Tesla, Inc. $TSLA Shares Acquired by Sumitomo Mitsui DS Asset Management Company Ltd

Key Points

• Sumitomo Mitsui DS Asset Management increased its holding in Tesla, Inc. by 4.3% in the second quarter, owning a total of 377,841 shares valued at approximately $120 million, making it the firm's 13th largest position.
• Multiple institutional investors, including Brighton Jones LLC and Bison Wealth LLC, have significantly increased their stakes in Tesla, indicating growing confidence in the company's stock.
• Tesla's recent earnings report showed a miss on EPS estimates, with a revenue decline of 11.8% year-over-year, highlighting potential challenges despite a robust market cap of $1.37 trillion.

Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 4.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 377,841 shares of the electric vehicle producer's stock after purchasing an additional 15,603 shares during the quarter. Tesla comprises about 1.1% of Sumitomo Mitsui DS Asset Management Company Ltd's investment portfolio, making the stock its 13th largest position. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Tesla were worth $120,025,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Cherry Tree Wealth Management LLC increased its position in Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 44 shares during the last quarter. First PREMIER Bank increased its position in Tesla by 79.2% during the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 42 shares during the last quarter. Newton One Investments LLC increased its position in Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after acquiring an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI bought a new position in Tesla during the first quarter valued at $27,000. Finally, Chelsea Counsel Co. increased its position in Tesla by 59.7% during the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock valued at $28,000 after acquiring an additional 40 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Daiwa Capital Markets restated a "neutral" rating on shares of Tesla in a report on Sunday, July 27th. Stifel Nicolaus set a $440.00 price objective on shares of Tesla in a research report on Friday, September 5th. Baird R W raised shares of Tesla from a "hold" rating to a "strong-buy" rating in a research report on Friday. Robert W. Baird raised shares of Tesla from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $320.00 to $548.00 in a research report on Friday. Finally, Morgan Stanley reaffirmed an "overweight" rating and issued a $410.00 price objective on shares of Tesla in a research report on Friday, September 5th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have assigned a Hold rating and nine have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $317.70.

Insider Transactions at Tesla

In related news, Director James R. Murdoch sold 120,000 shares of the business's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the sale, the director directly owned 697,031 shares in the company, valued at approximately $244,162,988.99. The trade was a 14.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of the business's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the sale, the senior vice president owned 47,600 shares in the company, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 208,606 shares of company stock worth $77,360,462 in the last quarter. Company insiders own 20.70% of the company's stock.

Tesla Price Performance

Tesla stock traded up $9.22 during trading on Friday, reaching $426.07. The company had a trading volume of 92,721,496 shares, compared to its average volume of 86,324,392. The firm's 50-day simple moving average is $340.68 and its 200 day simple moving average is $308.15. Tesla, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54. The firm has a market capitalization of $1.42 trillion, a PE ratio of 246.28, a price-to-earnings-growth ratio of 14.54 and a beta of 2.06. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04.

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 analysts' consensus estimates of $0.43 by ($0.03). The firm had revenue of $22.50 billion during the quarter, compared to analysts' expectations of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company's revenue for the quarter was down 11.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.52 EPS. As a group, equities research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Tesla 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.