SouthState Corp Purchases 5,439 Shares of Tesla, Inc. (NASDAQ:TSLA)

Key Points

• SouthState Corp increased its holdings in Tesla, Inc. by 174.4%, purchasing an additional 5,439 shares during the first quarter, bringing its total to 8,557 shares valued at $2,218,000.
• Institutional investors collectively own 66.20% of Tesla's stock, with significant stakes acquired by firms such as Susquehanna Fundamental Investments and Means Investment CO. Inc.
• Tesla reported Q2 earnings on July 23, missing EPS estimates at $0.40, and its revenue dropped 11.8% year-over-year to $22.50 billion.

SouthState Corp grew its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 174.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,557 shares of the electric vehicle producer's stock after purchasing an additional 5,439 shares during the quarter. SouthState Corp's holdings in Tesla were worth $2,218,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of TSLA. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Tesla in the fourth quarter worth $56,600,000. Means Investment CO. Inc. grew its stake in shares of Tesla by 37.7% in the first 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 last quarter. Focus Financial Network Inc. grew its stake in shares of Tesla by 3.1% in the first quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer's stock worth $5,823,000 after acquiring an additional 670 shares during the last quarter. IFM Investors Pty Ltd grew its stake in shares of Tesla by 8.5% in the first quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer's stock worth $153,436,000 after acquiring an additional 46,087 shares during the last quarter. Finally, Harvard Management Co. Inc. acquired a new stake in shares of Tesla in the fourth quarter worth $8,158,000. Institutional investors own 66.20% of the company's stock.

Insider Activity

In related news, CFO Vaibhav Taneja sold 2,000 shares of the company's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total transaction of $600,000.00. Following the completion of the sale, the chief financial officer owned 5,924 shares of the company's stock, valued at $1,777,200. This represents a 25.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kimbal Musk sold 91,588 shares of the company's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the sale, the director directly owned 1,463,220 shares of the company's stock, valued at $522,940,195.80. This represents a 5.89% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 602,724 shares of company stock worth $214,176,831. 20.70% of the stock is owned by company insiders.

Tesla Price Performance

NASDAQ:TSLA opened at $329.61 on Monday. Tesla, Inc. has a one year low of $194.67 and a one year high of $488.54. The company has a market cap of $1.06 trillion, a P/E ratio of 190.53, a P/E/G ratio of 11.46 and a beta of 2.33. The firm's fifty day moving average price is $318.68 and its two-hundred day moving average price is $306.71. 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 earnings results 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). The business had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company's revenue was down 11.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.52 EPS. Equities analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Piper Sandler restated an "overweight" rating and issued a $400.00 price objective on shares of Tesla in a research note on Tuesday, June 10th. China Renaissance reissued a "hold" rating and issued a $349.00 price target on shares of Tesla in a report on Friday, July 25th. Cantor Fitzgerald lowered their price target on shares of Tesla from $425.00 to $355.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Benchmark reissued a "buy" rating and issued a $475.00 price target (up previously from $350.00) on shares of Tesla in a report on Thursday, June 26th. Finally, Daiwa Capital Markets reissued a "neutral" rating on shares of Tesla in a report on Sunday, July 27th. Ten research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $303.31.

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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