Webster Bank N. A. Sells 764 Shares of Tesla, Inc. $TSLA

Key Points

• Webster Bank N. A. reduced its holdings in Tesla, Inc. by 7.8% during the second quarter, selling 764 shares and retaining a total of 8,981 shares valued at approximately $2.85 million.
• Institutional investors now own 66.20% of Tesla's stock, with significant increases in holdings reported by firms such as Goldman Sachs, which raised its investment by 322.1%.
• Several analysts have issued varying ratings on Tesla, with a consensus rating of "Hold" and a target price of $303.00, while the company recently reported lower-than-expected quarterly earnings with an EPS of $0.40.

Webster Bank N. A. trimmed its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 7.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,981 shares of the electric vehicle producer's stock after selling 764 shares during the quarter. Webster Bank N. A.'s holdings in Tesla were worth $2,853,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Goldman Sachs Group Inc. lifted its holdings in Tesla by 322.1% in 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 during the period. Nuveen LLC bought a new stake in Tesla in the first quarter valued at approximately $3,247,619,000. GAMMA Investing LLC increased its stake in Tesla by 27,378.6% in the first quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer's stock valued at $2,542,960,000 after purchasing an additional 9,776,607 shares in the last quarter. Amundi increased its stake in Tesla by 29.4% in the first quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer's stock valued at $4,482,789,000 after purchasing an additional 3,814,610 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Tesla by 1.5% in 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 purchasing an additional 3,694,524 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group reissued a "neutral" rating on shares of Tesla in a research report on Sunday, August 17th. Canaccord Genuity Group increased their price objective on shares of Tesla from $303.00 to $333.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. William Blair reissued a "market perform" rating on shares of Tesla in a research report on Friday, September 5th. Glj Research reissued a "sell" rating on shares of Tesla in a research report on Thursday, July 24th. Finally, Morgan Stanley restated an "overweight" rating and set a $410.00 target price on shares of Tesla in a report on Friday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fourteen have given a Hold rating and nine have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $303.00.

Insider Activity at Tesla

In other news, SVP Xiaotong Zhu sold 20,000 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the sale, the senior vice president directly owned 47,600 shares of the company's stock, valued at approximately $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of the firm's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $292.89, for a total transaction of $1,171,560.00. Following the completion of the sale, the chief financial officer directly owned 5,924 shares in the company, valued at $1,735,080.36. This represents a 40.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 148,606 shares of company stock worth $51,999,662. 20.70% of the stock is owned by company insiders.

Tesla Trading Up 7.4%

TSLA opened at $395.94 on Monday. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two 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 firm has a market capitalization of $1.28 trillion, a price-to-earnings ratio of 228.87, a PEG ratio of 13.81 and a beta of 2.06. The company's 50 day moving average price is $328.89 and its two-hundred day moving average price is $303.72.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings data 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). 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 the consensus estimate of $23.18 billion. During the same period in the prior year, the company posted $0.52 earnings per share. The company's revenue for the quarter was down 11.8% compared to the same quarter last year. As a group, research analysts predict that Tesla, Inc. will post 2.56 earnings per share 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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