Morris Financial Concepts Inc. Sells 332 Shares of Tesla, Inc. (NASDAQ:TSLA)

Morris Financial Concepts Inc. cut its holdings in Tesla, Inc. (NASDAQ:TSLA) by 3.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,571 shares of the electric vehicle producer’s stock after selling 332 shares during the quarter. Tesla makes up 0.8% of Morris Financial Concepts Inc.’s holdings, making the stock its 24th biggest holding. Morris Financial Concepts Inc.’s holdings in Tesla were worth $1,507,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Wyrmwood Management LLC purchased a new stake in Tesla during the 4th quarter valued at $25,000. Lam Group Inc. bought a new stake in shares of Tesla in the fourth quarter worth about $25,000. Mendota Financial Group LLC increased its stake in Tesla by 202.2% during the fourth quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock worth $34,000 after acquiring an additional 91 shares during the last quarter. OLD Point Trust & Financial Services N A purchased a new stake in shares of Tesla in the fourth quarter valued at approximately $37,000. Finally, Guardian Wealth Management Inc. bought a new stake in Tesla during the 4th quarter valued at $47,000. 66.20% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TSLA. Oppenheimer reaffirmed a “market perform” rating on shares of Tesla in a research report on Wednesday, April 24th. Wells Fargo & Company reiterated an “underweight” rating and set a $120.00 target price on shares of Tesla in a research note on Monday. Truist Financial decreased their price objective on shares of Tesla from $176.00 to $162.00 and set a “hold” rating for the company in a research note on Wednesday, April 24th. JPMorgan Chase & Co. reduced their target price on shares of Tesla from $130.00 to $115.00 and set an “underweight” rating for the company in a report on Wednesday, April 3rd. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $230.00 price target on shares of Tesla in a report on Monday. Seven research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have given a 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 $187.30.

Tesla Stock Up 6.1 %

Shares of NASDAQ:TSLA traded up $11.98 during trading on Monday, reaching $209.86. 134,659,469 shares of the company traded hands, compared to its average volume of 95,645,531. The firm has a market cap of $669.29 billion, a P/E ratio of 53.54, a price-to-earnings-growth ratio of 4.91 and a beta of 2.31. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $299.29. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.04. The firm has a fifty day simple moving average of $177.80 and a 200 day simple moving average of $191.38.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Tuesday, April 23rd. The electric vehicle producer reported $0.35 EPS for the quarter, meeting analysts’ consensus estimates of $0.35. Tesla had a net margin of 14.37% and a return on equity of 13.18%. The firm had revenue of $21.30 billion for the quarter, compared to analyst estimates of $22.15 billion. Analysts anticipate that Tesla, Inc. will post 1.86 earnings per share for the current fiscal year.

Insider Activity

In other Tesla news, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $184.86, for a total value of $17,322,306.30. Following the completion of the sale, the director now owns 15,000 shares in the company, valued at approximately $2,772,900. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Tesla news, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $174.21, for a total transaction of $113,236.50. Following the transaction, the senior vice president now owns 65,155 shares in the company, valued at $11,350,652.55. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robyn M. Denholm sold 93,705 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the transaction, the director now owns 15,000 shares in the company, valued at approximately $2,772,900. The disclosure for this sale can be found here. Insiders own 20.90% 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.