Tesla, Inc. (NASDAQ:TSLA) Stake Boosted by State of Alaska Department of Revenue

State of Alaska Department of Revenue increased its stake in Tesla, Inc. (NASDAQ:TSLA) by 2.6% during the first quarter, according to its most recent filing with the SEC. The fund owned 374,294 shares of the electric vehicle producer’s stock after buying an additional 9,395 shares during the quarter. Tesla accounts for approximately 1.1% of State of Alaska Department of Revenue’s portfolio, making the stock its 10th largest holding. State of Alaska Department of Revenue’s holdings in Tesla were worth $97,001,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Newton One Investments LLC boosted its holdings in shares of Tesla by 250.0% in the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock worth $27,000 after buying an additional 75 shares during the last quarter. True Wealth Design LLC raised its stake in Tesla by 79.5% in the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock valued at $28,000 after acquiring an additional 31 shares during the period. Horrell Capital Management Inc. raised its stake in Tesla by 75.6% in the 4th quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock valued at $32,000 after acquiring an additional 34 shares during the period. Pflug Koory LLC raised its stake in Tesla by 370.4% in the 1st quarter. Pflug Koory LLC now owns 127 shares of the electric vehicle producer’s stock valued at $33,000 after acquiring an additional 100 shares during the period. Finally, GS Investments Inc. raised its stake in Tesla by 193.3% in the 4th quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer’s stock valued at $36,000 after acquiring an additional 58 shares during the period. 66.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TSLA has been the topic of a number of research reports. JPMorgan Chase & Co. lowered their price objective on Tesla from $120.00 to $115.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 23rd. Robert W. Baird restated a “neutral” rating and issued a $320.00 price objective on shares of Tesla in a research note on Monday, June 9th. Wedbush set a $500.00 price objective on Tesla in a research note on Thursday, June 5th. Cfra Research cut Tesla from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, April 22nd. Finally, Morgan Stanley reiterated an “overweight” rating and set a $410.00 price target on shares of Tesla in a research report on Friday, June 6th. Ten investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Tesla presently has an average rating of “Hold” and an average price target of $293.67.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 4,000 shares of the stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the completion of the sale, the chief financial officer now owns 26,950 shares of the company’s stock, valued at approximately $6,737,500. This represents a 12.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robyn M. Denholm sold 112,390 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $285.58, for a total value of $32,096,336.20. Following the sale, the director now directly owns 85,000 shares of the company’s stock, valued at approximately $24,274,300. This trade represents a 56.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 833,509 shares of company stock valued at $278,648,925 over the last quarter. 20.70% of the stock is owned by corporate insiders.

Tesla Stock Up 1.8%

Shares of TSLA opened at $322.05 on Thursday. The firm has a market cap of $1.04 trillion, a P/E ratio of 176.95, a P/E/G ratio of 11.88 and a beta of 2.47. The stock has a 50 day simple moving average of $303.42 and a two-hundred day simple moving average of $332.59. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.54. Tesla, Inc. has a 1 year low of $179.66 and a 1 year high of $488.54.

Tesla (NASDAQ:TSLA) last issued its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.26). The firm had revenue of $19.34 billion during the quarter, compared to analysts’ expectations of $22.93 billion. Tesla had a return on equity of 9.02% and a net margin of 6.66%. During the same period in the prior year, the company earned $0.45 EPS. On average, analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

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.