Econ Financial Services Corp Has $1.53 Million Stake in Tesla, Inc. (NASDAQ:TSLA)

Econ Financial Services Corp lowered its holdings in Tesla, Inc. (NASDAQ:TSLA) by 19.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 3,790 shares of the electric vehicle producer’s stock after selling 902 shares during the quarter. Econ Financial Services Corp’s holdings in Tesla were worth $1,531,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Matrix Asset Advisors Inc. NY bought a new position in Tesla in the 3rd quarter valued at about $218,000. Westend Capital Management LLC raised its stake in shares of Tesla by 39,624.7% in the third quarter. Westend Capital Management LLC now owns 32,177 shares of the electric vehicle producer’s stock worth $8,418,000 after purchasing an additional 32,096 shares during the last quarter. Retirement Planning Group LLC lifted its holdings in shares of Tesla by 16.1% in the third quarter. Retirement Planning Group LLC now owns 1,392 shares of the electric vehicle producer’s stock valued at $364,000 after purchasing an additional 193 shares in the last quarter. Carnegie Investment Counsel grew its holdings in Tesla by 29.6% during the third quarter. Carnegie Investment Counsel now owns 6,630 shares of the electric vehicle producer’s stock worth $1,735,000 after buying an additional 1,515 shares in the last quarter. Finally, MorganRosel Wealth Management LLC raised its position in Tesla by 8.0% in the 3rd quarter. MorganRosel Wealth Management LLC now owns 2,700 shares of the electric vehicle producer’s stock valued at $706,000 after buying an additional 200 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Insider Buying and Selling

In other news, Director Robyn M. Denholm sold 112,390 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 85,000 shares of the company’s stock, valued at approximately $26,727,400. This trade represents a 56.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 7,000 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $413.56, for a total value of $2,894,920.00. Following the completion of the sale, the chief financial officer now directly owns 108,965 shares of the company’s stock, valued at approximately $45,063,565.40. This trade represents a 6.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 560,776 shares of company stock worth $203,744,862 in the last 90 days. 20.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Piper Sandler upped their target price on shares of Tesla from $315.00 to $500.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 21st. Mizuho reiterated an “outperform” rating and issued a $515.00 price objective on shares of Tesla in a research note on Thursday, January 30th. Stifel Nicolaus boosted their target price on Tesla from $411.00 to $492.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Canaccord Genuity Group increased their price target on Tesla from $298.00 to $400.00 and gave the company a “buy” rating in a research report on Friday, January 3rd. Finally, Needham & Company LLC reissued a “hold” rating on shares of Tesla in a research report on Thursday, January 30th. Nine investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $322.29.

Tesla Price Performance

TSLA opened at $361.62 on Monday. The stock has a market capitalization of $1.16 trillion, a P/E ratio of 177.27, a PEG ratio of 6.22 and a beta of 2.34. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $488.54. The stock has a 50-day moving average price of $408.27 and a 200-day moving average price of $303.93.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. Equities analysts predict that Tesla, Inc. will post 2.54 earnings per share for the current fiscal 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.