Somerset Trust Co Has $1.49 Million Position in Tesla, Inc. $TSLA

Key Points

• Somerset Trust Co has increased its stake in Tesla, Inc. by 26.9%, now holding a position worth $1.49 million after acquiring additional shares in the second quarter.
• Despite the increase in institutional investments, Tesla reported revenue of $22.50 billion for the latest quarter, falling short of analyst expectations and marking an 11.8% decline compared to the previous year.
• In recent insider transactions, Director James R. Murdoch sold 120,000 shares of Tesla stock valued at over $42 million, signaling notable movement by company insiders.

Somerset Trust Co increased its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 26.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,675 shares of the electric vehicle producer's stock after purchasing an additional 992 shares during the period. Somerset Trust Co's holdings in Tesla were worth $1,485,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Cherry Tree Wealth Management LLC increased its stake in 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 acquiring an additional 44 shares during the period. First PREMIER Bank increased its stake in Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after acquiring an additional 42 shares during the period. Pacific Center for Financial Services increased its stake in Tesla by 1,616.7% during the 4th quarter. Pacific Center for Financial Services now owns 103 shares of the electric vehicle producer's stock worth $42,000 after acquiring an additional 97 shares during the period. Arcadia Investment Management Corp MI bought a new position in Tesla during the 1st quarter worth $27,000. Finally, Newton One Investments LLC increased its stake in Tesla by 250.0% during the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after acquiring an additional 75 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Stock Performance

Shares of Tesla stock opened at $395.94 on Friday. The stock has a market cap of $1.28 trillion, a price-to-earnings ratio of 228.87, a P/E/G ratio of 12.87 and a beta of 2.06. Tesla, Inc. has a twelve month low of $212.11 and a twelve month high of $488.54. The company's fifty day moving average is $328.89 and its 200 day moving average is $303.57. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 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 period in the previous year, the firm posted $0.52 earnings per share. The firm's quarterly revenue was down 11.8% compared to the same quarter last year. Sell-side analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on TSLA shares. Glj Research restated a "sell" rating on shares of Tesla in a research note on Thursday, July 24th. Canaccord Genuity Group lifted their price target on Tesla from $303.00 to $333.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Bank of America lifted their price target on Tesla from $305.00 to $341.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Stifel Nicolaus set a $440.00 price target on Tesla in a research note on Friday, September 5th. Finally, Daiwa Capital Markets reiterated a "neutral" rating on shares of Tesla in a research note on Sunday, July 27th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fourteen have assigned a Hold rating and nine have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $303.00.

Insider Transactions at Tesla

In other news, Director James R. Murdoch sold 120,000 shares of the business's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the transaction, the director directly owned 697,031 shares of the company's stock, valued at $244,162,988.99. The trade was a 14.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of the business's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the transaction, the senior vice president directly owned 47,600 shares in the company, valued at $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 148,606 shares of company stock worth $51,999,662 over the last ninety 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.

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