Rockland Trust Co. Purchases New Position in Tesla, Inc. $TSLA

Key Points

• Rockland Trust Co. has acquired a new position in Tesla, purchasing 930 shares valued at approximately $295,000 during the second quarter.
• Tesla reported earnings per share of $0.40 for the last quarter, missing estimates, with revenue down 11.8% year-over-year.
• Insider trading shows that Director James R. Murdoch sold 120,000 shares at an average price of $350.29, decreasing his position by 14.69%.

Rockland Trust Co. bought a new position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 930 shares of the electric vehicle producer's stock, valued at approximately $295,000.

Other hedge funds also recently modified their holdings of the company. Cherry Tree Wealth Management LLC increased its position in Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 44 shares during the last quarter. First PREMIER Bank grew its holdings in shares of Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after purchasing an additional 42 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of Tesla in the 1st quarter worth approximately $27,000. Newton One Investments LLC raised its position in Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after acquiring an additional 75 shares in the last quarter. Finally, Chelsea Counsel Co. raised its position in shares of Tesla by 59.7% in the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock valued at $28,000 after buying an additional 40 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Tesla Price Performance

Tesla stock traded down $0.56 during mid-day trading on Tuesday, hitting $433.65. The company's stock had a trading volume of 28,389,975 shares, compared to its average volume of 102,937,211. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $1.44 trillion, a P/E ratio of 250.45, a P/E/G ratio of 14.86 and a beta of 2.06. Tesla, Inc. has a twelve month low of $212.11 and a twelve month high of $488.54. The stock's fifty day moving average price is $343.03 and its two-hundred day moving average price is $309.87.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). The business had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm's revenue was down 11.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.52 earnings per share. Research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Transactions at Tesla

In other news, Director James R. Murdoch sold 120,000 shares of the business's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the completion of the sale, the director directly owned 697,031 shares of the company's stock, valued at approximately $244,162,988.99. The trade was a 14.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction on Monday, July 7th. The stock was sold at an average price of $292.89, for a total transaction of $1,171,560.00. Following the completion of the sale, the chief financial officer owned 5,924 shares of the company's stock, valued at approximately $1,735,080.36. This trade represents a 40.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 208,606 shares of company stock worth $77,360,462 in the last 90 days. 19.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

TSLA has been the subject of a number of recent analyst reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Tesla in a research report on Thursday, July 24th. Bank of America raised their price objective on Tesla from $305.00 to $341.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Wedbush restated an "outperform" rating and issued a $500.00 price target on shares of Tesla in a research report on Monday, September 15th. China Renaissance reaffirmed a "hold" rating and issued a $349.00 price target on shares of Tesla in a research report on Friday, July 25th. Finally, Daiwa Capital Markets reaffirmed a "neutral" rating on shares of Tesla in a research note on Sunday, July 27th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, twelve have issued a Hold rating and nine have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $326.74.

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.