Harvest Portfolios Group Inc. Makes New $39.83 Million Investment in Tesla, Inc. $TSLA

Key Points

• Harvest Portfolios Group Inc. made a significant investment of approximately $39.83 million in Tesla by acquiring 153,706 shares during the 1st quarter.
• Several institutional investors, including Goldman Sachs and Vanguard Group Inc., have increased their stakes in Tesla significantly, reflecting strong interest in the electric vehicle company.
• Tesla's latest earnings report showed a miss in earnings per share estimates, with a reported EPS of $0.40 compared to the expected $0.43, alongside a revenue decline of 11.8% year-over-year.

Harvest Portfolios Group Inc. acquired a new position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 153,706 shares of the electric vehicle producer's stock, valued at approximately $39,834,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Tesla by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock valued at $63,983,418,000 after acquiring an additional 3,694,524 shares in the last quarter. Northern Trust Corp grew its stake in Tesla by 21.6% during the 4th quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock valued at $11,541,592,000 after acquiring an additional 5,075,418 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Tesla by 322.1% during the 1st 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 acquiring an additional 20,291,139 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Tesla by 0.7% in 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 buying an additional 158,697 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Tesla by 4.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 18,174,941 shares of the electric vehicle producer's stock valued at $4,710,218,000 after buying an additional 849,091 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Trading Up 1.9%

Shares of TSLA stock opened at $346.60 on Tuesday. Tesla, Inc. has a 52-week low of $202.59 and a 52-week high of $488.54. The stock has a market cap of $1.12 trillion, a price-to-earnings ratio of 200.35, a P/E/G ratio of 11.82 and a beta of 2.33. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. The firm has a fifty day moving average of $321.62 and a 200-day moving average of $302.48.

Tesla (NASDAQ:TSLA - Get Free Report) last released 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 return on equity of 7.98% and a net margin of 6.54%.The company had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same quarter in the prior year, the company earned $0.52 earnings per share. The business's revenue was down 11.8% compared to the same quarter last year. On average, equities research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Needham & Company LLC reissued a "hold" rating on shares of Tesla in a research note on Thursday, July 24th. Mizuho reduced their target price on Tesla from $390.00 to $375.00 and set an "outperform" rating for the company in a report on Tuesday, July 8th. Robert W. Baird restated a "neutral" rating and issued a $320.00 target price on shares of Tesla in a report on Monday, June 9th. Argus restated a "hold" rating on shares of Tesla in a report on Monday, June 9th. Finally, Canaccord Genuity Group upped their price target on Tesla from $303.00 to $333.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fifteen have assigned a Hold rating and nine have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $303.31.

Insider Buying and Selling at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 6,000 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $341.02, for a total transaction of $2,046,120.00. Following the completion of the transaction, the chief financial officer directly owned 1,950 shares in the company, valued at $664,989. This represents a 75.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Xiaotong Zhu sold 15,000 shares of the stock in a transaction on 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 owned 67,600 shares in the company, valued at $21,889,556. The trade was a 18.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,564 shares of company stock valued at $9,757,390 over the last quarter. Corporate insiders own 20.70% of the company's stock.

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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