King Wealth Management Group Trims Position in Tesla, Inc. (NASDAQ:TSLA)

King Wealth Management Group trimmed its position in Tesla, Inc. (NASDAQ:TSLA) by 21.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,611 shares of the electric vehicle producer’s stock after selling 442 shares during the quarter. King Wealth Management Group’s holdings in Tesla were worth $651,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of TSLA. Peterson Financial Group Inc. bought a new position in Tesla in the 3rd quarter valued at $35,000. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in shares of Tesla in the fourth quarter worth $46,000. Parkworth Wealth Management Inc. purchased a new position in Tesla during the fourth quarter worth about $47,000. PayPay Securities Corp increased its stake in Tesla by 130.2% in the 4th quarter. PayPay Securities Corp now owns 122 shares of the electric vehicle producer’s stock worth $49,000 after acquiring an additional 69 shares during the last quarter. Finally, Rialto Wealth Management LLC purchased a new stake in shares of Tesla in the 4th quarter valued at about $55,000. 66.20% of the stock is currently owned by institutional investors.

Tesla Stock Down 3.0 %

Shares of NASDAQ TSLA opened at $240.68 on Friday. The firm has a fifty day simple moving average of $354.52 and a two-hundred day simple moving average of $318.49. The firm has a market capitalization of $774.15 billion, a PE ratio of 117.98, a price-to-earnings-growth ratio of 5.86 and a beta of 2.50. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $488.54.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 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%. Equities analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Activity

In related news, CFO Vaibhav Taneja sold 7,000 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $413.56, for a total transaction of $2,894,920.00. Following the sale, the chief financial officer now owns 108,965 shares of the company’s stock, valued at $45,063,565.40. The trade was a 6.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James R. Murdoch sold 54,776 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $240.79, for a total transaction of $13,189,513.04. Following the transaction, the director now directly owns 477,011 shares of the company’s stock, valued at $114,859,478.69. This represents a 10.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 477,228 shares of company stock worth $166,849,043 in the last quarter. 20.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TSLA. The Goldman Sachs Group restated a “cautious” rating on shares of Tesla in a research report on Monday, March 3rd. Roth Capital raised shares of Tesla from a “hold” rating to a “strong-buy” rating in a report on Monday, December 2nd. Piper Sandler lifted their price objective on shares of Tesla from $315.00 to $500.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. Stifel Nicolaus reduced their target price on Tesla from $492.00 to $474.00 and set a “buy” rating on the stock in a research note on Monday, February 10th. Finally, New Street Research raised Tesla from a “neutral” rating to a “buy” rating and set a $460.00 price target for the company in a research note on Monday, January 6th. Nine investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $325.81.

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.