New York State Common Retirement Fund Sells 112,326 Shares of Tesla, Inc. (NASDAQ:TSLA)

New York State Common Retirement Fund cut its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 3.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,403,668 shares of the electric vehicle producer's stock after selling 112,326 shares during the quarter. Tesla makes up about 1.3% of New York State Common Retirement Fund's holdings, making the stock its 11th biggest position. New York State Common Retirement Fund owned approximately 0.11% of Tesla worth $882,095,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TSLA. Cherry Tree Wealth Management LLC boosted its stake in Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 44 shares during the last quarter. First PREMIER Bank boosted its stake in Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 42 shares during the last quarter. Newton One Investments LLC boosted its stake in Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after acquiring an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new position in Tesla in the first quarter valued at about $27,000. Finally, True Wealth Design LLC boosted its stake in Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after acquiring an additional 31 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Price Performance

Shares of Tesla stock traded up $3.64 during trading on Friday, hitting $313.51. 78,861,329 shares of the stock traded hands, compared to its average volume of 99,596,575. The stock has a market cap of $1.01 trillion, a price-to-earnings ratio of 172.26, a PEG ratio of 9.33 and a beta of 2.39. The company has a quick ratio of 1.54, a current ratio of 2.00 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 52 week low of $182.00 and a 52 week high of $488.54. The firm's fifty day moving average is $322.60 and its 200-day moving average is $320.26.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing analysts' consensus estimates of $0.53 by ($0.26). The business had revenue of $19.34 billion for the quarter, compared to the consensus estimate of $22.93 billion. Tesla had a net margin of 6.66% and a return on equity of 9.02%. During the same quarter in the previous year, the business earned $0.45 earnings per share. Research analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 6,000 shares of the company's 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 completion of the sale, 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 filing with the SEC, which is available at this hyperlink. Also, Director Kimbal Musk sold 91,588 shares of the firm's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total value of $32,732,635.32. Following the transaction, the director directly owned 1,463,220 shares in the company, valued at $522,940,195.80. This trade represents a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 835,509 shares of company stock worth $279,420,485 over the last 90 days. Insiders own 20.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Morgan Stanley reiterated an "overweight" rating and issued a $410.00 target price on shares of Tesla in a research note on Friday, June 6th. Mizuho lowered their price target on shares of Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 8th. Guggenheim reissued a "sell" rating and issued a $175.00 price target on shares of Tesla in a research report on Tuesday, July 8th. Piper Sandler reissued an "overweight" rating and issued a $400.00 price target on shares of Tesla in a research report on Tuesday, June 10th. Finally, Benchmark reissued a "buy" rating and issued a $475.00 price target (up previously from $350.00) on shares of Tesla in a research report on Thursday, June 26th. Ten investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $300.19.

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.