Public Employees Retirement Association of Colorado Sells 44,309 Shares of Tesla, Inc. (NASDAQ:TSLA)

Public Employees Retirement Association of Colorado cut its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 24.8% during the 2nd quarter, Holdings Channel reports. The firm owned 134,017 shares of the electric vehicle producer’s stock after selling 44,309 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Tesla were worth $91,091,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TSLA. Milestone Resources Group Ltd increased its stake in Tesla by 56.0% during the 2nd quarter. Milestone Resources Group Ltd now owns 39 shares of the electric vehicle producer’s stock worth $27,000 after acquiring an additional 14 shares during the period. Clean Yield Group bought a new position in shares of Tesla in the second quarter worth $31,000. Lake Point Wealth Management acquired a new position in Tesla in the second quarter valued at about $31,000. Baldrige Asset Management LLC bought a new stake in Tesla during the second quarter worth about $33,000. Finally, Lee Financial Co grew its stake in Tesla by 53.1% during the second quarter. Lee Financial Co now owns 49 shares of the electric vehicle producer’s stock worth $33,000 after buying an additional 17 shares in the last quarter. Institutional investors own 40.28% of the company’s stock.

A number of analysts have recently weighed in on TSLA shares. Jefferies Financial Group raised shares of Tesla from a “hold” rating to a “buy” rating and upped their price target for the stock from $700.00 to $850.00 in a report on Monday, August 9th. UBS Group upped their price objective on Tesla from $660.00 to $725.00 and gave the stock a “neutral” rating in a research report on Thursday, August 12th. TheStreet upgraded Tesla from a “c+” rating to a “b” rating in a research report on Monday, August 16th. Tudor Pickering initiated coverage on Tesla in a research note on Thursday, September 23rd. They set a “sell” rating and a $537.00 target price for the company. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $875.00 price target (up from $860.00) on shares of Tesla in a report on Tuesday, July 27th. Ten investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Tesla presently has an average rating of “Hold” and an average target price of $616.89.

Tesla stock traded up $8.02 during trading hours on Thursday, reaching $819.10. 372,058 shares of the company’s stock were exchanged, compared to its average volume of 27,323,652. The firm’s 50 day simple moving average is $741.19 and its 200 day simple moving average is $684.91. Tesla, Inc. has a twelve month low of $379.11 and a twelve month high of $900.40. The company has a quick ratio of 1.22, a current ratio of 1.51 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $810.92 billion, a PE ratio of 425.26, a PEG ratio of 6.20 and a beta of 1.95.

Tesla (NASDAQ:TSLA) last announced its earnings results on Sunday, July 25th. The electric vehicle producer reported $1.45 EPS for the quarter, beating the consensus estimate of $0.52 by $0.93. The company had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.39 billion. Tesla had a return on equity of 9.75% and a net margin of 5.21%. During the same quarter in the prior year, the company earned $0.44 EPS. Analysts anticipate that Tesla, Inc. will post 3.39 EPS for the current year.

In other Tesla news, CFO Zachary Kirkhorn sold 1,250 shares of the company’s stock in a transaction on Monday, July 19th. The shares were sold at an average price of $629.73, for a total transaction of $787,162.50. Following the transaction, the chief financial officer now owns 55,507 shares in the company, valued at $34,954,423.11. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Andrew D. Baglino sold 1,005 shares of the company’s stock in a transaction dated Monday, September 27th. The stock was sold at an average price of $773.42, for a total transaction of $777,287.10. The disclosure for this sale can be found here. Insiders have sold a total of 85,698 shares of company stock worth $61,747,994 over the last 90 days. Company insiders own 25.00% of the company’s stock.

About Tesla

Tesla, Inc engages in the design, development, manufacture, and sale of fully electric vehicles, energy generation and storage systems. It also provides vehicle service centers, supercharger station, and self-driving capability. The company operates through the following segments: Automotive and Energy Generation and Storage.

Further Reading: Death Cross

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Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

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