Sterling Investment Counsel LLC Has $583,000 Stock Holdings in Tesla, Inc. $TSLA

Sterling Investment Counsel LLC cut its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 37.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,835 shares of the electric vehicle producer's stock after selling 1,095 shares during the quarter. Sterling Investment Counsel LLC's holdings in Tesla were worth $583,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in TSLA. Goldman Sachs Group Inc. raised its position in shares of Tesla by 322.1% in the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock valued at $6,891,201,000 after purchasing an additional 20,291,139 shares during the period. Nuveen LLC bought a new position in shares of Tesla in the first quarter valued at approximately $3,247,619,000. Kingstone Capital Partners Texas LLC raised its position in shares of Tesla by 581,880.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 6,436,704 shares of the electric vehicle producer's stock valued at $2,044,683,000 after purchasing an additional 6,435,598 shares during the period. Amundi raised its position in shares of Tesla by 29.4% in the first quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer's stock valued at $4,482,789,000 after purchasing an additional 3,814,610 shares during the period. Finally, Vanguard Group Inc. increased its position in Tesla by 1.5% during the first quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock worth $63,983,418,000 after acquiring an additional 3,694,524 shares during the period. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Stock Down 1.4%

Shares of NASDAQ TSLA opened at $429.83 on Friday. The firm's 50-day simple moving average is $364.02 and its 200 day simple moving average is $321.99. The company has a market cap of $1.43 trillion, a price-to-earnings ratio of 248.46, a price-to-earnings-growth ratio of 14.93 and a beta of 2.08. 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, Inc. has a 12-month low of $212.11 and a 12-month high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.03). The firm had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The business's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.52 earnings per share. On average, research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TSLA. Canaccord Genuity Group boosted their target price on shares of Tesla from $333.00 to $490.00 and gave the stock a "buy" rating in a research report on Tuesday, September 30th. Piper Sandler boosted their target price on shares of Tesla from $400.00 to $500.00 and gave the stock an "overweight" rating in a research report on Monday, September 22nd. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Tesla from $345.00 to $435.00 and gave the stock a "buy" rating in a research report on Friday, September 26th. Mizuho boosted their price target on shares of Tesla from $375.00 to $450.00 and gave the company an "outperform" rating in a report on Tuesday, September 23rd. Finally, Guggenheim reissued a "sell" rating and issued a $175.00 price target on shares of Tesla in a report on Wednesday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, thirteen have assigned a Hold rating and eight have given a Sell rating to the stock. Based on data from MarketBeat, Tesla has an average rating of "Hold" and a consensus target price of $343.43.

Insiders Place Their Bets

In other Tesla news, Director James R. Murdoch sold 60,000 shares of the business's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the completion of the sale, the director directly owned 637,031 shares of the company's stock, valued at approximately $269,260,263.08. The trade was a 8.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of the business's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the sale, the senior vice president directly owned 47,600 shares of the company's stock, 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. In the last three months, insiders sold 208,606 shares of company stock valued at $77,360,462. 19.90% of the stock is currently 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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