Avidian Wealth Solutions LLC Cuts Stake in Tesla, Inc. (NASDAQ:TSLA)

Avidian Wealth Solutions LLC lessened its holdings in Tesla, Inc. (NASDAQ:TSLA) by 13.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,482 shares of the electric vehicle producer’s stock after selling 882 shares during the quarter. Avidian Wealth Solutions LLC’s holdings in Tesla were worth $1,362,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Wyrmwood Management LLC bought a new position in shares of Tesla during the fourth quarter valued at about $25,000. Lam Group Inc. purchased a new stake in Tesla in the 4th quarter worth approximately $25,000. Mendota Financial Group LLC grew its position in shares of Tesla by 202.2% in the 4th quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock worth $34,000 after buying an additional 91 shares during the last quarter. Kathleen S. Wright Associates Inc. increased its stake in shares of Tesla by 111.1% during the fourth quarter. Kathleen S. Wright Associates Inc. now owns 190 shares of the electric vehicle producer’s stock valued at $47,000 after buying an additional 100 shares during the period. Finally, Cordant Inc. bought a new position in shares of Tesla during the third quarter valued at approximately $53,000. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TSLA. Needham & Company LLC restated a “hold” rating on shares of Tesla in a report on Wednesday, April 24th. Citigroup raised their price objective on shares of Tesla from $180.00 to $182.00 and gave the stock a “neutral” rating in a report on Wednesday, April 24th. Barclays reduced their target price on Tesla from $225.00 to $180.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 17th. Edward Jones cut Tesla from a “buy” rating to a “hold” rating in a research note on Friday, January 26th. Finally, Truist Financial reduced their price target on Tesla from $176.00 to $162.00 and set a “hold” rating on the stock in a research note on Wednesday, April 24th. Eight analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $185.90.

Insiders Place Their Bets

In other news, SVP Andrew D. Baglino sold 10,500 shares of Tesla stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $204.17, for a total transaction of $2,143,785.00. Following the transaction, the senior vice president now directly owns 31,230 shares of the company’s stock, valued at approximately $6,376,229.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, SVP Andrew D. Baglino sold 10,500 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $204.17, for a total transaction of $2,143,785.00. Following the sale, the senior vice president now directly owns 31,230 shares in the company, valued at approximately $6,376,229.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robyn M. Denholm sold 93,706 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $194.73, for a total transaction of $18,247,369.38. Following the completion of the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $2,920,950. The disclosure for this sale can be found here. Insiders sold a total of 209,098 shares of company stock worth $38,802,534 over the last quarter. 25.10% of the stock is currently owned by corporate insiders.

Tesla Stock Performance

TSLA traded up $1.18 during trading on Friday, hitting $181.19. The company’s stock had a trading volume of 75,491,539 shares, compared to its average volume of 112,969,304. Tesla, Inc. has a one year low of $138.80 and a one year high of $299.29. The business’s 50 day simple moving average is $173.85 and its 200-day simple moving average is $204.81. The firm has a market cap of $577.85 billion, a PE ratio of 46.22, a P/E/G ratio of 4.74 and a beta of 2.41. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.04.

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.