Morris Financial Concepts Inc. Reduces Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Morris Financial Concepts Inc. cut its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 17.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,012 shares of the electric vehicle producer's stock after selling 1,433 shares during the quarter. Tesla makes up about 1.2% of Morris Financial Concepts Inc.'s holdings, making the stock its 14th biggest position. Morris Financial Concepts Inc.'s holdings in Tesla were worth $2,832,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Howard Bailey Securities LLC boosted its holdings in Tesla by 19.0% during the fourth quarter. Howard Bailey Securities LLC now owns 1,121 shares of the electric vehicle producer's stock worth $453,000 after purchasing an additional 179 shares during the last quarter. Hemington Wealth Management boosted its stake in Tesla by 4.1% in the fourth quarter. Hemington Wealth Management now owns 2,923 shares of the electric vehicle producer's stock valued at $1,180,000 after acquiring an additional 114 shares during the last quarter. TFC Financial Management Inc. boosted its stake in Tesla by 1.4% in the fourth quarter. TFC Financial Management Inc. now owns 8,932 shares of the electric vehicle producer's stock valued at $3,607,000 after acquiring an additional 123 shares during the last quarter. Park Capital Management LLC WI purchased a new position in Tesla in the fourth quarter valued at about $962,000. Finally, McClarren Financial Advisors Inc. boosted its stake in Tesla by 416.7% in the fourth quarter. McClarren Financial Advisors Inc. now owns 186 shares of the electric vehicle producer's stock valued at $75,000 after acquiring an additional 150 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on TSLA shares. Mizuho reiterated an "outperform" rating and issued a $515.00 target price on shares of Tesla in a research note on Thursday, January 30th. JPMorgan Chase & Co. boosted their price target on shares of Tesla from $130.00 to $135.00 and gave the company an "underweight" rating in a research report on Thursday, October 24th. UBS Group boosted their price target on shares of Tesla from $226.00 to $259.00 and gave the company a "sell" rating in a research report on Thursday, January 30th. Needham & Company LLC reissued a "hold" rating on shares of Tesla in a research report on Monday, February 10th. Finally, Glj Research reaffirmed a "sell" rating and set a $24.86 target price on shares of Tesla in a report on Wednesday, February 12th. Nine analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Tesla presently has a consensus rating of "Hold" and an average target price of $326.50.

Tesla Trading Down 1.7 %

NASDAQ TSLA traded down $6.16 during trading on Thursday, hitting $354.40. The company had a trading volume of 45,742,280 shares, compared to its average volume of 75,478,797. 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 one year low of $138.80 and a one year high of $488.54. The company has a market cap of $1.14 trillion, a price-to-earnings ratio of 173.73, a price-to-earnings-growth ratio of 5.86 and a beta of 2.34. The company's fifty day moving average is $403.41 and its 200-day moving average is $311.13.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly 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%. On average, sell-side analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Kathleen Wilson-Thompson sold 100,000 shares of the 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 completion of the transaction, the director now directly owns 5,400 shares in the company, valued at $1,903,716. This trade represents a 94.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 7,000 shares of the firm's stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $354.43, for a total transaction of $2,481,010.00. Following the sale, the chief financial officer now owns 105,032 shares of the company's stock, valued at approximately $37,226,491.76. This represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 523,386 shares of company stock worth $195,995,200 in the last three months. 20.70% of the stock is owned by corporate insiders.

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.