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

ProVise Management Group LLC lessened its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 4.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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 quarter.

Other institutional investors also recently made changes to their positions in the company. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in shares of Tesla during the fourth quarter worth approximately $46,000. Parkworth Wealth Management Inc. bought a new stake in shares of Tesla in the fourth quarter valued at approximately $47,000. PayPay Securities Corp boosted its stake in shares of Tesla by 130.2% in the fourth 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 bought a new stake in shares of Tesla in the fourth quarter valued at approximately $55,000. Finally, Finley Financial LLC bought a new stake in shares of Tesla in the fourth quarter valued at approximately $64,000. Institutional investors own 66.20% of the company’s stock.

Insider Transactions at Tesla

In other news, Director Kathleen Wilson-Thompson sold 100,000 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $411.63, for a total transaction of $41,163,000.00. Following the transaction, the director now owns 5,400 shares of the company’s stock, valued at $2,222,802. This represents a 94.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Vaibhav Taneja sold 7,000 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $413.56, for a total transaction of $2,894,920.00. Following the transaction, the chief financial officer now directly owns 108,965 shares in the company, valued at $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 477,228 shares of company stock valued at $166,849,043 in the last 90 days. 20.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

TSLA has been the subject of several recent research reports. Wells Fargo & Company cut their price target on Tesla from $135.00 to $130.00 and set an “underweight” rating for the company in a research note on Friday, March 14th. Canaccord Genuity Group reiterated a “buy” rating and issued a $404.00 price target on shares of Tesla in a research note on Monday. Glj Research restated a “buy” rating on shares of Tesla in a research note on Tuesday, March 11th. Guggenheim cut their target price on Tesla from $175.00 to $170.00 and set a “sell” rating for the company in a research note on Wednesday, March 12th. Finally, Robert W. Baird cut their target price on Tesla from $440.00 to $370.00 and set an “outperform” rating for the company in a research note on Thursday, March 6th. Nine investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Tesla has an average rating of “Hold” and a consensus target price of $319.25.

Tesla Stock Performance

Shares of Tesla stock opened at $225.31 on Wednesday. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. The business has a 50-day moving average price of $344.47 and a two-hundred day moving average price of $320.61. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $488.54. The company has a market cap of $724.71 billion, a P/E ratio of 110.45, a PEG ratio of 5.86 and a beta of 2.50.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share 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%. As a group, analysts anticipate that Tesla, Inc. will post 2.56 EPS 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.