Charles Schwab Investment Management Inc. Buys 849,091 Shares of Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Tesla, Inc. by 4.9% during the first quarter, now holding 18,174,941 shares valued at approximately $4.71 billion, making Tesla its 22nd largest holding.
• As of the latest trading session, Tesla's stock (TSLA) experienced a 0.7% increase to reach $322.27, with a market capitalization of $1.04 trillion.
• Tesla reported earnings per share of $0.40 for its most recent quarter, missing expectations, and showed an 11.8% decline in revenue year-over-year, totaling $22.5 billion.

Charles Schwab Investment Management Inc. raised its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 4.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,174,941 shares of the electric vehicle producer's stock after acquiring an additional 849,091 shares during the period. Tesla makes up about 0.9% of Charles Schwab Investment Management Inc.'s portfolio, making the stock its 22nd biggest holding. Charles Schwab Investment Management Inc. owned approximately 0.56% of Tesla worth $4,710,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TSLA. Goldman Sachs Group Inc. lifted its stake in Tesla by 322.1% during the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock worth $6,891,201,000 after purchasing an additional 20,291,139 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Tesla by 27,378.6% in the first quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer's stock worth $2,542,960,000 after acquiring an additional 9,776,607 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Tesla by 21.6% in the 4th quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock valued at $11,541,592,000 after purchasing an additional 5,075,418 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Tesla by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock valued at $63,983,418,000 after purchasing an additional 3,694,524 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Tesla by 54.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 8,464,765 shares of the electric vehicle producer's stock valued at $2,193,728,000 after purchasing an additional 2,978,026 shares during the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Stock Up 2.3%

Shares of Tesla stock traded up $7.34 on Friday, hitting $329.61. The company had a trading volume of 90,979,625 shares, compared to its average volume of 89,568,456. The stock has a market capitalization of $1.06 trillion, a price-to-earnings ratio of 190.53, a P/E/G ratio of 11.32 and a beta of 2.33. Tesla, Inc. has a 1 year low of $194.67 and a 1 year high of $488.54. The stock has a 50 day moving average of $319.07 and a 200-day moving average of $308.84. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $22.50 billion during the quarter, compared to analysts' expectations of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%. The business's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period last year, the company earned $0.52 earnings per share. As a group, sell-side analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the sale, the director directly owned 855,394 shares of the company's stock, valued at approximately $305,632,276.20. This trade represents a 35.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Xiaotong Zhu sold 15,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total value of $4,857,150.00. Following the sale, the senior vice president directly owned 67,600 shares of the company's stock, valued at $21,889,556. The trade was a 18.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 602,724 shares of company stock valued at $214,176,831. Insiders own 20.70% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on TSLA shares. Truist Financial set a $280.00 price target on shares of Tesla in a report on Tuesday, April 22nd. Mizuho reduced their price objective on Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 8th. HSBC reiterated a "reduce" rating and issued a $120.00 target price on shares of Tesla in a research report on Thursday, July 3rd. Roth Mkm lowered their price objective on Tesla from $450.00 to $395.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Finally, Morgan Stanley reiterated an "overweight" rating and set a $410.00 target price on shares of Tesla in a research report on Friday, June 6th. Ten equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Tesla presently has an average rating of "Hold" and a consensus target price of $303.31.

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.