Equitable Trust Co. Buys 4,882 Shares of Tesla, Inc. $TSLA

Key Points

• Equitable Trust Co. increased its stake in Tesla by 46.4% during Q2 2023, now owning 15,413 shares worth approximately $4,896,000.
• Several other institutional investors, including Goldman Sachs and Kingstone Capital Partners, have also significantly increased their holdings in Tesla in recent months.
• Despite a strong increase in shareholdings, Tesla's recent earnings report showed a net margin decline of 11.8% year-over-year, with earnings per share missing analyst expectations.

Equitable Trust Co. boosted its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 46.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,413 shares of the electric vehicle producer's stock after purchasing an additional 4,882 shares during the period. Equitable Trust Co.'s holdings in Tesla were worth $4,896,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TSLA. Goldman Sachs Group Inc. increased its holdings in Tesla by 322.1% during the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock valued at $6,891,201,000 after buying an additional 20,291,139 shares during the last quarter. Nuveen LLC purchased a new stake in Tesla during the first quarter valued at approximately $3,247,619,000. Kingstone Capital Partners Texas LLC increased its holdings in Tesla by 581,880.5% during the second quarter. Kingstone Capital Partners Texas LLC now owns 6,436,704 shares of the electric vehicle producer's stock valued at $2,044,683,000 after buying an additional 6,435,598 shares during the last quarter. Amundi increased its holdings in Tesla by 29.4% during the first quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer's stock valued at $4,482,789,000 after buying an additional 3,814,610 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Tesla by 1.5% during the first quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock valued at $63,983,418,000 after buying an additional 3,694,524 shares during the last quarter. Institutional investors own 66.20% of the company's stock.

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 2,606 shares of the firm'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 transaction, the chief financial officer directly owned 9,856 shares of the company's stock, valued at approximately $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James R. Murdoch sold 120,000 shares of the firm's stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the transaction, the director directly owned 697,031 shares of the company's stock, valued at $244,162,988.99. The trade was a 14.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 202,606 shares of company stock valued at $75,588,902. Corporate insiders own 19.90% of the company's stock.

Tesla Stock Performance

Shares of NASDAQ TSLA opened at $435.15 on Thursday. The stock has a market cap of $1.45 trillion, a PE ratio of 251.53, a price-to-earnings-growth ratio of 15.47 and a beta of 2.08. The firm has a fifty day moving average price of $383.21 and a 200-day moving average price of $330.90. Tesla, Inc. has a 1 year low of $212.11 and a 1 year high of $488.54. 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 posted its earnings results 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 company had revenue of $22.50 billion for the quarter, compared to analysts' expectations of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business's revenue was down 11.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.52 earnings per share. Equities analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

TSLA has been the subject of a number of research reports. Canaccord Genuity Group upped their target price on shares of Tesla from $333.00 to $490.00 and gave the company a "buy" rating in a report on Tuesday, September 30th. TD Cowen upped their target price on shares of Tesla from $374.00 to $509.00 and gave the company a "buy" rating in a report on Thursday, October 9th. Evercore ISI upped their target price on shares of Tesla from $235.00 to $300.00 and gave the company an "in-line" rating in a report on Monday. Benchmark reaffirmed a "buy" rating and set a $475.00 target price (up from $350.00) on shares of Tesla in a report on Thursday, June 26th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Tesla in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, thirteen have issued a Hold rating and eight have issued a Sell rating to the stock. Based on data from MarketBeat.com, Tesla currently has an average rating of "Hold" and an average target price of $363.03.

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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