Amalgamated Bank Cuts Position in Tesla, Inc. (NASDAQ:TSLA)

Amalgamated Bank lowered its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 0.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 595,422 shares of the electric vehicle producer’s stock after selling 3,333 shares during the period. Tesla comprises 1.0% of Amalgamated Bank’s portfolio, making the stock its 11th largest holding. Amalgamated Bank’s holdings in Tesla were worth $117,822,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in TSLA. Bank & Trust Co acquired a new stake in shares of Tesla in the 2nd quarter worth approximately $25,000. Valley Wealth Managers Inc. acquired a new stake in Tesla in the second quarter valued at $26,000. OLD Point Trust & Financial Services N A purchased a new position in shares of Tesla in the fourth quarter valued at $37,000. Kessler Investment Group LLC raised its stake in shares of Tesla by 35.9% during the 2nd quarter. Kessler Investment Group LLC now owns 193 shares of the electric vehicle producer’s stock worth $38,000 after buying an additional 51 shares during the last quarter. Finally, Aspect Partners LLC boosted its position in shares of Tesla by 121.3% in the 2nd quarter. Aspect Partners LLC now owns 208 shares of the electric vehicle producer’s stock worth $41,000 after buying an additional 114 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Trading Up 0.5 %

Shares of TSLA opened at $227.87 on Wednesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $273.93. The stock has a market cap of $726.72 billion, a PE ratio of 58.13, a P/E/G ratio of 6.08 and a beta of 2.29. The stock’s 50-day moving average is $222.16 and its two-hundred day moving average is $194.93.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share 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 quarter in the prior year, the company earned $0.78 EPS. The firm’s revenue was up 2.3% compared to the same quarter last year. Equities analysts forecast that Tesla, Inc. will post 1.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on TSLA shares. Citigroup cut their target price on shares of Tesla from $274.00 to $258.00 and set a “neutral” rating for the company in a research report on Wednesday, July 24th. Glj Research restated a “sell” rating and set a $24.86 price objective on shares of Tesla in a research report on Thursday, September 5th. Canaccord Genuity Group reissued a “buy” rating and set a $254.00 price target on shares of Tesla in a research report on Friday, September 13th. Piper Sandler restated an “overweight” rating and issued a $300.00 price objective on shares of Tesla in a research report on Monday, August 19th. Finally, William Blair began coverage on shares of Tesla in a research note on Thursday, August 29th. They issued an “outperform” rating for the company. Nine equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $209.60.

Insider Activity at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the transaction, the senior vice president now owns 67,491 shares in the company, valued at approximately $14,967,479.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now owns 85,000 shares in the company, valued at approximately $18,696,600. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the transaction, the senior vice president now directly owns 67,491 shares in the company, valued at $14,967,479.07. The disclosure for this sale can be found here. Company 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. 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.