The Manufacturers Life Insurance Company Grows Stock Position in Tesla, Inc. $TSLA

Key Points

• The Manufacturers Life Insurance Company increased its stake in Tesla, Inc. by 21.8% during the 1st quarter, acquiring an additional 430,653 shares and owning about $622 million worth of the stock.
• Other institutional investors, such as Canada Pension Plan Investment Board, also significantly increased their positions in Tesla, with a 37.0% increase and owning around $790 million in shares.
• Tesla reported earnings of $0.40 per share for the last quarter, falling short of expectations, with revenue down 11.8% year-over-year.

The Manufacturers Life Insurance Company boosted its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 21.8% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,401,679 shares of the electric vehicle producer's stock after acquiring an additional 430,653 shares during the quarter. The Manufacturers Life Insurance Company owned 0.07% of Tesla worth $622,419,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TSLA. Cherry Tree Wealth Management LLC boosted its stake in Tesla by 86.3% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after purchasing an additional 44 shares during the last quarter. First PREMIER Bank boosted its position in shares of Tesla by 79.2% during the 1st 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 boosted its position in shares of Tesla by 250.0% during the 1st 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 acquired a new position in shares of Tesla during the 1st quarter valued at about $27,000. Finally, Centennial Bank AR boosted its position in shares of Tesla by 833.3% during the 1st quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer's stock valued at $29,000 after acquiring an additional 100 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Insider Activity at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 6,000 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $341.02, for a total value of $2,046,120.00. Following the completion of the sale, the chief financial officer owned 1,950 shares of the company's stock, valued at approximately $664,989. This trade represents a 75.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James R. Murdoch sold 120,000 shares of the firm's stock in a transaction 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 completion of the sale, the director directly owned 697,031 shares of the company's stock, valued at approximately $244,162,988.99. This trade represents a 14.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 150,564 shares of company stock worth $51,792,190 in the last three months. Insiders own 20.70% of the company's stock.

Tesla Stock Performance

Shares of TSLA traded down $12.11 during mid-day trading on Friday, reaching $333.87. 80,898,652 shares of the company's stock were exchanged, compared to its average volume of 76,110,896. The business's fifty day simple moving average is $323.59 and its 200-day simple moving average is $302.91. Tesla, Inc. has a 52-week low of $205.97 and a 52-week high of $488.54. 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 stock has a market capitalization of $1.08 trillion, a PE ratio of 192.99, a price-to-earnings-growth ratio of 11.61 and a beta of 2.33.

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

Analysts Set New Price Targets

TSLA has been the topic of a number of recent analyst reports. Glj Research reaffirmed a "sell" rating on shares of Tesla in a research report on Thursday, July 24th. Piper Sandler reiterated an "overweight" rating and set a $400.00 price target on shares of Tesla in a research note on Tuesday, June 10th. HSBC reiterated a "reduce" rating and set a $120.00 price target on shares of Tesla in a research note on Thursday, July 3rd. The Goldman Sachs Group restated a "neutral" rating on shares of Tesla in a research note on Sunday, August 17th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $410.00 price target on shares of Tesla in a research note on Friday, June 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fifteen have issued a Hold rating and nine have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $303.31.

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.