State of Michigan Retirement System Increases Stake in Tesla, Inc. (NASDAQ:TSLA)

State of Michigan Retirement System boosted its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 0.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 759,157 shares of the electric vehicle producer's stock after purchasing an additional 1,200 shares during the quarter. Tesla makes up approximately 1.1% of State of Michigan Retirement System's investment portfolio, making the stock its 16th largest holding. State of Michigan Retirement System's holdings in Tesla were worth $196,743,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Cherry Tree Wealth Management LLC raised its holdings 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 worth $25,000 after purchasing an additional 44 shares in the last quarter. First PREMIER Bank raised its holdings in Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after purchasing an additional 42 shares in the last quarter. Newton One Investments LLC raised its holdings in Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after purchasing an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of Tesla during the first quarter valued at about $27,000. Finally, True Wealth Design LLC increased its holdings in shares of Tesla by 79.5% during 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 in the last quarter. 66.20% of the stock is currently owned by institutional investors.

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 6,000 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $341.02, for a total transaction of $2,046,120.00. Following the completion of the transaction, the chief financial officer directly owned 1,950 shares in the company, valued at $664,989. This trade represents a 75.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 owned 1,463,220 shares of the company's stock, 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 sold a total of 835,509 shares of company stock worth $279,420,485 over the last ninety days. Company insiders own 20.70% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Guggenheim restated a "sell" rating and set a $175.00 price objective on shares of Tesla in a report on Tuesday. Stifel Nicolaus set a $450.00 price target on Tesla and gave the stock a "buy" rating in a research report on Thursday, April 24th. Robert W. Baird reaffirmed a "neutral" rating and set a $320.00 price target on shares of Tesla in a research report on Monday, June 9th. Wedbush reaffirmed an "outperform" rating and set a $500.00 price target on shares of Tesla in a research report on Tuesday. Finally, Roth Mkm lowered their price target on Tesla from $450.00 to $395.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Ten equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $300.19.

Tesla Trading Up 1.2%

Shares of NASDAQ:TSLA traded up $3.64 during midday trading on Friday, reaching $313.51. 78,861,329 shares of the company's stock were exchanged, compared to its average volume of 99,821,912. The firm's 50 day simple moving average is $322.60 and its two-hundred day simple moving average is $321.24. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.54. The stock has a market cap of $1.01 trillion, a price-to-earnings ratio of 172.26, a P/E/G ratio of 9.22 and a beta of 2.39. Tesla, Inc. has a fifty-two week low of $182.00 and a fifty-two week high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (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 analyst estimates of $22.93 billion. Tesla had a return on equity of 9.02% and a net margin of 6.66%. During the same period in the previous year, the business posted $0.45 earnings per share. As a group, sell-side analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

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.