Tesla, Inc. $TSLA Shares Sold by Tompkins Financial Corp

Key Points

• Tompkins Financial Corp has reduced its stake in Tesla, Inc. by 33.7% in Q2, now holding 1,365 shares valued at approximately $434,000.
• Several institutional investors have increased their holdings in Tesla, with significant boosts from firms like Cherry Tree Wealth Management and First PREMIER Bank, indicating ongoing interest in TSLA despite Tompkins' reduction.
• Tesla's latest earnings report showed an EPS of $0.40, falling short of analyst expectations of $0.43, and a year-over-year revenue decline of 11.8% to $22.5 billion.

Tompkins Financial Corp decreased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 33.7% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,365 shares of the electric vehicle producer's stock after selling 695 shares during the quarter. Tompkins Financial Corp's holdings in Tesla were worth $434,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Tesla by 1.5% during the first quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock valued at $63,983,418,000 after acquiring an additional 3,694,524 shares during the period. Goldman Sachs Group Inc. lifted its position in Tesla by 322.1% during the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock valued at $6,891,201,000 after buying an additional 20,291,139 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Tesla by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 18,174,941 shares of the electric vehicle producer's stock worth $4,710,218,000 after buying an additional 849,091 shares during the period. Amundi raised its stake in shares of Tesla by 29.4% in the 1st quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer's stock valued at $4,482,789,000 after acquiring an additional 3,814,610 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of Tesla by 17.6% during the 1st quarter. Invesco Ltd. now owns 14,786,414 shares of the electric vehicle producer's stock valued at $3,832,047,000 after acquiring an additional 2,211,300 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Tesla Stock Up 2.2%

NASDAQ:TSLA traded up $9.22 during mid-day trading on Friday, reaching $426.07. The stock had a trading volume of 92,721,496 shares, compared to its average volume of 103,409,047. The stock's 50 day simple moving average is $338.43 and its two-hundred day simple moving average is $307.09. Tesla, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54. The company has a market capitalization of $1.37 trillion, a price-to-earnings ratio of 246.28, 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.

Tesla (NASDAQ:TSLA - Get Free Report) last issued 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). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same quarter in the previous year, the business posted $0.52 EPS. Tesla's revenue was down 11.8% compared to the same quarter last year. Equities analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current year.

Insiders Place Their Bets

In other Tesla news, Director James R. Murdoch sold 60,000 shares of the 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 sale, the director directly owned 637,031 shares of the company's stock, valued at approximately $269,260,263.08. This represents a 8.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction 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 in the company, valued at $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 208,606 shares of company stock valued at $77,360,462. Company insiders own 20.70% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on TSLA. Stifel Nicolaus set a $440.00 price target on Tesla in a report on Friday, September 5th. Needham & Company LLC reissued a "hold" rating on shares of Tesla in a research report on Thursday, July 24th. China Renaissance reissued a "hold" rating and issued a $349.00 price objective on shares of Tesla in a research report on Friday, July 25th. Benchmark reissued a "buy" rating and issued a $475.00 price objective (up from $350.00) on shares of Tesla in a research report on Thursday, June 26th. Finally, Royal Bank Of Canada reissued an "overweight" rating on shares of Tesla in a research report on Tuesday, July 29th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, thirteen have given a Hold rating and nine have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $317.70.

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.