Phoenix Wealth Advisors Trims Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Phoenix Wealth Advisors reduced its stake in Tesla, Inc. (NASDAQ:TSLA) by 2.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,813 shares of the electric vehicle producer’s stock after selling 52 shares during the quarter. Phoenix Wealth Advisors’ holdings in Tesla were worth $732,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. International Assets Investment Management LLC raised its stake in shares of Tesla by 35,611.2% during the 3rd quarter. International Assets Investment Management LLC now owns 11,054,391 shares of the electric vehicle producer’s stock worth $2,892,160,000 after buying an additional 11,023,436 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in Tesla by 194.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 5,486,739 shares of the electric vehicle producer’s stock worth $2,215,765,000 after acquiring an additional 3,624,910 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Tesla by 13.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,377,822 shares of the electric vehicle producer’s stock worth $6,377,970,000 after acquiring an additional 2,946,763 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Tesla by 52.0% in the third quarter. Wellington Management Group LLP now owns 7,344,526 shares of the electric vehicle producer’s stock valued at $1,921,548,000 after acquiring an additional 2,511,488 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Tesla by 236.8% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,104,010 shares of the electric vehicle producer’s stock worth $416,341,000 after purchasing an additional 1,479,378 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on TSLA shares. Truist Financial reiterated a “hold” rating and issued a $360.00 price target on shares of Tesla in a report on Thursday, January 2nd. Bank of America downgraded shares of Tesla from a “buy” rating to a “neutral” rating and lifted their price target for the company from $400.00 to $490.00 in a research report on Tuesday, January 7th. Sanford C. Bernstein restated an “underperform” rating and issued a $120.00 price target on shares of Tesla in a report on Thursday, October 3rd. Guggenheim upped their target price on Tesla from $156.00 to $175.00 and gave the company a “sell” rating in a report on Thursday, December 5th. Finally, HSBC reissued a “reduce” rating and set a $124.00 price objective on shares of Tesla in a research note on Friday, October 11th. Eight investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Tesla currently has an average rating of “Hold” and an average target price of $313.84.

Tesla Stock Down 1.4 %

Shares of NASDAQ:TSLA opened at $406.58 on Friday. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $488.54. The stock has a 50-day simple moving average of $397.11 and a 200-day simple moving average of $292.97. The stock has a market capitalization of $1.31 trillion, a P/E ratio of 111.39, a PEG ratio of 8.42 and a beta of 2.30. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The firm had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. During the same period in the prior year, the firm earned $0.53 EPS. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. Equities analysts forecast that Tesla, Inc. will post 2.01 earnings per share for the current year.

Insider Transactions at Tesla

In other news, CFO Vaibhav Taneja sold 4,000 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $251.76, for a total transaction of $1,007,040.00. Following the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at approximately $26,442,856.32. The trade was a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kimbal Musk sold 60,500 shares of Tesla stock in a transaction on Friday, November 1st. The stock was sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the sale, the director now directly owns 1,563,220 shares in the company, valued at $391,164,540.60. This trade represents a 3.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 617,886 shares of company stock valued at $212,451,751 over the last quarter. Company insiders own 20.70% of the company’s stock.

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.