First Financial Bank Trust Division Takes Position in Tesla, Inc. $TSLA

Key Points

• First Financial Bank Trust Division has acquired 1,744 shares of Tesla, Inc. valued at approximately $554,000, marking its first investment in the electric vehicle company during the second quarter.
• In recent months, several institutional investors have significantly increased their positions in Tesla, with 66.20% of the stock now owned by institutional investors and hedge funds.
• Recent insider activity includes SVP Xiaotong Zhu selling 20,000 shares for $7.28 million, reducing their stake by nearly 30%, alongside Director James R. Murdoch selling 120,000 shares for over $42 million.

First Financial Bank Trust Division purchased a new stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) in the second quarter, according to its most recent filing with the SEC. The firm purchased 1,744 shares of the electric vehicle producer's stock, valued at approximately $554,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Cherry Tree Wealth Management LLC raised its position in shares of Tesla by 86.3% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after purchasing an additional 44 shares during the last quarter. First PREMIER Bank raised its position in shares of Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after purchasing an additional 42 shares during the last quarter. Newton One Investments LLC raised its position in shares of Tesla by 250.0% during the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after purchasing an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of Tesla during the 1st quarter worth approximately $27,000. Finally, Chelsea Counsel Co. raised its position in shares of Tesla by 59.7% during the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock worth $28,000 after purchasing an additional 40 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Xiaotong Zhu sold 20,000 shares of the business's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the sale, the senior vice president directly owned 47,600 shares of the company's stock, valued at $17,314,500. The trade was a 29.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director James R. Murdoch sold 120,000 shares of the business'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 sale, the director directly owned 697,031 shares of the company's stock, valued at $244,162,988.99. This represents a 14.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 148,606 shares of company stock valued at $51,999,662 in the last ninety days. Company insiders own 20.70% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Mizuho cut their price objective on Tesla from $390.00 to $375.00 and set an "outperform" rating for the company in a research report on Tuesday, July 8th. Canaccord Genuity Group lifted their price objective on Tesla from $303.00 to $333.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Daiwa Capital Markets restated a "neutral" rating on shares of Tesla in a research report on Sunday, July 27th. China Renaissance reaffirmed a "hold" rating and issued a $349.00 target price on shares of Tesla in a research note on Friday, July 25th. Finally, Baird R W cut shares of Tesla from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 9th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fourteen have given a Hold rating and nine have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $303.00.

Tesla Stock Up 7.4%

TSLA stock opened at $395.94 on Friday. Tesla, Inc. has a one year low of $212.11 and a one year high of $488.54. The company has a 50 day moving average price of $328.89 and a two-hundred day moving average price of $303.48. The stock has a market capitalization of $1.28 trillion, a P/E ratio of 228.87, a PEG ratio of 12.87 and a beta of 2.06. 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 (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company had revenue of $22.50 billion for the quarter, compared to analysts' expectations of $23.18 billion. During the same period in the prior year, the firm earned $0.52 earnings per share. The firm's quarterly revenue was down 11.8% on a year-over-year basis. As a group, sell-side analysts expect 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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