Tesla, Inc. $TSLA Stake Lifted by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its stake in Tesla, Inc. by 1.9% during Q2, owning approximately $2.7 billion worth of shares, making Tesla 7th in its investment portfolio.
• Tesla reported a quarterly earnings of $0.50 EPS and revenue of $28.1 billion, surpassing analysts' estimates.
• Recent analyst reports have varied price targets for Tesla with Stifel Nicolaus setting a target at $483 while Guggenheim has a target of $175.

Sumitomo Mitsui Trust Group Inc. grew its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 1.9% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 8,491,383 shares of the electric vehicle producer's stock after acquiring an additional 157,545 shares during the quarter. Tesla comprises 1.7% of Sumitomo Mitsui Trust Group Inc.'s investment portfolio, making the stock its 7th biggest holding. Sumitomo Mitsui Trust Group Inc. owned about 0.26% of Tesla worth $2,697,373,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. LGT Financial Advisors LLC purchased a new position in shares of Tesla in the 2nd quarter valued at about $29,000. Arcadia Investment Management Corp MI bought a new stake in shares of Tesla during the 1st quarter worth $27,000. Chelsea Counsel Co. boosted its position in shares of Tesla by 59.7% in the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock worth $28,000 after buying an additional 40 shares during the period. Evergreen Private Wealth LLC boosted its position in shares of Tesla by 270.0% in the second quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer's stock worth $35,000 after buying an additional 81 shares during the period. Finally, Centennial Bank AR boosted its position in shares of Tesla by 833.3% in the first quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer's stock worth $29,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Trading Down 1.4%

Tesla stock opened at $442.83 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. The business's 50-day simple moving average is $396.00 and its 200-day simple moving average is $338.45. The firm has a market capitalization of $1.47 trillion, a PE ratio of 294.47, a PEG ratio of 15.78 and a beta of 2.08. Tesla, Inc. has a 52 week low of $214.25 and a 52 week high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings data on Wednesday, October 22nd. The electric vehicle producer reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.48 by $0.02. The business had revenue of $28.10 billion for the quarter, compared to analyst estimates of $24.98 billion. Tesla had a return on equity of 6.72% and a net margin of 5.51%.The firm's revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.72 earnings per share. Equities research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analysts Set New Price Targets

TSLA has been the subject of several recent analyst reports. Stifel Nicolaus set a $483.00 target price on Tesla and gave the stock a "buy" rating in a research report on Wednesday, October 8th. Guggenheim reissued a "sell" rating and set a $175.00 price objective on shares of Tesla in a research report on Wednesday, July 23rd. Melius Research set a $520.00 price objective on Tesla and gave the company a "buy" rating in a research report on Monday, October 13th. DZ Bank reissued a "sell" rating on shares of Tesla in a research report on Thursday. Finally, Benchmark reissued a "buy" rating on shares of Tesla in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, twelve have assigned a Hold rating and eleven have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $380.03.

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the sale, the chief financial officer directly owned 9,856 shares of the company's stock, valued at approximately $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James R. Murdoch sold 120,000 shares of Tesla stock in a transaction that occurred on 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 $244,162,988.99. The trade was a 14.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 202,606 shares of company stock valued at $75,588,902 over the last ninety days. 19.90% of the stock is owned by company insiders.

Tesla Company 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.

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