Norden Group LLC Boosts Position in Tesla, Inc. (NASDAQ:TSLA)

Norden Group LLC raised its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 18.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,660 shares of the electric vehicle producer’s stock after buying an additional 2,015 shares during the quarter. Norden Group LLC’s holdings in Tesla were worth $2,505,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Tesla by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock worth $41,064,917,000 after buying an additional 3,795,748 shares during the last quarter. Norges Bank bought a new stake in Tesla in the 4th quarter worth approximately $7,844,757,000. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Tesla by 12.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock worth $1,731,430,000 after buying an additional 1,125,329 shares during the last quarter. ARK Investment Management LLC lifted its position in Tesla by 2.6% in the 2nd quarter. ARK Investment Management LLC now owns 5,314,395 shares of the electric vehicle producer’s stock worth $1,051,613,000 after buying an additional 135,966 shares during the last quarter. Finally, California State Teachers Retirement System lifted its position in Tesla by 0.9% in the 1st quarter. California State Teachers Retirement System now owns 4,611,096 shares of the electric vehicle producer’s stock worth $810,585,000 after buying an additional 41,498 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Analyst Upgrades and Downgrades

TSLA has been the subject of a number of recent research reports. Argus restated a “buy” rating and issued a $286.00 target price on shares of Tesla in a research report on Friday, July 26th. Glj Research reiterated a “sell” rating and issued a $24.86 price objective on shares of Tesla in a research report on Thursday. Robert W. Baird reiterated an “outperform” rating and issued a $280.00 price objective on shares of Tesla in a research report on Tuesday, August 20th. HSBC boosted their price objective on Tesla from $120.00 to $130.00 in a research report on Wednesday, July 10th. Finally, Wells Fargo & Company reiterated an “underweight” rating and issued a $120.00 price objective on shares of Tesla in a research report on Monday, July 1st. Nine investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Tesla currently has a consensus rating of “Hold” and an average price target of $204.21.

Tesla Stock Down 8.4 %

Shares of NASDAQ TSLA traded down $19.44 during trading on Friday, reaching $210.73. The company had a trading volume of 111,432,758 shares, compared to its average volume of 68,186,248. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $278.98. The stock has a market cap of $673.21 billion, a PE ratio of 53.76, a P/E/G ratio of 5.80 and a beta of 2.29. The business’s 50-day moving average is $224.47 and its 200 day moving average is $193.60. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last released its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). Tesla had a return on equity of 10.41% and a net margin of 13.00%. The company had revenue of $25.50 billion during the quarter, compared to analysts’ expectations of $24.38 billion. During the same period in the prior year, the company posted $0.78 earnings per share. The company’s revenue was up 2.3% on a year-over-year basis. As a group, equities analysts forecast that Tesla, Inc. will post 1.75 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the transaction, the director now directly owns 85,000 shares of the company’s stock, valued at $18,696,600. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 25.10% of the company’s stock.

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.