Harvest Fund Management Co. Ltd cut its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 4.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,737 shares of the electric vehicle producer’s stock after selling 497 shares during the quarter. Tesla accounts for approximately 0.8% of Harvest Fund Management Co. Ltd’s holdings, making the stock its 23rd biggest position. Harvest Fund Management Co. Ltd’s holdings in Tesla were worth $7,278,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Milestone Resources Group Ltd lifted its holdings in Tesla by 56.0% in the second quarter. Milestone Resources Group Ltd now owns 39 shares of the electric vehicle producer’s stock valued at $27,000 after acquiring an additional 14 shares during the period. Clean Yield Group acquired a new stake in Tesla in the second quarter valued at $31,000. Lake Point Wealth Management acquired a new stake in Tesla in the second quarter valued at $31,000. Baldrige Asset Management LLC acquired a new stake in Tesla in the second quarter valued at $33,000. Finally, Lee Financial Co lifted its holdings in Tesla by 53.1% in the second quarter. Lee Financial Co now owns 49 shares of the electric vehicle producer’s stock valued at $33,000 after acquiring an additional 17 shares during the period. 40.28% of the stock is owned by hedge funds and other institutional investors.
TSLA has been the subject of a number of recent analyst reports. Oppenheimer initiated coverage on Tesla in a report on Friday, July 2nd. They issued a “buy” rating for the company. UBS Group raised their price target on Tesla from $660.00 to $725.00 and gave the company a “neutral” rating in a research report on Thursday, August 12th. Piper Sandler restated an “overweight” rating and issued a $1,200.00 price target on shares of Tesla in a research report on Tuesday, August 3rd. Wells Fargo & Company raised their price target on Tesla from $590.00 to $660.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 27th. Finally, DZ Bank upgraded Tesla from a “sell” rating to a “buy” rating and set a $750.00 price target for the company in a research report on Thursday, July 29th. Eight research analysts have rated the stock with a sell rating, nine have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Tesla presently has an average rating of “Hold” and an average target price of $602.16.
Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Sunday, July 25th. The electric vehicle producer reported $1.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.93. Tesla had a return on equity of 9.75% and a net margin of 5.21%. The firm had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.39 billion. During the same period last year, the company earned $0.44 EPS. Sell-side analysts expect that Tesla, Inc. will post 3.39 EPS for the current fiscal year.
In other news, SVP Andrew D. Baglino sold 1,500 shares of Tesla stock in a transaction dated Monday, June 28th. The stock was sold at an average price of $671.64, for a total value of $1,007,460.00. Following the transaction, the senior vice president now directly owns 19,567 shares of the company’s stock, valued at approximately $13,141,979.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Zachary Kirkhorn sold 1,250 shares of Tesla stock in a transaction dated Monday, July 19th. The shares were sold at an average price of $629.73, for a total value of $787,162.50. Following the completion of the transaction, the chief financial officer now directly owns 55,507 shares in the company, valued at $34,954,423.11. The disclosure for this sale can be found here. Insiders sold a total of 89,402 shares of company stock worth $63,982,010 over the last ninety days. Corporate insiders own 25.00% of the company’s stock.
Tesla, Inc engages in the design, development, manufacture, and sale of fully electric vehicles, energy generation and storage systems. It also provides vehicle service centers, supercharger station, and self-driving capability. The company operates through the following segments: Automotive and Energy Generation and Storage.
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