Sandy Spring Bank lessened its stake in Tesla Inc (NASDAQ:TSLA) by 56.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 171 shares of the electric vehicle producer’s stock after selling 225 shares during the period. Sandy Spring Bank’s holdings in Tesla were worth $38,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of TSLA. SG Americas Securities LLC increased its position in Tesla by 1,892.8% in the 2nd quarter. SG Americas Securities LLC now owns 736,962 shares of the electric vehicle producer’s stock valued at $164,682,000 after acquiring an additional 699,981 shares during the period. Nikko Asset Management Americas Inc. increased its position in Tesla by 249.7% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 656,695 shares of the electric vehicle producer’s stock worth $146,745,000 after purchasing an additional 468,884 shares during the period. ARK Investment Management LLC increased its position in Tesla by 54.3% during the 2nd quarter. ARK Investment Management LLC now owns 1,163,182 shares of the electric vehicle producer’s stock worth $259,925,000 after purchasing an additional 409,332 shares during the period. Sumitomo Mitsui Asset Management Company LTD increased its position in Tesla by 200.7% during the 1st quarter. Sumitomo Mitsui Asset Management Company LTD now owns 481,122 shares of the electric vehicle producer’s stock worth $134,646,000 after purchasing an additional 321,112 shares during the period. Finally, Soma Equity Partners LP acquired a new position in Tesla during the 1st quarter worth approximately $55,972,000. Hedge funds and other institutional investors own 54.88% of the company’s stock.
In other Tesla news, Director Antonio J. Gracias sold 33,766 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $180.35, for a total transaction of $6,089,698.10. Following the transaction, the director now owns 14,232 shares of the company’s stock, valued at approximately $2,566,741.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jeffrey B. Straubel sold 15,000 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $189.89, for a total value of $2,848,350.00. Following the transaction, the insider now directly owns 321,398 shares in the company, valued at approximately $61,030,266.22. The disclosure for this sale can be found here. In the last three months, insiders have sold 78,916 shares of company stock worth $15,785,800. Corporate insiders own 24.40% of the company’s stock.
TSLA has been the topic of several recent analyst reports. Evercore ISI dropped their target price on Tesla from $240.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, May 15th. They noted that the move was a valuation call. Cfra cut Tesla to a “sell” rating and set a $135.00 target price on the stock. in a research report on Friday, July 26th. Jefferies Financial Group set a $300.00 target price on Tesla and gave the stock a “buy” rating in a research report on Friday, June 21st. Royal Bank of Canada reiterated a “sell” rating and set a $190.00 target price on shares of Tesla in a research report on Thursday, July 25th. Finally, Citigroup dropped their target price on Tesla from $238.00 to $191.00 and set a “sell” rating on the stock in a research report on Wednesday, May 22nd. Eighteen investment analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company. Tesla presently has an average rating of “Hold” and a consensus target price of $269.53.
TSLA stock opened at $219.94 on Friday. Tesla Inc has a 1 year low of $176.99 and a 1 year high of $379.49. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.71 and a current ratio of 1.06. The stock’s 50 day moving average price is $237.03 and its 200 day moving average price is $251.94. The firm has a market cap of $39.34 billion, a P/E ratio of -38.45 and a beta of 0.60.
Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, July 24th. The electric vehicle producer reported ($2.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.55) by ($0.76). Tesla had a negative return on equity of 11.42% and a negative net margin of 2.64%. The business had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.44 billion. During the same period in the prior year, the company earned ($3.06) EPS. The company’s revenue for the quarter was up 58.7% compared to the same quarter last year. On average, research analysts predict that Tesla Inc will post -7.51 earnings per share for the current year.
Tesla, Inc designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Netherlands, Norway, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers sedans and sport utility vehicles.
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