Provident Wealth Management LLC Has $544,000 Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Provident Wealth Management LLC cut its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 15.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,348 shares of the electric vehicle producer’s stock after selling 248 shares during the period. Provident Wealth Management LLC’s holdings in Tesla were worth $544,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. World Investment Advisors LLC increased its holdings in shares of Tesla by 1,248.9% during the third quarter. World Investment Advisors LLC now owns 199,229 shares of the electric vehicle producer’s stock worth $52,124,000 after purchasing an additional 184,459 shares during the period. Destination Wealth Management increased its stake in Tesla by 12.1% during the 3rd quarter. Destination Wealth Management now owns 12,597 shares of the electric vehicle producer’s stock worth $3,296,000 after acquiring an additional 1,359 shares during the period. Stephens Consulting LLC raised its holdings in Tesla by 126.7% in the 4th quarter. Stephens Consulting LLC now owns 1,594 shares of the electric vehicle producer’s stock valued at $644,000 after acquiring an additional 891 shares in the last quarter. Vinva Investment Management Ltd lifted its position in shares of Tesla by 59.2% during the 3rd quarter. Vinva Investment Management Ltd now owns 117,457 shares of the electric vehicle producer’s stock valued at $30,593,000 after acquiring an additional 43,685 shares during the period. Finally, MML Investors Services LLC grew its holdings in shares of Tesla by 3.3% during the 3rd quarter. MML Investors Services LLC now owns 309,382 shares of the electric vehicle producer’s stock worth $80,944,000 after purchasing an additional 9,919 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Analyst Upgrades and Downgrades

TSLA has been the subject of a number of analyst reports. Roth Mkm raised Tesla from a “neutral” rating to a “buy” rating and boosted their price target for the company from $85.00 to $380.00 in a research note on Monday, December 2nd. Needham & Company LLC restated a “hold” rating on shares of Tesla in a research note on Monday, February 10th. Piper Sandler raised their price target on shares of Tesla from $315.00 to $500.00 and gave the company an “overweight” rating in a research note on Tuesday, January 21st. Guggenheim reaffirmed a “sell” rating on shares of Tesla in a research note on Tuesday. Finally, Evercore ISI increased their price target on Tesla from $195.00 to $275.00 and gave the company an “in-line” rating in a research note on Friday, January 3rd. Ten analysts have rated the stock with a sell rating, eleven have given a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Tesla has a consensus rating of “Hold” and a consensus target price of $319.57.

Insider Activity

In related news, CFO Vaibhav Taneja sold 7,000 shares of Tesla stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $354.43, for a total value of $2,481,010.00. Following the completion of the sale, the chief financial officer now owns 105,032 shares of the company’s stock, valued at approximately $37,226,491.76. This trade represents a 6.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robyn M. Denholm sold 112,390 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $354.06, for a total transaction of $39,792,803.40. Following the sale, the director now owns 85,000 shares of the company’s stock, valued at $30,095,100. This trade represents a 56.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 523,386 shares of company stock worth $195,995,200 in the last three months. Company insiders own 20.70% of the company’s stock.

Tesla Stock Performance

Shares of TSLA stock opened at $281.95 on Friday. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $488.54. The firm has a 50 day moving average of $387.91 and a 200-day moving average of $315.28. The company has a market cap of $906.90 billion, a price-to-earnings ratio of 138.21, a price-to-earnings-growth ratio of 5.86 and a beta of 2.34.

Tesla (NASDAQ:TSLA) last posted 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 return on equity of 10.31% and a net margin of 7.26%. On average, equities analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

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.