ProVise Management Group LLC Sells 243 Shares of Tesla, Inc. (NASDAQ:TSLA)

ProVise Management Group LLC reduced its position in Tesla, Inc. (NASDAQ:TSLA) by 4.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 5,072 shares of the electric vehicle producer’s stock after selling 243 shares during the period. ProVise Management Group LLC’s holdings in Tesla were worth $2,048,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in shares of Tesla in the 4th quarter valued at $46,000. Parkworth Wealth Management Inc. acquired a new stake in shares of Tesla in the 4th quarter valued at $47,000. PayPay Securities Corp increased its stake in shares of Tesla by 130.2% in the 4th quarter. PayPay Securities Corp now owns 122 shares of the electric vehicle producer’s stock valued at $49,000 after buying an additional 69 shares during the period. Rialto Wealth Management LLC acquired a new stake in shares of Tesla in the 4th quarter valued at $55,000. Finally, Finley Financial LLC acquired a new stake in shares of Tesla in the 4th quarter valued at $64,000. 66.20% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Oppenheimer reissued a “mixed” rating on shares of Tesla in a research note on Tuesday. Wells Fargo & Company reduced their price target on Tesla from $135.00 to $130.00 and set an “underweight” rating on the stock in a research report on Friday, March 14th. Royal Bank of Canada reduced their price target on Tesla from $440.00 to $320.00 and set an “outperform” rating on the stock in a research report on Tuesday. Cowen upgraded Tesla from a “hold” rating to a “buy” rating in a research report on Thursday, March 6th. Finally, Bank of America reduced their price target on Tesla from $490.00 to $380.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. Nine investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Tesla presently has an average rating of “Hold” and an average price target of $319.25.

Tesla Price Performance

NASDAQ:TSLA opened at $225.31 on Wednesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02. The stock’s 50-day simple moving average is $344.47 and its 200 day simple moving average is $320.61. The company has a market cap of $724.71 billion, a P/E ratio of 110.45, a P/E/G ratio of 5.86 and a beta of 2.50. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $488.54.

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

Insiders Place Their Bets

In other Tesla news, Director Robyn M. Denholm sold 112,390 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 85,000 shares of the company’s stock, valued at $32,643,400. The trade was a 56.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $413.56, for a total value of $2,894,920.00. Following the transaction, the chief financial officer now directly owns 108,965 shares in the company, 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 477,228 shares of company stock valued at $166,849,043 over the last 90 days. 20.70% of the stock is currently owned by insiders.

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.