Summit Investment Advisors Inc. Increases Stock Position in Tesla, Inc. $TSLA

Summit Investment Advisors Inc. increased its holdings in Tesla, Inc. (NASDAQ:TSLA) by 1.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 79,666 shares of the electric vehicle producer’s stock after acquiring an additional 1,135 shares during the quarter. Tesla makes up about 17.0% of Summit Investment Advisors Inc.’s holdings, making the stock its 18th biggest position. Summit Investment Advisors Inc.’s holdings in Tesla were worth $20,646,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Tesla by 1.5% during the first quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer’s stock worth $63,983,418,000 after purchasing an additional 3,694,524 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Tesla by 322.1% during the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer’s stock worth $6,891,201,000 after acquiring an additional 20,291,139 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Tesla by 4.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 18,174,941 shares of the electric vehicle producer’s stock worth $4,710,218,000 after purchasing an additional 849,091 shares during the period. Amundi grew its holdings in shares of Tesla by 29.4% in the 1st quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer’s stock worth $4,482,789,000 after acquiring an additional 3,814,610 shares during the period. Finally, Invesco Ltd. increased its position in shares of Tesla by 17.6% in the first quarter. Invesco Ltd. now owns 14,786,414 shares of the electric vehicle producer’s stock valued at $3,832,047,000 after buying an additional 2,211,300 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on TSLA shares. Guggenheim reissued a “sell” rating and issued a $175.00 price target on shares of Tesla in a report on Wednesday, July 23rd. UBS Group reiterated a “sell” rating on shares of Tesla in a report on Friday. Canaccord Genuity Group decreased their price objective on shares of Tesla from $490.00 to $482.00 and set a “buy” rating for the company in a research note on Thursday, October 23rd. Benchmark reaffirmed a “buy” rating on shares of Tesla in a research report on Thursday, October 23rd. Finally, DZ Bank reaffirmed a “sell” rating on shares of Tesla in a report on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, thirteen have given a Hold rating and eleven have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $391.08.

Tesla Stock Down 3.7%

TSLA stock opened at $429.52 on Friday. The firm has a 50 day simple moving average of $420.97 and a 200 day simple moving average of $354.73. The firm has a market cap of $1.43 trillion, a PE ratio of 286.35, a P/E/G ratio of 16.84 and a beta of 2.06. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.07 and a quick ratio of 1.67. Tesla, Inc. has a 12 month low of $214.25 and a 12 month high of $488.54.

Tesla (NASDAQ:TSLA) last released its earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.02. The business had revenue of $28.10 billion for the quarter, compared to the consensus estimate of $24.98 billion. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period last year, the firm posted $0.72 earnings per share. Equities research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Activity at Tesla

In other Tesla news, Director James R. Murdoch sold 60,000 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the completion of the sale, the director directly owned 637,031 shares in the company, valued at $269,260,263.08. This represents a 8.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of the business’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the transaction, the senior vice president directly owned 47,600 shares in the company, valued at $17,314,500. This trade represents a 29.59% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 202,606 shares of company stock valued at $75,588,902. Insiders own 19.90% of the company’s stock.

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.