Synovus Financial Corp Cuts Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Synovus Financial Corp trimmed its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 8.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 25,644 shares of the electric vehicle producer's stock after selling 2,516 shares during the quarter. Synovus Financial Corp's holdings in Tesla were worth $10,356,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in TSLA. Hengehold Capital Management LLC lifted its position in shares of Tesla by 1.8% in the fourth quarter. Hengehold Capital Management LLC now owns 1,347 shares of the electric vehicle producer's stock worth $544,000 after purchasing an additional 24 shares in the last quarter. Strategic Investment Advisors MI increased its holdings in shares of Tesla by 0.3% in the fourth quarter. Strategic Investment Advisors MI now owns 6,990 shares of the electric vehicle producer's stock valued at $2,823,000 after purchasing an additional 24 shares during the last quarter. Acropolis Investment Management LLC grew its position in shares of Tesla by 0.9% in the fourth quarter. Acropolis Investment Management LLC now owns 2,814 shares of the electric vehicle producer's stock valued at $1,136,000 after purchasing an additional 25 shares during the last quarter. Mount Vernon Associates Inc. MD increased its position in Tesla by 0.3% during the fourth quarter. Mount Vernon Associates Inc. MD now owns 7,305 shares of the electric vehicle producer's stock worth $2,950,000 after acquiring an additional 25 shares during the period. Finally, Vista Finance LLC increased its stake in Tesla by 0.7% during the 4th quarter. Vista Finance LLC now owns 3,510 shares of the electric vehicle producer's stock worth $1,417,000 after acquiring an additional 25 shares during the period. 66.20% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on TSLA shares. JPMorgan Chase & Co. reduced their target price on Tesla from $135.00 to $120.00 and set an "underweight" rating on the stock in a report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft reduced 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. Truist Financial dropped their price target on Tesla from $373.00 to $280.00 and set a "hold" rating on the stock in a research note on Thursday, April 3rd. Benchmark reduced their target price on Tesla from $475.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Finally, Guggenheim lowered their price objective on shares of Tesla from $175.00 to $170.00 and set a "sell" rating on the stock in a report on Wednesday, March 12th. Eight investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $298.59.

Insider Activity

In other news, CFO Vaibhav Taneja sold 4,000 shares of the business's stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $250.00, for a total transaction 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 approximately $6,737,500. The trade was a 12.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robyn M. Denholm sold 112,390 shares of the 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 completion of the transaction, the director now directly owns 85,000 shares of the company's stock, valued at approximately $32,643,400. The trade was a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 374,228 shares of company stock valued at $123,791,123. Insiders own 20.70% of the company's stock.

Tesla Price Performance

NASDAQ:TSLA traded up $1.76 during trading hours on Tuesday, hitting $254.11. The stock had a trading volume of 78,792,804 shares, compared to its average volume of 95,936,384. Tesla, Inc. has a one year low of $138.80 and a one year high of $488.54. The company has a 50 day simple moving average of $280.27 and a two-hundred day simple moving average of $323.03. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. The firm has a market capitalization of $817.35 billion, a price-to-earnings ratio of 124.56, a P/E/G ratio of 5.86 and a beta of 2.58.

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 for the quarter, missing analysts' consensus estimates of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. Research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

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.