Summit Investment Advisors Inc. Has $31.71 Million Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Summit Investment Advisors Inc. cut its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 10.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 78,531 shares of the electric vehicle producer's stock after selling 8,817 shares during the period. Tesla comprises approximately 28.2% of Summit Investment Advisors Inc.'s holdings, making the stock its 12th largest holding. Summit Investment Advisors Inc.'s holdings in Tesla were worth $31,714,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Horrell Capital Management Inc. increased its position 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 purchasing an additional 34 shares in the last quarter. GS Investments Inc. increased its holdings in shares of Tesla by 193.3% during the fourth quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer's stock worth $36,000 after buying an additional 58 shares in the last quarter. CoreFirst Bank & Trust bought a new position in shares of Tesla in the fourth quarter valued at approximately $38,000. Delos Wealth Advisors LLC boosted its holdings in shares of Tesla by 300.0% in the 4th quarter. Delos Wealth Advisors LLC now owns 100 shares of the electric vehicle producer's stock worth $40,000 after acquiring an additional 75 shares in the last quarter. Finally, Cyrus J. Lawrence LLC bought a new stake in Tesla during the 4th quarter worth approximately $44,000. Institutional investors own 66.20% of the company's stock.

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Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Wells Fargo & Company reduced their price objective on Tesla from $135.00 to $130.00 and set an "underweight" rating on the stock in a research note on Friday, March 14th. Morgan Stanley reduced their price target on shares of Tesla from $430.00 to $410.00 and set an "overweight" rating on the stock in a research report on Friday, March 21st. Barclays raised their price objective on shares of Tesla from $270.00 to $325.00 and gave the company an "equal weight" rating in a research report on Wednesday, January 15th. Bank of America reduced their target price on shares of Tesla from $490.00 to $380.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. Finally, UBS Group lowered their price target on shares of Tesla from $225.00 to $190.00 and set a "sell" rating for the company in a report on Thursday, April 10th. Eight equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Tesla currently has an average rating of "Hold" and an average target price of $298.59.

Tesla Stock Up 0.7 %

Shares of NASDAQ:TSLA traded up $1.76 during midday trading on Tuesday, reaching $254.11. 78,792,804 shares of the company were exchanged, compared to its average volume of 95,936,384. The firm has a market cap of $817.35 billion, a PE ratio of 124.56, a P/E/G ratio of 5.86 and a beta of 2.58. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $488.54. The stock has a fifty day simple moving average of $280.27 and a two-hundred day simple moving average of $323.03. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08.

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

Insider Buying and Selling at Tesla

In related news, Director James R. Murdoch sold 54,776 shares of Tesla stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $240.79, for a total value of $13,189,513.04. Following the sale, the director now owns 477,011 shares of the company's stock, valued at approximately $114,859,478.69. The trade was a 10.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of the stock in a transaction that occurred on 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 directly owns 26,950 shares of the company's stock, valued at $6,737,500. This trade represents a 12.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 374,228 shares of company stock worth $123,791,123. Corporate insiders own 20.70% of the company's stock.

About Tesla

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.