34 billion for the quarter, compared to analysts' expectations of $22.93 billion. During the same period last year, the business earned $0.45 earnings per share. On average, research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

Tesla 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.