Busey Bank Has $2.38 Million Holdings 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 grew its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 13.0% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,506 shares of the electric vehicle producer's stock after buying 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 SEC.

A number of other large investors have also made changes to their positions in TSLA. Acorn Wealth Advisors LLC grew its stake in Tesla by 1.9% in the 1st quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock valued at $493,000 after acquiring an additional 36 shares during the last quarter. Solutions 4 Wealth Ltd boosted its position in shares of Tesla by 2.0% in the first quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock worth $470,000 after acquiring an additional 36 shares during the last quarter. ACT Wealth Management LLC raised its holdings in Tesla by 0.7% in the second quarter. ACT Wealth Management LLC now owns 5,405 shares of the electric vehicle producer's stock valued at $1,717,000 after buying an additional 36 shares during the period. Capital Management Associates Inc raised its holdings in Tesla by 3.4% in the first quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer's stock valued at $302,000 after buying an additional 38 shares during the period. Finally, Graney & King LLC raised its stake in shares of Tesla by 18.4% during the first quarter. Graney & King LLC now owns 245 shares of the electric vehicle producer's stock valued at $63,000 after purchasing an additional 38 shares during the period. Hedge funds and other institutional investors own 66.20% of the company's stock.

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 2,606 shares of the business's stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the sale, the chief financial officer owned 9,856 shares of the company's stock, valued at approximately $3,473,057.28. The trade was a 20.91% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director James R. Murdoch sold 60,000 shares of the business's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $422.68, for a total value of $25,360,800.00. Following the completion of the sale, the director owned 637,031 shares of the company's stock, valued at approximately $269,260,263.08. This trade represents a 8.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 208,606 shares of company stock valued at $77,360,462. 19.90% of the stock is owned by corporate insiders.

Tesla Stock Down 1.6%

NASDAQ:TSLA traded down $6.95 on Tuesday, hitting $427.26. 61,357,230 shares of the company's stock traded hands, compared to its average volume of 103,115,063. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 1 year low of $212.11 and a 1 year high of $488.54. The firm has a 50-day moving average price of $343.03 and a 200-day moving average price of $309.87. The company has a market cap of $1.42 trillion, a PE ratio of 246.35, a price-to-earnings-growth ratio of 14.86 and a beta of 2.06.

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

Analyst Ratings Changes

A number of research firms have recently issued reports on TSLA. Baird R W upgraded shares of Tesla from a "hold" rating to a "strong-buy" rating in a research note on Friday. Robert W. Baird raised shares of Tesla from a "neutral" rating to an "outperform" rating and lifted their price objective for the stock from $320.00 to $548.00 in a report on Friday. Bank of America boosted their price target on shares of Tesla from $305.00 to $341.00 and gave the company a "neutral" rating in a report on Monday, July 21st. HSBC restated a "reduce" rating and set a $120.00 price objective on shares of Tesla in a research note on Thursday, July 3rd. Finally, Piper Sandler boosted their price target on shares of Tesla from $400.00 to $500.00 and gave the stock an "overweight" rating in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, twelve have assigned a Hold rating and nine have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target 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.