State Street Corp Purchases 4,431,570 Shares of Tesla, Inc. (NASDAQ:TSLA)

by · The Cerbat Gem

State Street Corp lifted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA – Free Report) by 4.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 104,115,390 shares of the electric vehicle producer’s stock after acquiring an additional 4,431,570 shares during the quarter. Tesla accounts for about 1.4% of State Street Corp’s investment portfolio, making the stock its 5th biggest position. State Street Corp owned approximately 3.28% of Tesla worth $27,254,286,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of TSLA. Alpha Paradigm Partners LLC acquired a new stake in shares of Tesla in the 3rd quarter valued at about $27,000. Mendota Financial Group LLC lifted its holdings in Tesla by 3,733.3% during the 2nd quarter. Mendota Financial Group LLC now owns 115 shares of the electric vehicle producer’s stock worth $30,000 after buying an additional 112 shares during the last quarter. Annapolis Financial Services LLC grew its position in shares of Tesla by 2,050.0% in the 2nd quarter. Annapolis Financial Services LLC now owns 129 shares of the electric vehicle producer’s stock worth $34,000 after acquiring an additional 123 shares in the last quarter. GW&K Investment Management LLC bought a new stake in shares of Tesla in the 1st quarter valued at approximately $30,000. Finally, OLD Point Trust & Financial Services N A acquired a new stake in shares of Tesla during the 2nd quarter valued at approximately $39,000. Institutional investors and hedge funds own 41.87% of the company’s stock.

Analysts Set New Price Targets

TSLA has been the subject of several recent research reports. Royal Bank of Canada reiterated an “outperform” rating and set a $305.00 target price on shares of Tesla in a research note on Tuesday, September 26th. Morgan Stanley dropped their price objective on shares of Tesla from $400.00 to $380.00 and set an “overweight” rating on the stock in a research note on Thursday, October 19th. The Goldman Sachs Group restated a “neutral” rating and issued a $275.00 target price on shares of Tesla in a research note on Monday, September 18th. Truist Financial lowered their target price on Tesla from $254.00 to $243.00 and set a “hold” rating for the company in a report on Monday, October 2nd. Finally, Wells Fargo & Company cut their price target on Tesla from $260.00 to $250.00 and set an “equal weight” rating on the stock in a report on Thursday, October 19th. Eight equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $232.53.

Read Our Latest Research Report on TSLA

Tesla Price Performance

Shares of TSLA traded up $6.41 during midday trading on Wednesday, reaching $245.13. The stock had a trading volume of 32,134,267 shares, compared to its average volume of 138,611,750. The firm’s 50 day moving average price is $234.28 and its 200-day moving average price is $243.99. Tesla, Inc. has a 52 week low of $101.81 and a 52 week high of $299.29. The company has a market capitalization of $779.25 billion, a P/E ratio of 78.90, a P/E/G ratio of 4.59 and a beta of 2.26. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.69 and a quick ratio of 1.18.

Tesla (NASDAQ:TSLA – Get Free Report) last issued its quarterly earnings results on Wednesday, October 18th. The electric vehicle producer reported $0.66 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.07). Tesla had a return on equity of 21.47% and a net margin of 11.21%. The business had revenue of $23.35 billion during the quarter, compared to the consensus estimate of $24.19 billion. During the same quarter last year, the firm posted $0.95 earnings per share. Tesla’s revenue was up 8.8% compared to the same quarter last year. On average, analysts forecast that Tesla, Inc. will post 2.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Vaibhav Taneja sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the completion of the sale, the chief financial officer now directly owns 104,716 shares in the company, valued at $26,179,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Vaibhav Taneja sold 4,000 shares of the company’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the completion of the sale, the chief financial officer now directly owns 104,716 shares of the company’s stock, valued at $26,179,000. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Andrew D. Baglino sold 10,500 shares of Tesla stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $210.67, for a total value of $2,212,035.00. Following the completion of the transaction, the senior vice president now directly owns 68,102 shares in the company, valued at approximately $14,347,048.34. The disclosure for this sale can be found here. Insiders have sold 29,000 shares of company stock worth $6,793,315 in the last ninety days. 20.90% of the stock is currently owned by corporate insiders.

About Tesla

(Free Report)

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. It 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, retail merchandise, and vehicle insurance services.

Featured Stories

Want to see what other hedge funds are holding TSLA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tesla, Inc. (NASDAQ:TSLA – Free Report).