Summit X LLC Trims Position in Tesla, Inc. (NASDAQ:TSLA)

Summit X LLC lessened its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 18.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,557 shares of the electric vehicle producer's stock after selling 1,039 shares during the period. Summit X LLC's holdings in Tesla were worth $1,181,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TSLA. Susquehanna Fundamental Investments LLC acquired a new stake in Tesla during the 4th quarter valued at approximately $56,600,000. Means Investment CO. Inc. grew its position in Tesla by 37.7% during the 1st quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer's stock worth $5,984,000 after purchasing an additional 6,323 shares during the period. Focus Financial Network Inc. grew its position in Tesla by 3.1% during the 1st quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer's stock worth $5,823,000 after purchasing an additional 670 shares during the period. IFM Investors Pty Ltd grew its holdings in Tesla by 8.5% during the first quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer's stock worth $153,436,000 after acquiring an additional 46,087 shares during the period. Finally, Harvard Management Co. Inc. acquired a new stake in Tesla during the fourth quarter worth about $8,158,000. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Trading Down 0.7%

NASDAQ TSLA traded down $2.26 on Thursday, reaching $319.41. The stock had a trading volume of 73,312,435 shares, compared to its average volume of 99,014,483. The firm has a market capitalization of $1.03 trillion, a price-to-earnings ratio of 175.50, a P/E/G ratio of 9.26 and a beta of 2.39. The company has a quick ratio of 1.54, a current ratio of 2.00 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 12-month low of $182.00 and a 12-month high of $488.54. The stock has a fifty day moving average price of $324.95 and a two-hundred day moving average price of $318.49.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.26). The business had revenue of $19.34 billion during the quarter, compared to analyst estimates of $22.93 billion. Tesla had a return on equity of 9.02% and a net margin of 6.66%. During the same quarter last year, the firm earned $0.45 EPS. As a group, sell-side analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Activity

In related news, Director Robyn M. Denholm sold 112,395 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $274.12, for a total transaction of $30,809,717.40. Following the completion of the transaction, the director directly owned 85,000 shares of the company's stock, valued at $23,300,200. This represents a 56.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Vaibhav Taneja sold 6,000 shares of the stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $341.02, for a total transaction of $2,046,120.00. Following the transaction, the chief financial officer directly owned 1,950 shares of the company's stock, valued at $664,989. This represents a 75.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 835,509 shares of company stock valued at $279,420,485. Insiders own 20.70% of the company's stock.

Analyst Upgrades and Downgrades

TSLA has been the topic of several analyst reports. Canaccord Genuity Group reaffirmed a "buy" rating and set a $303.00 target price on shares of Tesla in a report on Monday, June 30th. Mizuho dropped their target price on Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 8th. JPMorgan Chase & Co. dropped their target price on Tesla from $120.00 to $115.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 23rd. Baird R W cut Tesla from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 9th. Finally, Benchmark restated a "buy" rating and set a $475.00 target price (up from $350.00) on shares of Tesla in a research report on Thursday, June 26th. Ten analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Tesla has an average rating of "Hold" and an average target price of $300.19.

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.