Sumitomo Life Insurance Co. Has $7.49 Million Position in Tesla, Inc. $TSLA

by · The Cerbat Gem

Sumitomo Life Insurance Co. reduced its stake in Tesla, Inc. (NASDAQ:TSLA – Free Report) by 41.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,577 shares of the electric vehicle producer’s stock after selling 16,567 shares during the period. Sumitomo Life Insurance Co.’s holdings in Tesla were worth $7,489,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Siren L.L.C. acquired a new position in shares of Tesla in the first quarter valued at about $2,332,000. Zuckerman Investment Group LLC grew its stake in shares of Tesla by 6.9% in the first quarter. Zuckerman Investment Group LLC now owns 12,748 shares of the electric vehicle producer’s stock valued at $3,304,000 after acquiring an additional 826 shares in the last quarter. Keystone Global Partners LLC acquired a new position in shares of Tesla in the first quarter valued at about $594,000. Strs Ohio acquired a new stake in Tesla during the first quarter worth about $205,495,000. Finally, AustralianSuper Pty Ltd grew its stake in Tesla by 1,823.0% during the second quarter. AustralianSuper Pty Ltd now owns 68,325 shares of the electric vehicle producer’s stock worth $21,704,000 after buying an additional 64,772 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on TSLA shares. BNP Paribas Exane started coverage on shares of Tesla in a research note on Thursday, October 16th. They set an “underperform” rating and a $307.00 price objective on the stock. Glj Research reiterated a “sell” rating on shares of Tesla in a research note on Wednesday, October 22nd. William Blair restated a “market perform” rating on shares of Tesla in a research note on Friday, September 5th. Bank of America upped their target price on Tesla from $341.00 to $471.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Canaccord Genuity Group cut their target price on Tesla from $490.00 to $482.00 and set a “buy” rating for the company in a research note on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have given a Hold rating and eleven have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $390.27.

View Our Latest Stock Analysis on TSLA

Tesla Trading Up 3.7%

TSLA opened at $456.56 on Friday. The company’s 50 day moving average is $410.52 and its 200-day moving average is $348.12. Tesla, Inc. has a 1-year low of $214.25 and a 1-year high of $488.54. The company has a current ratio of 2.07, a quick ratio of 1.67 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.52 trillion, a P/E ratio of 304.37, a PEG ratio of 16.84 and a beta of 2.08.

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

Insider Activity at Tesla

In related news, Director James R. Murdoch sold 120,000 shares of the firm’s stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the transaction, the director directly owned 697,031 shares of the company’s stock, valued at $244,162,988.99. This trade represents a 14.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the firm’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the transaction, the chief financial officer directly owned 9,856 shares of the company’s stock, valued at approximately $3,473,057.28. This represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 202,606 shares of company stock worth $75,588,902 in the last quarter. 19.90% of the stock is owned by insiders.

Tesla Company 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.

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