Echo Wealth Management LLC Sells 1,154 Shares of Tesla, Inc. (NASDAQ:TSLA)

Echo Wealth Management LLC trimmed its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 22.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,058 shares of the electric vehicle producer’s stock after selling 1,154 shares during the period. Tesla accounts for approximately 1.1% of Echo Wealth Management LLC’s investment portfolio, making the stock its 22nd biggest position. Echo Wealth Management LLC’s holdings in Tesla were worth $1,639,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Transcendent Capital Group LLC acquired a new stake in Tesla in the 3rd quarter valued at about $29,000. Clean Yield Group boosted its stake in shares of Tesla by 60.0% during the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after acquiring an additional 48 shares during the period. Peterson Financial Group Inc. acquired a new position in shares of Tesla during the 3rd quarter worth approximately $35,000. M&R Capital Management Inc. lifted its holdings in 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. Finally, Quarry LP bought a new position in shares of Tesla in the second quarter valued at about $48,000. 66.20% of the stock is owned by institutional investors.

Tesla Stock Up 0.3 %

Shares of NASDAQ TSLA opened at $398.31 on Wednesday. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $488.54. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08. The firm has a market cap of $1.28 trillion, a PE ratio of 109.13, a P/E/G ratio of 8.42 and a beta of 2.30. The company’s fifty day simple moving average is $399.99 and its 200 day simple moving average is $295.57.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Truist Financial reaffirmed a “hold” rating and issued a $360.00 target price on shares of Tesla in a research report on Thursday, January 2nd. Evercore ISI boosted their target price on shares of Tesla from $195.00 to $275.00 and gave the company an “in-line” rating in a research report on Friday, January 3rd. KGI Securities raised shares of Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 price target on the stock in a research report on Thursday, October 24th. UBS Group boosted their price objective on shares of Tesla from $197.00 to $226.00 and gave the company a “sell” rating in a report on Monday, November 25th. Finally, Barclays raised their target price on shares of Tesla from $270.00 to $325.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 15th. Eight investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $313.84.

Insider Activity

In other news, Director Kimbal Musk sold 60,500 shares of Tesla stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the completion of the transaction, 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 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 4,000 shares of Tesla stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $251.76, for a total value of $1,007,040.00. Following the transaction, the chief financial officer now owns 105,032 shares of the company’s stock, valued at $26,442,856.32. This trade represents a 3.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 617,886 shares of company stock worth $212,451,751 in the last three months. Company insiders own 20.70% of the company’s stock.

Tesla Company 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.