Busey Bank Raises Position in Tesla, Inc. $TSLA

Key Points

• Busey Bank increased its stake in Tesla, Inc. by 13.0% during the second quarter, owning a total of 7,506 shares valued at $2.38 million.
• Several institutional investors, including Windsor Capital Management and Adirondack Trust Co., have also recently adjusted their positions in Tesla, highlighting a significant interest from institutional investors.
• Tesla's latest quarterly earnings showed missed estimates with earnings per share at $0.40, below the consensus estimate of $0.43, and revenue of $22.50 billion, falling short of the expected $23.18 billion.

Busey Bank boosted its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 13.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,506 shares of the electric vehicle producer's stock after purchasing an additional 865 shares during the quarter. Busey Bank's holdings in Tesla were worth $2,384,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Tesla Trading Up 1.9%

Shares of NASDAQ:TSLA traded up $8.14 on Monday, hitting $434.21. The company had a trading volume of 96,526,944 shares, compared to its average volume of 103,372,102. Tesla, Inc. has a 1 year low of $212.11 and a 1 year high of $488.54. The firm has a market capitalization of $1.44 trillion, a price-to-earnings ratio of 250.99, a P/E/G ratio of 14.86 and a beta of 2.06. The firm's 50-day simple moving average is $340.68 and its two-hundred day simple moving average is $308.67. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07.

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on TSLA shares. Morgan Stanley reaffirmed an "overweight" rating and set a $410.00 target price on shares of Tesla in a report on Friday, September 5th. Royal Bank Of Canada reissued an "overweight" rating on shares of Tesla in a report on Tuesday, July 29th. China Renaissance reissued a "hold" rating and issued a $349.00 price target on shares of Tesla in a report on Friday, July 25th. Benchmark reissued a "buy" rating and issued a $475.00 price target (up previously from $350.00) on shares of Tesla in a report on Thursday, June 26th. Finally, HSBC reissued a "reduce" rating and issued a $120.00 price target on shares of Tesla in a report on Thursday, July 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, twelve have assigned a Hold rating and nine have assigned a Sell rating to the company. According to data from MarketBeat, Tesla currently has a consensus rating of "Hold" and an average price target of $324.53.

Insider Activity at Tesla

In related news, Director James R. Murdoch sold 120,000 shares of Tesla stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the transaction, the director directly owned 697,031 shares of the company's stock, valued at $244,162,988.99. This trade represents a 14.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $292.89, for a total transaction of $1,171,560.00. Following the transaction, the chief financial officer directly 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 208,606 shares of company stock valued at $77,360,462 in the last three months. Company insiders own 20.70% of the company's stock.

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.