State of Michigan Retirement System Grows Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

State of Michigan Retirement System increased its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 0.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 759,157 shares of the electric vehicle producer's stock after purchasing an additional 1,200 shares during the period. Tesla makes up 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 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Rinkey Investments lifted its stake in shares of Tesla by 3.5% in the fourth quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer's stock valued at $347,000 after purchasing an additional 29 shares during the period. Pitti Group Wealth Management LLC lifted its stake in shares of Tesla by 2.2% in the fourth quarter. Pitti Group Wealth Management LLC now owns 1,470 shares of the electric vehicle producer's stock valued at $594,000 after purchasing an additional 31 shares during the period. True Wealth Design LLC lifted its stake in shares of Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 31 shares during the period. Horrell Capital Management Inc. lifted its stake in shares of Tesla by 75.6% in the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer's stock valued at $32,000 after purchasing an additional 34 shares during the period. Finally, Aldebaran Financial Inc. lifted its stake in shares of Tesla by 3.1% in the fourth quarter. Aldebaran Financial Inc. now owns 1,174 shares of the electric vehicle producer's stock valued at $490,000 after purchasing an additional 35 shares during the period. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Stock Up 4.7%

Shares of NASDAQ:TSLA opened at $309.87 on Friday. The stock has a market capitalization of $998.08 billion, a price-to-earnings ratio of 170.26, a price-to-earnings-growth ratio of 8.80 and a beta of 2.39. Tesla, Inc. has a 1-year low of $182.00 and a 1-year high of $488.54. The company's fifty day moving average is $322.07 and its two-hundred day moving average is $322.26. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.54 and a current ratio of 2.00.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share 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 last year, the company posted $0.45 earnings per share. Equities analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Buying and Selling at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,000 shares of the stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total transaction of $600,000.00. Following the sale, the chief financial officer directly owned 5,924 shares of the company's stock, valued at approximately $1,777,200. This represents a 25.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kimbal Musk sold 91,588 shares of the stock in a transaction on 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 in the company, 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 valued at $279,420,485 over the last three months. 20.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

TSLA has been the subject of a number of research reports. Barclays cut their target price on shares of Tesla from $325.00 to $275.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. UBS Group set a $290.00 target price on shares of Tesla in a report on Monday, June 30th. Morgan Stanley restated an "overweight" rating and issued a $410.00 target price on shares of Tesla in a report on Friday, June 6th. Canaccord Genuity Group reiterated a "buy" rating and set a $303.00 price objective on shares of Tesla in a research note on Monday, June 30th. Finally, Cantor Fitzgerald decreased their price objective on shares of Tesla from $425.00 to $355.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Ten analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $301.13.

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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