Orrstown Financial Services Inc. Has $841,000 Holdings in Tesla, Inc. (NASDAQ:TSLA)

Orrstown Financial Services Inc. cut its holdings in Tesla, Inc. (NASDAQ:TSLA) by 5.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,244 shares of the electric vehicle producer’s stock after selling 197 shares during the period. Orrstown Financial Services Inc.’s holdings in Tesla were worth $841,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TSLA. Norges Bank acquired a new position in Tesla during the fourth quarter worth $14,420,248,000. FMR LLC increased its holdings in Tesla by 40.1% during the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer’s stock worth $13,997,660,000 after buying an additional 9,920,325 shares during the last quarter. GAMMA Investing LLC increased its holdings in Tesla by 27,378.6% during the first quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer’s stock worth $2,542,960,000 after buying an additional 9,776,607 shares during the last quarter. Strategic Financial Concepts LLC increased its holdings in Tesla by 36,790.0% during the fourth quarter. Strategic Financial Concepts LLC now owns 8,660,672 shares of the electric vehicle producer’s stock worth $3,497,526,000 after buying an additional 8,637,195 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in Tesla by 4,963.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,834,707 shares of the electric vehicle producer’s stock worth $2,356,288,000 after buying an additional 5,719,466 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on TSLA. TD Cowen upgraded shares of Tesla from a “hold” rating to a “buy” rating and boosted their target price for the stock from $180.00 to $388.00 in a report on Friday, March 7th. Cowen upgraded shares of Tesla from a “hold” rating to a “buy” rating in a report on Thursday, March 6th. Benchmark reaffirmed a “buy” rating and set a $350.00 price objective on shares of Tesla in a research report on Wednesday, April 23rd. Robert W. Baird decreased their price objective on shares of Tesla from $370.00 to $320.00 and set an “outperform” rating on the stock in a report on Wednesday, April 23rd. Finally, Argus set a $410.00 price objective on shares of Tesla in a report on Thursday, April 24th. Ten equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Tesla presently has an average rating of “Hold” and an average target price of $294.27.

Insider Transactions at Tesla

In other news, Director Kimbal Musk sold 91,588 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total value of $32,732,635.32. Following the completion of the transaction, the director now owns 1,463,220 shares of the company’s stock, valued at approximately $522,940,195.80. This represents a 5.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 1,000 shares of the stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $350.00, for a total transaction of $350,000.00. Following the completion of the transaction, the chief financial officer now directly owns 1,950 shares of the company’s stock, valued at $682,500. This trade represents a 33.90% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 870,721 shares of company stock valued at $286,248,728. 20.70% of the stock is currently owned by insiders.

Tesla Trading Up 3.7%

TSLA opened at $295.14 on Friday. Tesla, Inc. has a twelve month low of $167.41 and a twelve month high of $488.54. The company has a 50-day simple moving average of $292.17 and a 200 day simple moving average of $333.56. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $950.63 billion, a price-to-earnings ratio of 144.68, a P/E/G ratio of 5.86 and a beta of 2.47.

Tesla (NASDAQ:TSLA) last posted its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). The company had revenue of $19.34 billion during the quarter, compared to the consensus estimate of $22.93 billion. Tesla had a return on equity of 10.31% and a net margin of 7.26%. During the same period last year, the company posted $0.45 EPS. Analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Tesla Profile

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.