Orrstown Financial Services Inc. Sells 852 Shares of Tesla, Inc. $TSLA

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. reduced its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 26.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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.

Several other hedge funds and other institutional investors have also modified their holdings of TSLA. Acorn Wealth Advisors LLC boosted its stake in Tesla by 1.9% during the 1st quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock valued at $493,000 after purchasing an additional 36 shares during the period. Solutions 4 Wealth Ltd lifted its stake in shares of Tesla by 2.0% in the 1st quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock worth $470,000 after acquiring an additional 36 shares during the period. ACT Wealth Management LLC raised its holdings in shares of Tesla by 0.7% in the 2nd quarter. ACT Wealth Management LLC now owns 5,405 shares of the electric vehicle producer's stock worth $1,717,000 after purchasing an additional 36 shares in the last quarter. Capital Management Associates Inc lifted its stake in Tesla by 3.4% during the first quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer's stock valued at $302,000 after purchasing an additional 38 shares during the last quarter. Finally, Graney & King LLC lifted its stake in Tesla by 18.4% during the first quarter. Graney & King LLC now owns 245 shares of the electric vehicle producer's stock valued at $63,000 after purchasing an additional 38 shares during the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Stock Up 1.9%

Tesla stock traded up $8.14 during trading hours on Monday, hitting $434.21. The company had a trading volume of 96,526,944 shares, compared to its average volume of 103,372,102. The firm has a market capitalization of $1.44 trillion, a P/E ratio of 250.99, a price-to-earnings-growth ratio of 14.86 and a beta of 2.06. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The firm's fifty day moving average is $340.68 and its 200-day moving average is $308.67. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last released 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). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same quarter in the prior year, the company posted $0.52 EPS. The firm's quarterly revenue was down 11.8% compared to the same quarter last year. On average, research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Needham & Company LLC reissued a "hold" rating on shares of Tesla in a research note on Thursday, July 24th. Robert W. Baird raised shares of Tesla from a "neutral" rating to an "outperform" rating and increased their target price for the company from $320.00 to $548.00 in a research note on Friday. Morgan Stanley reissued an "overweight" rating and set a $410.00 target price on shares of Tesla in a research note on Friday, September 5th. The Goldman Sachs Group boosted their price target on shares of Tesla from $300.00 to $395.00 and gave the company a "neutral" rating in a report on Thursday. Finally, Dbs Bank boosted their price target on shares of Tesla from $300.00 to $450.00 in a report on Wednesday, September 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, twelve have given a Hold rating and nine have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $324.53.

Insider Activity at Tesla

In related news, 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 value of $25,360,800.00. Following the completion of the sale, the director 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction on 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 directly owned 47,600 shares of the company's stock, valued at approximately $17,314,500. The trade was a 29.59% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 208,606 shares of company stock valued at $77,360,462. Insiders own 20.70% of the company's stock.

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.