Abacus Wealth Partners LLC Cuts Holdings in Tesla, Inc. (NASDAQ:TSLA)

Abacus Wealth Partners LLC lowered its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 7.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 2,994 shares of the electric vehicle producer’s stock after selling 242 shares during the quarter. Tesla accounts for 0.2% of Abacus Wealth Partners LLC’s holdings, making the stock its 24th biggest position. Abacus Wealth Partners LLC’s holdings in Tesla were worth $1,209,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of TSLA. Abich Financial Wealth Management LLC grew its stake in Tesla by 168.8% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after buying an additional 81 shares in the last quarter. Transcendent Capital Group LLC purchased a new position in Tesla in the third quarter worth $29,000. Clean Yield Group increased its stake in Tesla by 60.0% in the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after acquiring an additional 48 shares during the last quarter. Peterson Financial Group Inc. purchased a new position in shares of Tesla in the 3rd quarter worth about $35,000. Finally, M&R Capital Management Inc. increased its position in shares of Tesla by 263.2% during the 3rd quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock valued at $36,000 after purchasing an additional 100 shares during the last quarter. 66.20% of the stock is owned by institutional investors.

Tesla Trading Down 2.1 %

Shares of NASDAQ:TSLA opened at $415.11 on Thursday. The stock has a 50 day moving average of $393.38 and a 200 day moving average of $291.27. The company has a market cap of $1.33 trillion, a PE ratio of 113.73, a price-to-earnings-growth ratio of 8.60 and a beta of 2.30. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $488.54. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08.

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

Analyst Upgrades and Downgrades

A number of brokerages have commented on TSLA. New Street Research upgraded shares of Tesla from a “neutral” rating to a “buy” rating and set a $460.00 price target on the stock in a research report on Monday, January 6th. Roth Capital upgraded shares of Tesla from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 2nd. Jefferies Financial Group raised their price objective on Tesla from $195.00 to $300.00 and gave the company a “hold” rating in a research note on Thursday, November 14th. Evercore ISI increased their target price on Tesla from $195.00 to $275.00 and gave the company an “in-line” rating in a report on Friday, January 3rd. Finally, Phillip Securities downgraded Tesla from a “moderate sell” rating to a “strong sell” rating in a research report on Wednesday, November 13th. Nine equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $309.48.

Insider Buying and Selling

In related news, CFO Vaibhav Taneja sold 8,000 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $300.37, for a total transaction of $2,402,960.00. Following the completion of the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at approximately $31,548,461.84. This trade represents a 7.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kimbal Musk sold 60,500 shares of the business’s 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 completion of the sale, the director now owns 1,563,220 shares in the company, valued at approximately $391,164,540.60. The trade was a 3.73 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 617,886 shares of company stock valued at $212,451,751. 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.