Tesla, Inc. $TSLA Position Lowered by Comerica Bank

Comerica Bank reduced its position in Tesla, Inc. (NASDAQ:TSLA) by 1.7% in the 1st quarter, Holdings Channel reports. The institutional investor owned 384,390 shares of the electric vehicle producer’s stock after selling 6,736 shares during the period. Comerica Bank’s holdings in Tesla were worth $99,619,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Eagle Capital Management LLC bought a new stake in Tesla during the fourth quarter valued at $331,000. Brighton Jones LLC boosted its holdings in shares of Tesla by 11.8% in the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer’s stock valued at $35,509,000 after buying an additional 9,293 shares during the period. Revolve Wealth Partners LLC lifted its holdings in Tesla by 21.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer’s stock worth $2,147,000 after acquiring an additional 931 shares during the last quarter. Mascagni Wealth Management Inc. acquired a new position in Tesla in the fourth quarter valued at approximately $346,000. Finally, Highview Capital Management LLC DE bought a new stake in shares of Tesla in the 4th quarter worth approximately $2,367,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Stock Performance

NASDAQ:TSLA opened at $340.01 on Friday. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average of $321.27 and a 200-day moving average of $303.08. Tesla, Inc. has a twelve month low of $202.59 and a twelve month high of $488.54. The firm has a market cap of $1.10 trillion, a price-to-earnings ratio of 196.54, a price-to-earnings-growth ratio of 11.82 and a beta of 2.33.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). The business 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 company’s quarterly revenue was down 11.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.52 earnings per share. Analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

TSLA has been the topic of several analyst reports. HSBC reaffirmed a “reduce” rating and issued a $120.00 target price on shares of Tesla in a research report on Thursday, July 3rd. 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 report on Thursday, July 24th. China Renaissance reissued a “hold” rating and set a $349.00 target price on shares of Tesla in a research note on Friday, July 25th. Bank of America lifted their price target on Tesla from $305.00 to $341.00 and gave the company a “neutral” rating in a report on Monday, July 21st. Finally, Glj Research reissued a “sell” rating on shares of Tesla in a report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fifteen have given a Hold rating and nine have assigned a Sell rating to the stock. According to data from MarketBeat.com, Tesla presently has a consensus rating of “Hold” and an average target price of $303.31.

Insider Buying and Selling

In other Tesla news, Director Kimbal Musk sold 91,588 shares of the business’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the sale, the director owned 1,463,220 shares in the company, valued at approximately $522,940,195.80. The trade was a 5.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the firm’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the transaction, the director owned 855,394 shares of the company’s stock, valued at approximately $305,632,276.20. The trade was a 35.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 599,724 shares of company stock valued at $213,126,501 over the last ninety days. 20.70% of the stock is currently owned by company insiders.

Tesla Company Profile

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.