CX Institutional Has $23.06 Million Position in Tesla, Inc. $TSLA

Key Points

• CX Institutional reduced its stake in Tesla by 3.6% during the 2nd quarter, owning 72,605 shares valued at approximately $23.06 million as of the latest filing.
• Several other institutional investors also increased their positions in Tesla, with American National Bank & Trust raising its stake by 512% during the same period.
• Analysts have mixed ratings for Tesla, with two analysts giving a Strong Buy rating, and the average target price now at $332.33, despite recent earnings misses and revenue declines.

CX Institutional cut its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 3.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 72,605 shares of the electric vehicle producer's stock after selling 2,724 shares during the quarter. Tesla accounts for about 0.8% of CX Institutional's portfolio, making the stock its 28th largest holding. CX Institutional's holdings in Tesla were worth $23,064,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. American National Bank & Trust raised its position in shares of Tesla by 512.0% in the 2nd quarter. American National Bank & Trust now owns 661 shares of the electric vehicle producer's stock valued at $210,000 after buying an additional 553 shares in the last quarter. Congress Asset Management Co. increased its position in Tesla by 8.2% during the 2nd quarter. Congress Asset Management Co. now owns 1,315 shares of the electric vehicle producer's stock worth $418,000 after purchasing an additional 100 shares in the last quarter. Traveka Wealth LLC increased its position in Tesla by 25.1% during the 2nd quarter. Traveka Wealth LLC now owns 3,267 shares of the electric vehicle producer's stock worth $1,038,000 after purchasing an additional 655 shares in the last quarter. MBE Wealth Management LLC acquired a new position in Tesla during the 2nd quarter worth approximately $327,000. Finally, Old North State Wealth Management LLC increased its position in Tesla by 11.7% during the 2nd quarter. Old North State Wealth Management LLC now owns 1,745 shares of the electric vehicle producer's stock worth $554,000 after purchasing an additional 183 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Piper Sandler upped their price objective on shares of Tesla from $400.00 to $500.00 and gave the stock an "overweight" rating in a research report on Monday, September 22nd. Baird R W upgraded shares of Tesla from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 19th. Needham & Company LLC reiterated a "hold" rating on shares of Tesla in a research report on Thursday, July 24th. Dbs Bank upped their price objective on shares of Tesla from $300.00 to $450.00 in a research report on Wednesday, September 17th. Finally, Canaccord Genuity Group upped their price target on shares of Tesla from $303.00 to $333.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, twelve have given a Hold rating and nine have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $332.33.

Insider Activity

In other news, SVP Xiaotong Zhu sold 20,000 shares of the company's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the sale, the senior vice president directly 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 document filed with the SEC, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 2,606 shares of the company's stock in a transaction on Monday, September 8th. The shares were sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of the sale, the chief financial officer directly owned 9,856 shares in the company, valued at approximately $3,473,057.28. This represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 208,606 shares of company stock valued at $77,360,462. 19.90% of the stock is currently owned by insiders.

Tesla Trading Up 4.0%

Shares of NASDAQ TSLA opened at $440.40 on Friday. 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, Inc. has a 52-week low of $212.11 and a 52-week high of $488.54. The firm has a 50 day moving average price of $352.05 and a two-hundred day moving average price of $314.42. The stock has a market cap of $1.46 trillion, a P/E ratio of 254.57, a price-to-earnings-growth ratio of 14.77 and a beta of 2.06.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 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 firm had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. During the same period in the prior year, the company posted $0.52 earnings per share. The company's revenue for the quarter was down 11.8% compared to the same quarter last year. As a group, equities analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

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.

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