Eastern Bank Increases Holdings in Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Eastern Bank increased its stake in Tesla by 3.9%, acquiring an additional 2,785 shares, bringing its total holdings to 73,703 shares worth approximately $19.1 million.
• Several institutional investors have significantly boosted their holdings in Tesla, indicating a strong interest and confidence in the company despite mixed analyst ratings.
• Tesla's latest quarterly earnings showed a net margin decline of 11.8% year-over-year, with earnings per share missing analysts’ estimates, generating concerns among investors.

Eastern Bank raised its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 3.9% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 73,703 shares of the electric vehicle producer's stock after acquiring an additional 2,785 shares during the period. Eastern Bank's holdings in Tesla were worth $19,101,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Geode Capital Management LLC increased its holdings in Tesla by 2.8% in the 4th quarter. Geode Capital Management LLC now owns 61,011,604 shares of the electric vehicle producer's stock worth $24,566,217,000 after acquiring an additional 1,655,203 shares in the last quarter. FMR LLC boosted its position in shares of Tesla by 40.1% in the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer's stock worth $13,997,660,000 after purchasing an additional 9,920,325 shares during the period. Northern Trust Corp increased its stake in shares of Tesla by 21.6% in the fourth quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock worth $11,541,592,000 after purchasing an additional 5,075,418 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Tesla by 0.7% during the 4th 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 during the period. Finally, Nuveen Asset Management LLC lifted its stake in shares of Tesla by 19.8% during 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 buying an additional 2,170,449 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Stock Down 0.7%

NASDAQ TSLA traded down $2.16 during midday trading on Wednesday, hitting $319.04. 83,592,884 shares of the company traded hands, compared to its average volume of 92,156,024. Tesla, Inc. has a 52 week low of $182.00 and a 52 week high of $488.54. The company's 50-day simple moving average is $323.61 and its 200-day simple moving average is $313.14. The company has a market cap of $1.03 trillion, a PE ratio of 184.42, a price-to-earnings-growth ratio of 11.28 and a beta of 2.39. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55.

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 analysts' consensus estimates of $0.43 by ($0.03). The company had revenue of $22.50 billion for 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%. Tesla's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.52 EPS. As a group, equities research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Kimbal Musk sold 91,588 shares of the stock in a transaction on 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 sale, the director owned 1,463,220 shares in the company, valued at approximately $522,940,195.80. This represents a 5.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Vaibhav Taneja sold 6,000 shares of the business's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $341.02, for a total value of $2,046,120.00. Following the transaction, the chief financial officer owned 1,950 shares in the company, valued at approximately $664,989. This trade represents a 75.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 723,119 shares of company stock valued at $247,324,149. 20.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on TSLA shares. Robert W. Baird reiterated a "neutral" rating and issued a $320.00 price target on shares of Tesla in a research note on Monday, June 9th. Royal Bank Of Canada reiterated an "overweight" rating on shares of Tesla in a research report on Tuesday. Piper Sandler restated an "overweight" rating and issued a $400.00 price target on shares of Tesla in a research note on Tuesday, June 10th. Cantor Fitzgerald reduced their price target on shares of Tesla from $425.00 to $355.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Finally, China Renaissance reissued a "hold" rating and issued a $349.00 target price on shares of Tesla in a report on Friday, July 25th. Ten analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target 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.