QRG Capital Management Inc. Raises Stock Holdings in Tesla, Inc. $TSLA

Key Points

• QRG Capital Management Inc. increased its holdings in Tesla by 13.8% during the second quarter, now owning 442,434 shares valued at approximately $140.5 million.
• Tesla's most recent earnings report showed an EPS of $0.40, missing expectations, with revenue down 11.8% year-over-year at $22.5 billion.
• Insiders have sold 208,606 shares of Tesla stock over the past three months, indicating a significant decrease in their ownership stake.

QRG Capital Management Inc. boosted its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 13.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 442,434 shares of the electric vehicle producer's stock after purchasing an additional 53,618 shares during the period. Tesla comprises 1.2% of QRG Capital Management Inc.'s holdings, making the stock its 12th largest position. QRG Capital Management Inc.'s holdings in Tesla were worth $140,544,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Cherry Tree Wealth Management LLC increased its stake 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 grew its holdings in Tesla by 79.2% during the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after purchasing an additional 42 shares during the period. Arcadia Investment Management Corp MI purchased a new stake in Tesla in the first quarter worth $27,000. Newton One Investments LLC raised its stake 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 valued at $27,000 after buying an additional 75 shares during the period. Finally, Chelsea Counsel Co. lifted 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 valued at $28,000 after buying an additional 40 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Stock Down 1.4%

Shares of NASDAQ TSLA opened at $429.83 on Friday. The stock has a market capitalization of $1.43 trillion, a P/E ratio of 248.46, a PEG ratio of 14.93 and a beta of 2.08. Tesla, Inc. has a one year low of $212.11 and a one year high of $488.54. The firm's 50 day simple moving average is $364.02 and its two-hundred day simple moving average is $321.99. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55.

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 analysts' consensus estimates of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business had revenue of $22.50 billion during the quarter, compared to analysts' expectations of $23.18 billion. During the same period last year, the company posted $0.52 EPS. Tesla's revenue for the quarter was down 11.8% on a year-over-year basis. As a group, analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Activity

In other news, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $292.89, for a total value of $1,171,560.00. Following the transaction, the chief financial officer owned 5,924 shares in the company, valued at approximately $1,735,080.36. The trade was a 40.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James R. Murdoch sold 120,000 shares of the stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the sale, the director 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. Over the last three months, insiders have sold 208,606 shares of company stock valued at $77,360,462. 19.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Cantor Fitzgerald restated an "overweight" rating and issued a $355.00 price objective on shares of Tesla in a research note on Friday. Morgan Stanley reiterated an "overweight" rating and issued a $410.00 target price on shares of Tesla in a research note on Thursday. CICC Research upped their price target on shares of Tesla from $360.00 to $450.00 and gave the company an "outperform" rating in a research note on Thursday, September 18th. William Blair restated a "market perform" rating on shares of Tesla in a research report on Friday, September 5th. Finally, Guggenheim reiterated a "sell" rating and issued a $175.00 price target on shares of Tesla in a research report on Wednesday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, thirteen have issued a Hold rating and eight have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $343.43.

Tesla Company 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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