State of Michigan Retirement System Acquires 1,200 Shares of Tesla, Inc. (NASDAQ:TSLA)

State of Michigan Retirement System raised its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 0.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 759,157 shares of the electric vehicle producer's stock after acquiring an additional 1,200 shares during the quarter. Tesla makes up approximately 1.1% of State of Michigan Retirement System's holdings, making the stock its 16th biggest position. State of Michigan Retirement System's holdings in Tesla were worth $196,743,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in TSLA. Bernardo Wealth Planning LLC grew its stake in shares of Tesla by 9.2% in the first quarter. Bernardo Wealth Planning LLC now owns 3,941 shares of the electric vehicle producer's stock valued at $1,021,000 after buying an additional 332 shares in the last quarter. Cerity Partners LLC grew its stake in shares of Tesla by 2.4% in the first quarter. Cerity Partners LLC now owns 403,012 shares of the electric vehicle producer's stock valued at $101,659,000 after buying an additional 9,258 shares in the last quarter. Phillips Financial Management LLC grew its stake in shares of Tesla by 9.9% in the first quarter. Phillips Financial Management LLC now owns 3,746 shares of the electric vehicle producer's stock valued at $971,000 after buying an additional 338 shares in the last quarter. Alan B Lancz & Associates Inc. grew its stake in shares of Tesla by 22.1% in the first quarter. Alan B Lancz & Associates Inc. now owns 913 shares of the electric vehicle producer's stock valued at $237,000 after buying an additional 165 shares in the last quarter. Finally, Financial Synergies Wealth Advisors Inc. grew its stake in shares of Tesla by 98.6% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 1,235 shares of the electric vehicle producer's stock valued at $320,000 after buying an additional 613 shares in the last quarter. 66.20% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Kimbal Musk sold 91,588 shares of the business's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value of $32,732,635.32. Following the completion of the transaction, the director owned 1,463,220 shares of the company's stock, valued at $522,940,195.80. The trade was a 5.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Vaibhav Taneja sold 6,000 shares of the business's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $341.02, for a total value of $2,046,120.00. Following the completion of the transaction, the chief financial officer directly owned 1,950 shares of the company's stock, valued at approximately $664,989. This trade represents a 75.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 835,509 shares of company stock valued at $279,420,485 over the last 90 days. 20.70% of the stock is owned by company insiders.

Tesla Price Performance

TSLA stock traded up $3.46 during midday trading on Monday, reaching $316.97. The company had a trading volume of 77,602,152 shares, compared to its average volume of 109,128,070. The company has a market capitalization of $1.02 trillion, a price-to-earnings ratio of 174.16, a price-to-earnings-growth ratio of 9.33 and a beta of 2.39. The stock has a 50 day moving average price of $322.60 and a 200-day moving average price of $319.32. Tesla, Inc. has a 1-year low of $182.00 and a 1-year high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.54.

Tesla (NASDAQ:TSLA - Get Free Report) last posted 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 company had revenue of $19.34 billion during the quarter, compared to analyst estimates of $22.93 billion. Tesla had a net margin of 6.66% and a return on equity of 9.02%. During the same period last year, the firm earned $0.45 EPS. Equities research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TSLA. Benchmark reissued a "buy" rating and issued a $475.00 target price (up from $350.00) on shares of Tesla in a research note on Thursday, June 26th. HSBC reissued a "reduce" rating and issued a $120.00 target price on shares of Tesla in a research note on Thursday, July 3rd. Guggenheim reissued a "sell" rating and issued a $175.00 target price on shares of Tesla in a research note on Tuesday, July 8th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $303.00 price target on shares of Tesla in a report on Monday, June 30th. Finally, William Blair downgraded Tesla from an "outperform" rating to a "market perform" rating in a report on Monday, July 7th. Ten equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $300.19.

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.