State of Michigan Retirement System Acquires 2,800 Shares of Tesla, Inc. $TSLA

by · The Cerbat Gem

State of Michigan Retirement System lifted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA – Free Report) by 0.4% during the 2nd quarter, Holdings Channel reports. The firm owned 761,957 shares of the electric vehicle producer’s stock after purchasing an additional 2,800 shares during the quarter. Tesla comprises 1.3% of State of Michigan Retirement System’s holdings, making the stock its 13th largest position. State of Michigan Retirement System’s holdings in Tesla were worth $242,043,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Arcadia Investment Management Corp MI bought a new stake in shares of Tesla during the 1st quarter valued at about $27,000. Chelsea Counsel Co. boosted its position in shares of Tesla by 59.7% during the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. Centennial Bank AR boosted its position in shares of Tesla by 833.3% during the 1st quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer’s stock valued at $29,000 after purchasing an additional 100 shares in the last quarter. LGT Financial Advisors LLC bought a new stake in shares of Tesla during the 2nd quarter valued at about $29,000. Finally, Compass Wealth Management LLC boosted its holdings in Tesla by 360.0% in the first quarter. Compass Wealth Management LLC now owns 115 shares of the electric vehicle producer’s stock worth $30,000 after acquiring an additional 90 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.

Tesla Stock Performance

Shares of Tesla stock opened at $456.56 on Friday. The company has a market cap of $1.52 trillion, a PE ratio of 304.37, a price-to-earnings-growth ratio of 16.84 and a beta of 2.08. Tesla, Inc. has a 52 week low of $214.25 and a 52 week high of $488.54. The business has a 50 day moving average price of $410.52 and a 200-day moving average price of $348.12. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA – Get Free Report) last issued its quarterly earnings data on Wednesday, October 22nd. The electric vehicle producer reported $0.50 EPS for the quarter, topping the consensus estimate of $0.48 by $0.02. The firm had revenue of $28.10 billion during the quarter, compared to the consensus estimate of $24.98 billion. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The company’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.72 earnings per share. Equities analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

TSLA has been the topic of several recent research reports. Melius Research set a $520.00 price target on Tesla and gave the stock a “buy” rating in a report on Monday, October 13th. Robert W. Baird upgraded Tesla from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $320.00 to $548.00 in a report on Friday, September 19th. The Goldman Sachs Group cut their price target on Tesla from $425.00 to $400.00 and set a “neutral” rating on the stock in a report on Thursday, October 23rd. Barclays reiterated a “negative” rating and issued a $350.00 price target (up previously from $275.00) on shares of Tesla in a report on Thursday, October 16th. Finally, HSBC increased their price target on Tesla from $120.00 to $127.00 in a report on Monday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have given a Hold rating and eleven have given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $390.27.

Read Our Latest Report on TSLA

Insider Transactions at Tesla

In other news, Director James R. Murdoch sold 60,000 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $422.68, for a total value of $25,360,800.00. Following the completion of the sale, the director directly owned 637,031 shares of the company’s stock, valued at $269,260,263.08. This represents a 8.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the sale, the chief financial officer directly owned 9,856 shares of the company’s stock, valued at $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 202,606 shares of company stock valued at $75,588,902 over the last ninety days. 19.90% of the stock is currently owned by insiders.

Tesla Profile

(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. 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.

See Also

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