Econ Financial Services Corp Raises Stake in Tesla, Inc. (NASDAQ:TSLA)

Econ Financial Services Corp raised its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 110.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,988 shares of the electric vehicle producer's stock after buying an additional 4,198 shares during the quarter. Tesla makes up approximately 1.1% of Econ Financial Services Corp's investment portfolio, making the stock its 29th largest position. Econ Financial Services Corp's holdings in Tesla were worth $2,070,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in TSLA. Norges Bank purchased a new position in shares of Tesla during the 4th quarter worth $14,420,248,000. FMR LLC grew its holdings in shares of Tesla by 40.1% during the 4th 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. GAMMA Investing LLC grew its holdings in shares of Tesla by 27,378.6% during the 1st quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer's stock worth $2,542,960,000 after purchasing an additional 9,776,607 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of Tesla by 4,963.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,834,707 shares of the electric vehicle producer's stock worth $2,356,288,000 after purchasing an additional 5,719,466 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of Tesla by 21.6% during the 4th 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 during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on TSLA shares. Royal Bank Of Canada lowered their price target on Tesla from $314.00 to $307.00 and set an "outperform" rating for the company in a report on Wednesday, April 23rd. Benchmark reiterated a "buy" rating and set a $350.00 price target on shares of Tesla in a report on Wednesday, April 23rd. Wells Fargo & Company lowered their price target on Tesla from $135.00 to $130.00 and set an "underweight" rating for the company in a report on Friday, March 14th. Oppenheimer reiterated a "mixed" rating on shares of Tesla in a report on Tuesday, March 18th. Finally, JPMorgan Chase & Co. lowered their target price on Tesla from $120.00 to $115.00 and set an "underweight" rating for the company in a report on Wednesday, April 23rd. Ten equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $294.58.

Tesla Price Performance

Shares of NASDAQ TSLA opened at $340.47 on Wednesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.54 and a current ratio of 2.00. Tesla, Inc. has a fifty-two week low of $182.00 and a fifty-two week high of $488.54. The firm has a market capitalization of $1.10 trillion, a PE ratio of 187.07, a price-to-earnings-growth ratio of 13.04 and a beta of 2.47. The stock's 50-day simple moving average is $309.87 and its 200-day simple moving average is $331.48.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a return on equity of 9.02% and a net margin of 6.66%. The business had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. During the same period last year, the business posted $0.45 EPS. As a group, equities research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Transactions at Tesla

In other news, CFO Vaibhav Taneja sold 4,000 shares of the firm's stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the sale, the chief financial officer now owns 26,950 shares of the company's stock, valued at approximately $6,737,500. This trade represents a 12.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 15,000 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $323.81, for a total value of $4,857,150.00. Following the sale, the senior vice president now directly owns 67,600 shares in the company, valued at $21,889,556. This trade represents a 18.16% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 833,509 shares of company stock valued at $278,648,925. Corporate insiders own 20.70% of the company's stock.

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.

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