Fortitude Advisory Group L.L.C. Has $1.73 Million Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Fortitude Advisory Group L.L.C. cut its holdings in Tesla, Inc. (NASDAQ:TSLA) by 8.6% in the fourth quarter, HoldingsChannel reports. The firm owned 4,283 shares of the electric vehicle producer’s stock after selling 401 shares during the period. Tesla accounts for approximately 1.0% of Fortitude Advisory Group L.L.C.’s portfolio, making the stock its 19th biggest holding. Fortitude Advisory Group L.L.C.’s holdings in Tesla were worth $1,730,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of TSLA. Acorn Creek Capital LLC raised its position in shares of Tesla by 8.3% in the fourth quarter. Acorn Creek Capital LLC now owns 2,652 shares of the electric vehicle producer’s stock valued at $1,071,000 after purchasing an additional 203 shares during the period. Mattern Wealth Management LLC bought a new position in Tesla in the 4th quarter worth $306,000. Whitcomb & Hess Inc. acquired a new position in Tesla during the 4th quarter worth $294,000. IRON Financial LLC bought a new stake in Tesla during the fourth quarter valued at about $392,000. Finally, Greenup Street Wealth Management LLC grew its position in shares of Tesla by 32.2% in the fourth quarter. Greenup Street Wealth Management LLC now owns 25,165 shares of the electric vehicle producer’s stock valued at $10,162,000 after purchasing an additional 6,126 shares during the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

TSLA has been the subject of several recent analyst reports. Piper Sandler increased their target price on Tesla from $315.00 to $500.00 and gave the company an “overweight” rating in a research note on Tuesday, January 21st. Stifel Nicolaus raised their price objective on shares of Tesla from $411.00 to $492.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Morgan Stanley upped their target price on shares of Tesla from $400.00 to $430.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. StockNews.com downgraded shares of Tesla from a “hold” rating to a “sell” rating in a report on Friday. Finally, New Street Research upgraded shares of Tesla from a “neutral” rating to a “buy” rating and set a $460.00 target price for the company in a research note on Monday, January 6th. Nine analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Tesla currently has a consensus rating of “Hold” and an average target price of $318.31.

Insiders Place Their Bets

In related news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $374.21, for a total transaction of $975,191.26. Following the completion of the sale, the chief financial officer now directly owns 108,965 shares of the company’s stock, valued at $40,775,792.65. The trade was a 2.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction on Friday, November 15th. The stock was sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the sale, the director now directly owns 85,000 shares of the company’s stock, valued at $26,727,400. This represents a 56.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 553,386 shares of company stock valued at $196,305,796. 20.70% of the stock is currently owned by insiders.

Tesla Price Performance

TSLA opened at $404.60 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37. The stock has a market capitalization of $1.30 trillion, a P/E ratio of 198.33, a price-to-earnings-growth ratio of 8.08 and a beta of 2.30. The company’s 50 day simple moving average is $403.18 and its 200-day simple moving average is $297.99. Tesla, Inc. has a one year low of $138.80 and a one year high of $488.54.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS 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 10.54%. Sell-side analysts anticipate that Tesla, Inc. will post 2.82 earnings per share for the current fiscal year.

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.