Morris Financial Concepts Inc. Cuts Stake in Tesla, Inc. (NASDAQ:TSLA)

Morris Financial Concepts Inc. lowered its position in Tesla, Inc. (NASDAQ:TSLA) by 17.0% in the 4th quarter, Holdings Channel reports. The institutional investor owned 7,012 shares of the electric vehicle producer’s stock after selling 1,433 shares during the period. Tesla comprises approximately 1.2% of Morris Financial Concepts Inc.’s investment portfolio, making the stock its 14th largest position. Morris Financial Concepts Inc.’s holdings in Tesla were worth $2,832,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of TSLA. Transcendent Capital Group LLC purchased a new stake in shares of Tesla during the third quarter valued at approximately $29,000. Peterson Financial Group Inc. purchased a new stake in shares of Tesla during the third quarter valued at approximately $35,000. Finley Financial LLC purchased a new stake in shares of Tesla during the fourth quarter valued at approximately $64,000. McClarren Financial Advisors Inc. boosted its stake in shares of Tesla by 416.7% during the fourth quarter. McClarren Financial Advisors Inc. now owns 186 shares of the electric vehicle producer’s stock valued at $75,000 after purchasing an additional 150 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. boosted its stake in shares of Tesla by 692.6% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 214 shares of the electric vehicle producer’s stock valued at $56,000 after purchasing an additional 187 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on TSLA shares. KGI Securities upgraded Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 target price for the company in a report on Thursday, October 24th. Benchmark started coverage on Tesla in a report on Wednesday, February 12th. They set a “buy” rating and a $475.00 target price for the company. Needham & Company LLC restated a “hold” rating on shares of Tesla in a report on Monday, February 10th. Wells Fargo & Company upped their target price on Tesla from $125.00 to $135.00 and gave the company an “underweight” rating in a report on Thursday, January 30th. Finally, Barclays upped their target price on Tesla from $270.00 to $325.00 and gave the company an “equal weight” rating in a report on Wednesday, January 15th. Nine research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $326.50.

Insiders Place Their Bets

In other news, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $354.06, for a total transaction of $39,792,803.40. Following the transaction, the director now directly owns 85,000 shares of the company’s stock, valued at $30,095,100. The trade was a 56.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of Tesla stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $352.54, for a total value of $35,254,000.00. Following the transaction, the director now directly owns 5,400 shares in the company, valued at approximately $1,903,716. The trade was a 94.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 523,386 shares of company stock valued at $195,995,200. Insiders own 20.70% of the company’s stock.

Tesla Trading Down 0.0 %

Shares of NASDAQ:TSLA opened at $355.84 on Monday. The stock has a market capitalization of $1.14 trillion, a price-to-earnings ratio of 174.43, a PEG ratio of 6.22 and a beta of 2.34. 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 $406.31 and its two-hundred day simple moving average is $308.24. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $488.54.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. Analysts expect that Tesla, Inc. will post 2.54 EPS for the current year.

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.