VIRGINIA RETIREMENT SYSTEMS ET Al Invests $119.93 Million in Tesla, Inc. $TSLA

Key Points

• The **Virginia Retirement Systems** has acquired a new stake in **Tesla, Inc.**, purchasing approximately **377,531 shares** valued at **$119.93 million**, making it the firm’s **17th largest holding**.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 377,531 shares of the electric vehicle producer's stock, valued at approximately $119,926,000. Tesla makes up about 0.8% of VIRGINIA RETIREMENT SYSTEMS ET Al's investment portfolio, making the stock its 17th largest holding.

Several other institutional investors and hedge funds also recently modified their holdings of TSLA. First PREMIER Bank lifted its holdings in Tesla by 79.2% in the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 42 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of Tesla in the first quarter worth about $27,000. Chelsea Counsel Co. boosted its holdings in Tesla by 59.7% in the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 40 shares during the last quarter. Centennial Bank AR grew its stake in 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 purchasing an additional 100 shares in the last quarter. Finally, Compass Wealth Management LLC increased its holdings in Tesla by 360.0% during the 1st quarter. Compass Wealth Management LLC now owns 115 shares of the electric vehicle producer's stock worth $30,000 after purchasing an additional 90 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on TSLA shares. TD Cowen increased their price objective on shares of Tesla from $374.00 to $509.00 and gave the company a "buy" rating in a research note on Thursday, October 9th. Wedbush lifted their price target on Tesla from $500.00 to $600.00 and gave the stock an "outperform" rating in a research note on Friday, September 26th. William Blair restated a "market perform" rating on shares of Tesla in a research note on Friday, September 5th. China Renaissance restated a "hold" rating and set a $349.00 price objective on shares of Tesla in a research note on Friday, July 25th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Tesla in a research note on Thursday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have assigned a Hold rating and ten have issued a Sell rating to the company. Based on data from MarketBeat, Tesla currently has a consensus rating of "Hold" and an average target price of $363.54.

Insider Activity at Tesla

In other news, Director James R. Murdoch sold 120,000 shares of the firm's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the transaction, the director owned 697,031 shares in the company, valued at approximately $244,162,988.99. This trade represents a 14.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Vaibhav Taneja sold 2,606 shares of the business's 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 completion of the sale, the chief financial officer owned 9,856 shares in the company, valued at $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 202,606 shares of company stock valued at $75,588,902 over the last 90 days. 19.90% of the stock is currently owned by corporate insiders.

Tesla Stock Up 2.5%

Shares of Tesla stock opened at $439.31 on Friday. 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 $1.46 trillion, a P/E ratio of 253.94, a PEG ratio of 15.79 and a beta of 2.08. The business's fifty day moving average price is $387.54 and its two-hundred day moving average price is $333.60. 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 released its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). The company had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm's quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.52 earnings per share. As a group, research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

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.

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