Tesla, Inc. $TSLA Shares Sold by Eastern Bank

Key Points

• Eastern Bank significantly decreased its holdings in Tesla, cutting its stake by 76.9% in the second quarter, leaving it with 17,030 shares valued at approximately $5.41 million.
• Other institutions, such as Aberdeen Group plc and Blue Zone Wealth Advisors LLC, have increased their investments in Tesla during the same period, indicating a mixed sentiment among investors.
• Tesla reported a net margin of 6.54% and a revenue of $22.50 billion for the last quarter, which fell short of analysts' expectations, adding to ongoing scrutiny of its financial performance.

Eastern Bank trimmed its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 76.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 17,030 shares of the electric vehicle producer's stock after selling 56,673 shares during the period. Eastern Bank's holdings in Tesla were worth $5,410,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Aberdeen Group plc boosted its stake in Tesla by 4.8% in the 2nd quarter. Aberdeen Group plc now owns 4,590,417 shares of the electric vehicle producer's stock worth $1,473,501,000 after buying an additional 210,585 shares during the last quarter. Zullo Investment Group Inc. boosted its stake in Tesla by 3.3% in the 2nd quarter. Zullo Investment Group Inc. now owns 10,851 shares of the electric vehicle producer's stock worth $3,447,000 after buying an additional 349 shares during the last quarter. Greenwood Gearhart Inc. boosted its stake in Tesla by 1.2% in the 2nd quarter. Greenwood Gearhart Inc. now owns 36,729 shares of the electric vehicle producer's stock worth $11,667,000 after buying an additional 442 shares during the last quarter. Blue Zone Wealth Advisors LLC boosted its stake in Tesla by 23.2% in the 2nd quarter. Blue Zone Wealth Advisors LLC now owns 9,544 shares of the electric vehicle producer's stock worth $3,032,000 after buying an additional 1,795 shares during the last quarter. Finally, Strong Tower Advisory Services boosted its stake in Tesla by 1.5% in the 2nd quarter. Strong Tower Advisory Services now owns 34,061 shares of the electric vehicle producer's stock worth $10,820,000 after buying an additional 492 shares during the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Stock Performance

Shares of NASDAQ:TSLA opened at $413.49 on Friday. The company has a market cap of $1.37 trillion, a P/E ratio of 239.01, a PEG ratio of 15.01 and a beta of 2.08. 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, Inc. has a one year low of $212.11 and a one year high of $488.54. The business's 50-day simple moving average is $375.97 and its 200 day simple moving average is $327.89.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.03). The company had revenue of $22.50 billion for 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 business's quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.52 earnings per share. On average, sell-side analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Activity at Tesla

In other Tesla news, Director James R. Murdoch sold 60,000 shares of Tesla stock in a transaction that occurred on 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 sale, the director directly owned 637,031 shares in the company, valued at $269,260,263.08. The trade was a 8.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction that occurred on 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 owned 47,600 shares in the company, 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 ninety days, insiders have sold 202,606 shares of company stock worth $75,588,902. 19.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TSLA. Benchmark reissued a "buy" rating and issued a $475.00 price target (up from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Stifel Nicolaus set a $483.00 price objective on Tesla and gave the stock a "buy" rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft raised their price objective on Tesla from $345.00 to $435.00 and gave the stock a "buy" rating in a report on Friday, September 26th. Dbs Bank raised their price objective on Tesla from $300.00 to $450.00 in a report on Wednesday, September 17th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $355.00 price objective on shares of Tesla in a report on Friday, October 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, thirteen have given a Hold rating and eight have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $354.67.

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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