Naviter Wealth LLC Reduces Holdings in Tesla, Inc. (NASDAQ:TSLA)

Naviter Wealth LLC lowered its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 6.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,175 shares of the electric vehicle producer's stock after selling 1,838 shares during the period. Tesla makes up approximately 1.3% of Naviter Wealth LLC's investment portfolio, making the stock its 14th biggest holding. Naviter Wealth LLC's holdings in Tesla were worth $10,571,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Transcendent Capital Group LLC purchased a new stake in Tesla during the 3rd quarter valued at about $29,000. Peterson Financial Group Inc. purchased a new stake in Tesla in the third quarter valued at approximately $35,000. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Tesla in the 4th quarter worth approximately $46,000. PayPay Securities Corp raised its position in Tesla by 130.2% during the 4th quarter. PayPay Securities Corp now owns 122 shares of the electric vehicle producer's stock worth $49,000 after buying an additional 69 shares during the last quarter. Finally, Rialto Wealth Management LLC acquired a new stake in Tesla during the 4th quarter valued at approximately $55,000. 66.20% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on TSLA shares. Guggenheim reiterated a "sell" rating on shares of Tesla in a research note on Tuesday, February 25th. Robert W. Baird cut their price target on Tesla from $440.00 to $370.00 and set an "outperform" rating on the stock in a research report on Thursday, March 6th. Benchmark started coverage on Tesla in a report on Wednesday, February 12th. They issued a "buy" rating and a $475.00 price objective for the company. Jefferies Financial Group raised their target price on Tesla from $195.00 to $300.00 and gave the stock a "hold" rating in a report on Thursday, November 14th. Finally, Wells Fargo & Company upped their price objective on Tesla from $125.00 to $135.00 and gave the stock an "underweight" rating in a research report on Thursday, January 30th. Nine equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Tesla has an average rating of "Hold" and an average price target of $326.43.

Tesla Stock Performance

Shares of NASDAQ TSLA traded up $8.43 during mid-day trading on Tuesday, hitting $230.58. 171,522,861 shares of the company were exchanged, compared to its average volume of 86,752,797. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. The firm has a market cap of $741.66 billion, a price-to-earnings ratio of 113.03, a price-to-earnings-growth ratio of 5.86 and a beta of 2.50. The stock has a 50 day simple moving average of $363.87 and a 200-day simple moving average of $319.46. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share 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%. On average, sell-side analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Transactions at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,672 shares of the 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 completion of the transaction, the chief financial officer now owns 26,950 shares in the company, valued at approximately $7,242,273.50. This represents a 9.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robyn M. Denholm sold 112,390 shares of the business's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $384.04, for a total transaction of $43,162,255.60. Following the sale, the director now owns 85,000 shares in the company, valued at $32,643,400. The trade was a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 422,452 shares of company stock valued at $153,659,530. Corporate insiders own 20.70% of the company's stock.

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.