Janney Montgomery Scott LLC raised its stake in Tesla Inc. (NASDAQ:TSLA) by 0.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,783 shares of the electric vehicle producer’s stock after buying an additional 135 shares during the period. Janney Montgomery Scott LLC’s holdings in Tesla were worth $11,131,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. IBM Retirement Fund raised its position in shares of Tesla by 129.4% in the second quarter. IBM Retirement Fund now owns 3,179 shares of the electric vehicle producer’s stock valued at $1,285,000 after buying an additional 1,793 shares during the last quarter. Sumitomo Life Insurance Co. raised its stake in Tesla by 4.4% in the second quarter. Sumitomo Life Insurance Co. now owns 2,985 shares of the electric vehicle producer’s stock worth $1,079,000 after buying an additional 126 shares in the last quarter. Arthur M. Cohen & Associates LLC raised its stake in Tesla by 1.8% in the second quarter. Arthur M. Cohen & Associates LLC now owns 1,382 shares of the electric vehicle producer’s stock worth $487,000 after buying an additional 25 shares in the last quarter. Public Employees Retirement Association of Colorado raised its stake in Tesla by 0.6% in the second quarter. Public Employees Retirement Association of Colorado now owns 23,201 shares of the electric vehicle producer’s stock worth $8,390,000 after buying an additional 146 shares in the last quarter. Finally, Meridian Wealth Management LLC purchased a new stake in Tesla during the second quarter worth $358,000. Institutional investors own 62.92% of the company’s stock.
Tesla Inc. (NASDAQ TSLA) opened at 347.46 on Friday. The firm’s market capitalization is $57.99 billion. Tesla Inc. has a 52-week low of $178.19 and a 52-week high of $386.99. The firm has a 50-day moving average price of $339.22 and a 200 day moving average price of $310.81.
Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($2.00) by $0.67. The company had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.50 billion. Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. The firm’s revenue was up 119.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.06) earnings per share. Analysts forecast that Tesla Inc. will post ($6.18) EPS for the current year.
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A number of analysts have weighed in on the stock. Citigroup Inc. raised their price objective on shares of Tesla from $357.00 to $371.00 and gave the company a “neutral” rating in a research note on Thursday. Vetr lowered shares of Tesla from a “hold” rating to a “sell” rating and set a $335.57 price target for the company. in a research note on Tuesday. Morgan Stanley lifted their price target on shares of Tesla from $305.00 to $317.00 and gave the stock an “equal weight” rating in a research note on Monday, August 14th. Robert W. Baird reiterated an “outperform” rating and issued a $411.00 price target (up from $368.00) on shares of Tesla in a research note on Monday, August 14th. Finally, Guggenheim reiterated a “buy” rating and issued a $430.00 price target on shares of Tesla in a research note on Thursday, August 10th. Eight analysts have rated the stock with a sell rating, twelve have given a hold rating and fifteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $310.84.
In other Tesla news, Director Kimbal Musk sold 2,190 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $321.36, for a total transaction of $703,778.40. Following the completion of the sale, the director now directly owns 160,274 shares in the company, valued at $51,505,652.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 23.10% of the company’s stock.
Tesla Company Profile
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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