ING Groep NV Buys 163,817 Shares of Tesla, Inc. (NASDAQ:TSLA)

Key Points

• ING Groep NV increased its holdings in Tesla, Inc. by 33.8% in the first quarter, bringing its total to 647,847 shares valued at approximately $167.9 million.
• Several institutional investors, including True Wealth Design LLC and Cherry Tree Wealth Management LLC, have significantly increased their positions in Tesla, with some holdings rising by over 79%.
• Analysts have mixed opinions on Tesla’s stock, with a consensus target price of $303.31 and ratings ranging from sell to strong buy.

ING Groep NV increased its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 33.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 647,847 shares of the electric vehicle producer's stock after acquiring an additional 163,817 shares during the period. Tesla comprises 1.2% of ING Groep NV's investment portfolio, making the stock its 21st biggest holding. ING Groep NV's holdings in Tesla were worth $167,896,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TSLA. Susquehanna Fundamental Investments LLC purchased a new position in shares of Tesla in the fourth quarter valued at $56,600,000. Means Investment CO. Inc. grew its holdings in shares of Tesla by 37.7% during the 1st quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer's stock worth $5,984,000 after acquiring an additional 6,323 shares during the period. Focus Financial Network Inc. lifted its stake in shares of Tesla by 3.1% in the 1st quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer's stock valued at $5,823,000 after purchasing an additional 670 shares during the period. IFM Investors Pty Ltd boosted its holdings in shares of Tesla by 8.5% during the 1st quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer's stock valued at $153,436,000 after buying an additional 46,087 shares in the last quarter. Finally, Harvard Management Co. Inc. bought a new position in shares of Tesla during the fourth quarter valued at approximately $8,158,000. 66.20% of the stock is owned by institutional investors.

Tesla Price Performance

Shares of Tesla stock traded down $1.05 on Thursday, hitting $318.86. 29,066,054 shares of the company traded hands, compared to its average volume of 106,646,320. The stock has a market capitalization of $1.03 trillion, a P/E ratio of 183.91, a price-to-earnings-growth ratio of 10.85 and a beta of 2.33. The business has a 50-day simple moving average of $319.80 and a 200 day simple moving average of $309.56. Tesla, Inc. has a 52 week low of $192.04 and a 52 week high of $488.54. 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 released its quarterly earnings data 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). 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 period last year, the firm posted $0.52 EPS. The business's quarterly revenue was down 11.8% on a year-over-year basis. Research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

TSLA has been the subject of several recent analyst reports. Robert W. Baird restated a "neutral" rating and issued a $320.00 price target on shares of Tesla in a research note on Monday, June 9th. Mizuho decreased their target price on shares of Tesla from $390.00 to $375.00 and set an "outperform" rating for the company in a research note on Tuesday, July 8th. Piper Sandler restated an "overweight" rating and issued a $400.00 price target on shares of Tesla in a research note on Tuesday, June 10th. China Renaissance reiterated a "hold" rating and set a $349.00 price objective on shares of Tesla in a research report on Friday, July 25th. Finally, HSBC reissued a "reduce" rating and issued a $120.00 target price on shares of Tesla in a research report on Thursday, July 3rd. Ten equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $303.31.

Insider Buying and Selling

In related news, CFO Vaibhav Taneja sold 6,000 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $341.02, for a total transaction of $2,046,120.00. Following the sale, the chief financial officer 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 Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of Tesla stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the transaction, the director directly owned 855,394 shares in the company, valued at approximately $305,632,276.20. This trade represents a 35.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 606,724 shares of company stock worth $215,376,831 in the last 90 days. 20.70% of the stock is owned by insiders.

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.