Echo Wealth Management LLC Sells 1,154 Shares of Tesla, Inc. (NASDAQ:TSLA)

Echo Wealth Management LLC reduced its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 22.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 4,058 shares of the electric vehicle producer’s stock after selling 1,154 shares during the quarter. Tesla makes up approximately 1.1% of Echo Wealth Management LLC’s investment portfolio, making the stock its 22nd largest position. Echo Wealth Management LLC’s holdings in Tesla were worth $1,639,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Andina Capital Management LLC boosted its stake in Tesla by 17.1% in the fourth quarter. Andina Capital Management LLC now owns 1,271 shares of the electric vehicle producer’s stock valued at $513,000 after acquiring an additional 186 shares during the last quarter. First Citizens Bank & Trust Co. raised its holdings in shares of Tesla by 2.0% in the 4th quarter. First Citizens Bank & Trust Co. now owns 63,610 shares of the electric vehicle producer’s stock worth $25,688,000 after purchasing an additional 1,237 shares during the period. Archford Capital Strategies LLC lifted its stake in Tesla by 9.1% in the fourth quarter. Archford Capital Strategies LLC now owns 1,930 shares of the electric vehicle producer’s stock valued at $779,000 after purchasing an additional 161 shares during the last quarter. Duncan Williams Asset Management LLC grew its holdings in Tesla by 53.7% during the fourth quarter. Duncan Williams Asset Management LLC now owns 1,565 shares of the electric vehicle producer’s stock valued at $632,000 after purchasing an additional 547 shares during the period. Finally, Tran Capital Management L.P. raised its stake in shares of Tesla by 1.9% in the fourth quarter. Tran Capital Management L.P. now owns 3,194 shares of the electric vehicle producer’s stock valued at $1,290,000 after buying an additional 60 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Bank of America cut Tesla from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $400.00 to $490.00 in a research note on Tuesday, January 7th. Phillip Securities cut shares of Tesla from a “moderate sell” rating to a “strong sell” rating in a research note on Wednesday, November 13th. Barclays lifted their price objective on shares of Tesla from $270.00 to $325.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 15th. Sanford C. Bernstein restated an “underperform” rating and set a $120.00 target price on shares of Tesla in a research report on Thursday, October 3rd. Finally, New Street Research upgraded Tesla from a “neutral” rating to a “buy” rating and set a $460.00 price target for the company in a research report on Monday, January 6th. Eight research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Tesla presently has an average rating of “Hold” and an average price target of $313.84.

Insider Activity at Tesla

In other news, Director Kimbal Musk sold 60,500 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the transaction, the director now directly owns 1,563,220 shares of the company’s stock, valued at $391,164,540.60. This represents a 3.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $374.21, for a total value of $975,191.26. Following the completion of the sale, the chief financial officer now owns 108,965 shares of the company’s stock, valued at $40,775,792.65. The trade was a 2.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 617,886 shares of company stock valued at $212,451,751. 20.70% of the stock is owned by insiders.

Tesla Stock Up 0.3 %

Shares of NASDAQ:TSLA opened at $398.31 on Wednesday. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $488.54. The stock has a market capitalization of $1.28 trillion, a price-to-earnings ratio of 109.13, a PEG ratio of 8.42 and a beta of 2.30. The stock has a fifty day simple moving average of $399.99 and a two-hundred day simple moving average of $295.57. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08.

Tesla Company 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.