Graypoint LLC Raises Position in Tesla, Inc. $TSLA

Key Points

• Graypoint LLC increased its holdings in Tesla by 15.4% during the second quarter, owning 20,504 shares valued at approximately $6.51 million.
• Tesla reported $0.40 earnings per share for the quarter, which fell short of analysts’ expectations, and experienced an 11.8% decline in revenue year-over-year.
• Several institutional investors have recently increased their stakes in Tesla, reflecting growing confidence, as insiders sold significant portions of their shares in recent months.

Graypoint LLC increased its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 15.4% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,504 shares of the electric vehicle producer's stock after buying an additional 2,731 shares during the period. Graypoint LLC's holdings in Tesla were worth $6,513,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in TSLA. Cherry Tree Wealth Management LLC raised its position in shares of Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 44 shares in the last quarter. First PREMIER Bank raised its position in shares of Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 42 shares in the last quarter. Newton One Investments LLC raised its position in shares of Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after buying an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI bought a new position in Tesla in the first quarter valued at $27,000. Finally, Chelsea Counsel Co. increased its stake in Tesla by 59.7% in the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock valued at $28,000 after acquiring an additional 40 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Stock Up 4.0%

Shares of NASDAQ:TSLA opened at $442.79 on Thursday. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The stock's 50-day moving average price is $347.75 and its 200-day moving average price is $311.58. The stock has a market capitalization of $1.47 trillion, a P/E ratio of 255.95, a price-to-earnings-growth ratio of 14.86 and a beta of 2.06. Tesla, Inc. has a 12-month low of $212.11 and a 12-month high of $488.54.

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 analysts' consensus estimates of $0.43 by ($0.03). The firm had revenue of $22.50 billion for the quarter, compared to analysts' expectations of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The business's revenue for the quarter was down 11.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.52 earnings per share. On average, equities analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Transactions at Tesla

In other news, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction dated 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the sale, the senior vice president owned 47,600 shares of the company's stock, valued at approximately $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 208,606 shares of company stock worth $77,360,462. Company insiders own 19.90% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on TSLA. CICC Research increased their target price on Tesla from $360.00 to $450.00 and gave the company an "outperform" rating in a research note on Thursday, September 18th. Canaccord Genuity Group increased their target price on Tesla from $303.00 to $333.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Dbs Bank increased their target price on Tesla from $300.00 to $450.00 in a research note on Wednesday, September 17th. HSBC reissued a "reduce" rating and issued a $120.00 target price on shares of Tesla in a research note on Thursday, July 3rd. Finally, UBS Group reissued a "sell" rating on shares of Tesla in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, twelve have given a Hold rating and nine have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $326.74.

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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