Tesla, Inc. $TSLA Shares Sold by Orrstown Financial Services Inc.

Key Points

• Orrstown Financial Services Inc. reduced its stake in Tesla by 26.3%, selling 852 shares, leaving the fund with holdings valued at approximately $760,000.
• Tesla reported earnings per share of $0.40, missing estimates by $0.03, with a revenue of $22.50 billion for the quarter, down 11.8% year-over-year.
• Analysts have set new price targets for Tesla, with Benchmark raising their target from $350.00 to $475.00, reflecting a generally positive outlook on the stock.

Orrstown Financial Services Inc. decreased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 26.3% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,392 shares of the electric vehicle producer's stock after selling 852 shares during the period. Orrstown Financial Services Inc.'s holdings in Tesla were worth $760,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Cherry Tree Wealth Management LLC boosted its stake in shares of Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 44 shares during the period. First PREMIER Bank raised its holdings in Tesla by 79.2% during 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. Arcadia Investment Management Corp MI purchased a new position in Tesla during the first quarter worth about $27,000. Newton One Investments LLC raised its holdings in Tesla by 250.0% during 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. Finally, Chelsea Counsel Co. raised its holdings in Tesla by 59.7% during the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TSLA. Mizuho increased their price target on shares of Tesla from $375.00 to $450.00 and gave the stock an "outperform" rating in a report on Tuesday. Guggenheim reissued a "sell" rating and set a $175.00 price target on shares of Tesla in a report on Wednesday, July 23rd. Canaccord Genuity Group increased their price target on shares of Tesla from $303.00 to $333.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. HSBC reaffirmed a "reduce" rating and issued a $120.00 target price on shares of Tesla in a report on Thursday, July 3rd. Finally, Royal Bank Of Canada reaffirmed an "overweight" rating on shares of Tesla in a report on Tuesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, twelve have given a Hold rating and nine have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $326.74.

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction on Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the transaction, the chief financial officer owned 9,856 shares in the company, valued at $3,473,057.28. This trade represents a 20.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James R. Murdoch sold 60,000 shares of Tesla stock in a transaction on Monday, September 15th. The shares were sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the completion of the transaction, the director owned 637,031 shares in the company, valued at approximately $269,260,263.08. This trade represents a 8.61% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 208,606 shares of company stock worth $77,360,462. 19.90% of the stock is owned by insiders.

Tesla Trading Down 1.6%

NASDAQ TSLA traded down $6.99 during mid-day trading on Tuesday, reaching $427.22. 62,623,596 shares of the stock were exchanged, compared to its average volume of 103,129,625. Tesla, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54. The business's fifty day simple moving average is $343.03 and its 200 day simple moving average is $309.87. The stock has a market capitalization of $1.42 trillion, a PE ratio of 246.97, a PEG ratio of 14.86 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 earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same quarter last year, the business posted $0.52 EPS. The firm's revenue was down 11.8% compared to the same quarter last year. On average, 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.