HITE Hedge Asset Management LLC Sells 5,828 Shares of Tesla, Inc. (NASDAQ:TSLA)

HITE Hedge Asset Management LLC trimmed its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 69.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,619 shares of the electric vehicle producer's stock after selling 5,828 shares during the period. HITE Hedge Asset Management LLC's holdings in Tesla were worth $1,058,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Horrell Capital Management Inc. boosted its holdings in shares of Tesla by 75.6% during the 4th quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer's stock worth $32,000 after buying an additional 34 shares during the period. GS Investments Inc. lifted its position in shares of Tesla by 193.3% during the 4th quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer's stock worth $36,000 after purchasing an additional 58 shares during the last quarter. CoreFirst Bank & Trust bought a new stake in Tesla during the 4th quarter valued at approximately $38,000. Delos Wealth Advisors LLC grew its holdings in Tesla by 300.0% in the 4th quarter. Delos Wealth Advisors LLC now owns 100 shares of the electric vehicle producer's stock valued at $40,000 after buying an additional 75 shares during the last quarter. Finally, Cyrus J. Lawrence LLC bought a new position in Tesla in the 4th quarter worth approximately $44,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Tesla news, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $384.04, for a total transaction of $43,162,255.60. Following the transaction, the director now directly owns 85,000 shares in the company, valued at approximately $32,643,400. The trade was a 56.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $250.00, for a total value of $1,000,000.00. Following the transaction, the chief financial officer now owns 26,950 shares in the company, valued at $6,737,500. This trade represents a 12.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 374,228 shares of company stock valued at $123,791,123 in the last 90 days. 20.70% of the stock is owned by company insiders.

Tesla Trading Down 0.2 %

Shares of TSLA opened at $241.17 on Friday. The stock's fifty day simple moving average is $275.67 and its 200-day simple moving average is $322.33. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $775.71 billion, a PE ratio of 118.22, a price-to-earnings-growth ratio of 5.86 and a beta of 2.58. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last issued 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 net margin of 7.26% and a return on equity of 10.31%. As a group, research analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Tesla from $420.00 to $345.00 and set a "buy" rating on the stock in a research note on Friday, March 28th. Benchmark dropped their price objective on shares of Tesla from $475.00 to $350.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Wedbush decreased their target price on Tesla from $550.00 to $315.00 and set an "outperform" rating on the stock in a research report on Monday, April 7th. Truist Financial reduced their price objective on Tesla from $373.00 to $280.00 and set a "hold" rating for the company in a research report on Thursday, April 3rd. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $425.00 target price on shares of Tesla in a research note on Thursday, April 3rd. Nine research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Tesla currently has a consensus rating of "Hold" and an average price target of $292.18.

Tesla Company 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.

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