TIAA CREF Investment Management LLC trimmed its holdings in shares of Tesla Inc. (NASDAQ:TSLA) by 8.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 743,891 shares of the electric vehicle producer’s stock after selling 68,966 shares during the period. TIAA CREF Investment Management LLC owned 0.45% of Tesla worth $268,998,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Pittenger & Anderson Inc. increased its holdings in Tesla by 20.0% during the 2nd quarter. Pittenger & Anderson Inc. now owns 300 shares of the electric vehicle producer’s stock valued at $108,000 after purchasing an additional 50 shares in the last quarter. Winfield Associates Inc. increased its holdings in Tesla by 85.2% during the 2nd quarter. Winfield Associates Inc. now owns 326 shares of the electric vehicle producer’s stock valued at $118,000 after purchasing an additional 150 shares in the last quarter. Acropolis Investment Management LLC acquired a new stake in Tesla during the 2nd quarter valued at $122,000. North Star Investment Management Corp. increased its holdings in Tesla by 2.8% during the 2nd quarter. North Star Investment Management Corp. now owns 336 shares of the electric vehicle producer’s stock valued at $122,000 after purchasing an additional 9 shares in the last quarter. Finally, Carroll Financial Associates Inc. increased its holdings in Tesla by 8.7% during the 2nd quarter. Carroll Financial Associates Inc. now owns 349 shares of the electric vehicle producer’s stock valued at $126,000 after purchasing an additional 28 shares in the last quarter. 56.67% of the stock is owned by hedge funds and other institutional investors.
TSLA has been the subject of a number of recent analyst reports. Goldman Sachs Group, Inc. (The) set a $190.00 price target on Tesla and gave the company a “sell” rating in a report on Monday, May 15th. Guggenheim raised their price target on Tesla from $320.00 to $380.00 and gave the company a “buy” rating in a report on Monday, May 15th. Morgan Stanley cut Tesla from an “overweight” rating to an “equal weight” rating and set a $305.00 price target for the company. in a report on Monday, May 15th. Citigroup Inc. initiated coverage on Tesla in a report on Thursday, July 20th. They set a “neutral” rating and a $357.00 price target for the company. Finally, Robert W. Baird reaffirmed an “outperform” rating and set a $368.00 price target on shares of Tesla in a report on Wednesday, July 5th. Eight research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and fourteen have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $313.70.
In related news, Director Kimbal Musk sold 4,690 shares of the firm’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $367.68, for a total value of $1,724,419.20. Following the transaction, the director now owns 166,164 shares of the company’s stock, valued at approximately $61,095,179.52. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Stephen T. Jurvetson sold 44,777 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $340.36, for a total transaction of $15,240,299.72. Following the completion of the transaction, the director now directly owns 36,111 shares in the company, valued at approximately $12,290,739.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 53,946 shares of company stock worth $18,481,047. 23.10% of the stock is owned by insiders.
Tesla Inc. (TSLA) traded up 0.33% during mid-day trading on Tuesday, hitting $364.90. The company had a trading volume of 3,456,794 shares. The firm’s market capitalization is $60.90 billion. Tesla Inc. has a 12-month low of $178.19 and a 12-month high of $386.99. The company’s 50 day moving average price is $348.02 and its 200-day moving average price is $320.31.
Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($2.00) by $0.67. Tesla had a negative net margin of 7.61% and a negative return on equity of 16.36%. The business had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.50 billion. During the same quarter last year, the firm earned ($1.06) EPS. The firm’s revenue for the quarter was up 119.6% compared to the same quarter last year. On average, analysts forecast that Tesla Inc. will post ($6.26) EPS for the current fiscal year.
Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products. The Company operates through two segments: Automotive, and Energy generation and storage.
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