Flagship Harbor Advisors LLC Reduces Stake in Tesla, Inc. (NASDAQ:TSLA)

Flagship Harbor Advisors LLC lowered its holdings in Tesla, Inc. (NASDAQ:TSLA) by 0.9% during the second quarter, HoldingsChannel reports. The fund owned 54,788 shares of the electric vehicle producer’s stock after selling 494 shares during the period. Tesla accounts for about 1.2% of Flagship Harbor Advisors LLC’s investment portfolio, making the stock its 12th biggest holding. Flagship Harbor Advisors LLC’s holdings in Tesla were worth $14,342,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in TSLA. State Street Corp boosted its position in shares of Tesla by 0.7% in the 1st quarter. State Street Corp now owns 99,683,820 shares of the electric vehicle producer’s stock valued at $20,680,162,000 after purchasing an additional 685,454 shares during the period. Geode Capital Management LLC boosted its position in shares of Tesla by 1.9% in the 1st quarter. Geode Capital Management LLC now owns 50,047,967 shares of the electric vehicle producer’s stock valued at $10,358,912,000 after purchasing an additional 938,216 shares during the period. FMR LLC boosted its position in shares of Tesla by 3.9% in the 1st quarter. FMR LLC now owns 33,326,389 shares of the electric vehicle producer’s stock valued at $6,913,893,000 after purchasing an additional 1,244,230 shares during the period. Norges Bank acquired a new stake in shares of Tesla in the 4th quarter valued at about $3,459,540,000. Finally, Moneta Group Investment Advisors LLC boosted its position in shares of Tesla by 180,125.4% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 26,851,778 shares of the electric vehicle producer’s stock valued at $3,307,602,000 after purchasing an additional 26,836,879 shares during the period. Hedge funds and other institutional investors own 41.87% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. TD Cowen upped their target price on Tesla from $150.00 to $200.00 and gave the company a “market perform” rating in a research report on Thursday, July 20th. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $150.00 price objective on shares of Tesla in a research report on Thursday, July 20th. Robert W. Baird increased their price objective on Tesla from $252.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday, July 17th. Jefferies Financial Group increased their price objective on Tesla from $185.00 to $265.00 and gave the stock a “hold” rating in a research report on Monday, July 10th. Finally, Citigroup increased their price objective on Tesla from $215.00 to $278.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 12th. Six equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Tesla has an average rating of “Hold” and an average price target of $239.43.

Tesla Stock Performance

Tesla stock opened at $274.39 on Monday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.07 and a current ratio of 1.59. The stock has a fifty day moving average of $255.83 and a two-hundred day moving average of $220.81. The company has a market capitalization of $870.91 billion, a price-to-earnings ratio of 77.73, a PEG ratio of 4.30 and a beta of 2.09. Tesla, Inc. has a fifty-two week low of $101.81 and a fifty-two week high of $313.80.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, July 19th. The electric vehicle producer reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.22. The company had revenue of $24.93 billion during the quarter, compared to the consensus estimate of $24.22 billion. Tesla had a return on equity of 26.10% and a net margin of 12.97%. Tesla’s revenue was up 47.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.65 earnings per share. On average, analysts anticipate that Tesla, Inc. will post 2.94 EPS for the current fiscal year.

Insiders Place Their Bets

In other Tesla news, SVP Xiaotong Zhu sold 1,065 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $249.62, for a total transaction of $265,845.30. Following the completion of the transaction, the senior vice president now owns 59,540 shares of the company’s stock, valued at $14,862,374.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP Xiaotong Zhu sold 1,065 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $249.62, for a total transaction of $265,845.30. Following the sale, the senior vice president now owns 59,540 shares in the company, valued at $14,862,374.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction on Friday, July 7th. The shares were sold at an average price of $278.36, for a total value of $1,113,440.00. Following the completion of the sale, the chief accounting officer now directly owns 104,504 shares of the company’s stock, valued at approximately $29,089,733.44. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,815 shares of company stock valued at $14,384,135. Corporate insiders own 25.10% of the company’s stock.

About Tesla

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.