Tesla, Inc. (NASDAQ:TSLA) Shares Purchased by Connable Office Inc.

Key Points

• Connable Office Inc. increased its position in Tesla by 16.6%, holding 13,882 shares worth approximately $3,598,000 as of its latest SEC filing.
• Other institutional investors also boosted their stake in Tesla, with FMR LLC growing its position by 40.1%, now holding shares valued at around $13.99 billion.
• Tesla reported lower-than-expected quarterly earnings, with an EPS of $0.40, falling short of estimates of $0.43, and a revenue decline of 11.8% year-over-year.

Connable Office Inc. grew its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 16.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,882 shares of the electric vehicle producer's stock after buying an additional 1,975 shares during the quarter. Connable Office Inc.'s holdings in Tesla were worth $3,598,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. FMR LLC grew its stake in Tesla by 40.1% during the 4th quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer's stock valued at $13,997,660,000 after acquiring an additional 9,920,325 shares in the last quarter. Northern Trust Corp lifted its stake in Tesla by 21.6% in the fourth quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock valued at $11,541,592,000 after buying an additional 5,075,418 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Tesla by 0.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,536,519 shares of the electric vehicle producer's stock valued at $9,908,828,000 after purchasing an additional 158,697 shares in the last quarter. Nuveen Asset Management LLC raised its holdings in Tesla by 19.8% in the 4th quarter. Nuveen Asset Management LLC now owns 13,109,178 shares of the electric vehicle producer's stock valued at $5,294,010,000 after acquiring an additional 2,170,449 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Tesla by 6.6% in the 4th quarter. Invesco Ltd. now owns 12,575,114 shares of the electric vehicle producer's stock valued at $5,078,334,000 after buying an additional 774,383 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors.

Tesla Price Performance

NASDAQ:TSLA traded down $1.65 on Tuesday, reaching $307.61. The stock had a trading volume of 22,769,085 shares, compared to its average volume of 107,105,594. The stock has a fifty day moving average price of $321.62 and a 200-day moving average price of $309.49. 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 company has a market capitalization of $992.18 billion, a P/E ratio of 177.78, a price-to-earnings-growth ratio of 10.63 and a beta of 2.33. Tesla, Inc. has a 1-year low of $191.48 and a 1-year high of $488.54.

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

Insider Activity at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,000 shares of Tesla stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total transaction of $600,000.00. Following the transaction, the chief financial officer directly owned 5,924 shares of the company's stock, valued at approximately $1,777,200. This trade represents a 25.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kimbal Musk sold 91,588 shares of the company's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the completion of the transaction, the director owned 1,463,220 shares in the company, valued at approximately $522,940,195.80. The trade was a 5.89% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 606,724 shares of company stock worth $215,376,831. 20.70% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

TSLA has been the topic of a number of research analyst reports. Canaccord Genuity Group boosted their price target on Tesla from $303.00 to $333.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Wedbush restated an "outperform" rating and issued a $500.00 price objective on shares of Tesla in a report on Monday. Bank of America raised their target price on shares of Tesla from $305.00 to $341.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Robert W. Baird restated a "neutral" rating and issued a $320.00 target price on shares of Tesla in a report on Monday, June 9th. Finally, Cantor Fitzgerald decreased their target price on shares of Tesla from $425.00 to $355.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Ten research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $303.31.

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.