City State Bank Acquires 655 Shares of Tesla, Inc. $TSLA

Key Points

• City State Bank increased its stake in Tesla, Inc. by 17.1%, acquiring an additional 655 shares in the second quarter, bringing its total holdings to 4,477 shares valued at approximately $1.42 million.
• Analysts have been upgrading Tesla's stock ratings, with Baird R W changing its assessment from "hold" to "strong-buy" and TD Cowen raising its price target to $509.
• Insider selling occurred recently, with SVP Xiaotong Zhu selling 20,000 shares for around $7.28 million, reflecting a 29.59% decrease in their position.

City State Bank grew its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 17.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 4,477 shares of the electric vehicle producer's stock after acquiring an additional 655 shares during the period. City State Bank's holdings in Tesla were worth $1,422,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Arcadia Investment Management Corp MI bought a new position in Tesla during the first quarter worth $27,000. Chelsea Counsel Co. grew its holdings in Tesla by 59.7% in the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock worth $28,000 after purchasing an additional 40 shares during the period. Centennial Bank AR grew its holdings in shares of Tesla by 833.3% during the first quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer's stock valued at $29,000 after buying an additional 100 shares during the last quarter. LGT Financial Advisors LLC acquired a new position in shares of Tesla during the second quarter valued at about $29,000. Finally, Compass Wealth Management LLC grew its holdings in shares of Tesla by 360.0% during the first quarter. Compass Wealth Management LLC now owns 115 shares of the electric vehicle producer's stock valued at $30,000 after buying an additional 90 shares during the last quarter. Institutional investors own 66.20% of the company's stock.

Analyst Upgrades and Downgrades

TSLA has been the topic of a number of recent analyst reports. Baird R W raised shares of Tesla from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 19th. Roth Capital set a $505.00 price target on shares of Tesla and gave the company a "buy" rating in a research report on Thursday. TD Cowen lifted their price objective on shares of Tesla from $374.00 to $509.00 and gave the stock a "buy" rating in a research report on Thursday, October 9th. UBS Group set a $247.00 price objective on shares of Tesla in a research report on Monday, October 6th. Finally, Truist Financial lifted their price objective on shares of Tesla from $280.00 to $406.00 and gave the stock a "hold" rating in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, twelve have assigned a Hold rating and eleven have assigned a Sell rating to the company. According to data from MarketBeat, Tesla presently has an average rating of "Hold" and a consensus target price of $380.03.

Insider Buying and Selling

In related news, SVP Xiaotong Zhu sold 20,000 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the sale, the senior vice president owned 47,600 shares of the company's stock, valued at approximately $17,314,500. This represents a 29.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the company'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 transaction of $918,302.28. Following the sale, the chief financial officer directly owned 9,856 shares in the company, valued at $3,473,057.28. This trade represents a 20.91% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 202,606 shares of company stock valued at $75,588,902. Company insiders own 19.90% of the company's stock.

Tesla Stock Performance

NASDAQ TSLA opened at $433.72 on Friday. The company's 50 day moving average is $398.06 and its 200-day moving average is $339.92. Tesla, Inc. has a 12-month low of $214.25 and a 12-month high of $488.54. The company has a quick ratio of 1.55, a current ratio of 2.07 and a debt-to-equity ratio of 0.07. The firm has a market cap of $1.44 trillion, a P/E ratio of 289.15, a price-to-earnings-growth ratio of 16.13 and a beta of 2.08.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.02. The company had revenue of $28.10 billion for the quarter, compared to analyst estimates of $24.98 billion. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The company's quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.72 earnings per share. Sell-side analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Tesla Company 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.

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