Prudential Financial Inc. cut its holdings in Tesla Inc (NASDAQ:TSLA) by 1.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,928 shares of the electric vehicle producer’s stock after selling 147 shares during the quarter. Prudential Financial Inc.’s holdings in Tesla were worth $1,771,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Baillie Gifford & Co. grew its position in shares of Tesla by 1.2% in the second quarter. Baillie Gifford & Co. now owns 13,409,732 shares of the electric vehicle producer’s stock valued at $2,996,539,000 after purchasing an additional 165,206 shares during the last quarter. Fort Point Capital Partners LLC boosted its position in Tesla by 8.1% during the first quarter. Fort Point Capital Partners LLC now owns 1,660 shares of the electric vehicle producer’s stock worth $465,000 after acquiring an additional 124 shares during the last quarter. Noven Financial Group Inc. acquired a new stake in Tesla during the first quarter worth approximately $245,000. Northern Trust Corp boosted its position in Tesla by 1.0% during the first quarter. Northern Trust Corp now owns 924,061 shares of the electric vehicle producer’s stock worth $258,608,000 after acquiring an additional 9,430 shares during the last quarter. Finally, Northstar Group Inc. acquired a new stake in Tesla during the second quarter worth approximately $308,000. Institutional investors and hedge funds own 54.42% of the company’s stock.
A number of analysts recently issued reports on TSLA shares. Berenberg Bank restated a “buy” rating on shares of Tesla in a research report on Friday, June 14th. Barclays restated an “underweight” rating and set a $150.00 target price on shares of Tesla in a research report on Thursday, July 25th. JMP Securities decreased their target price on shares of Tesla to $337.00 in a research report on Thursday, July 25th. BidaskClub upgraded shares of Tesla from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. Finally, CIBC decreased their target price on shares of Tesla from $437.00 to $356.00 and set an “outperform” rating on the stock in a research report on Thursday, July 25th. Eighteen research analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have given a buy rating to the company. Tesla has a consensus rating of “Hold” and an average price target of $269.53.
Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, July 24th. The electric vehicle producer reported ($2.31) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.55) by ($0.76). The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.44 billion. Tesla had a negative net margin of 2.64% and a negative return on equity of 11.42%. Tesla’s revenue for the quarter was up 58.7% on a year-over-year basis. During the same period in the previous year, the business posted ($3.06) earnings per share. On average, research analysts predict that Tesla Inc will post -7.51 earnings per share for the current year.
In related news, Director Robyn M. Denholm acquired 1,000 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was bought at an average cost of $232.72 per share, with a total value of $232,720.00. Following the acquisition, the director now directly owns 1,000 shares in the company, valued at $232,720. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Zachary Kirkhorn sold 150 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $255.68, for a total transaction of $38,352.00. Following the transaction, the chief financial officer now directly owns 9,962 shares of the company’s stock, valued at $2,547,084.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,300 shares of company stock valued at $6,881,352. 24.40% of the stock is owned by company insiders.
Tesla, Inc designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Netherlands, Norway, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers sedans and sport utility vehicles.
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