Freemont Management S.A. Acquires 55,400 Shares of Tesla, Inc. $TSLA

Freemont Management S.A. increased its holdings in Tesla, Inc. (NASDAQ:TSLA) by 527.6% in the 2nd quarter, HoldingsChannel reports. The fund owned 65,900 shares of the electric vehicle producer’s stock after purchasing an additional 55,400 shares during the quarter. Tesla makes up approximately 3.2% of Freemont Management S.A.’s holdings, making the stock its 4th biggest holding. Freemont Management S.A.’s holdings in Tesla were worth $20,934,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Merchants Corp raised its holdings in Tesla by 1.3% in the 2nd quarter. First Merchants Corp now owns 2,413 shares of the electric vehicle producer’s stock valued at $767,000 after buying an additional 31 shares during the period. Alaska Wealth Advisors increased its position in shares of Tesla by 3.4% during the second quarter. Alaska Wealth Advisors now owns 985 shares of the electric vehicle producer’s stock valued at $313,000 after acquiring an additional 32 shares during the last quarter. KWB Wealth raised its stake in shares of Tesla by 2.4% in the 2nd quarter. KWB Wealth now owns 1,381 shares of the electric vehicle producer’s stock valued at $439,000 after acquiring an additional 33 shares during the period. Conrad Siegel Investment Advisors Inc. lifted its holdings in shares of Tesla by 3.6% in the 2nd quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer’s stock worth $310,000 after acquiring an additional 34 shares during the last quarter. Finally, Guyasuta Investment Advisors Inc. boosted its position in shares of Tesla by 0.7% during the 2nd quarter. Guyasuta Investment Advisors Inc. now owns 5,107 shares of the electric vehicle producer’s stock worth $1,622,000 after purchasing an additional 34 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Stock Down 3.7%

Shares of NASDAQ:TSLA opened at $429.52 on Friday. Tesla, Inc. has a fifty-two week low of $214.25 and a fifty-two week high of $488.54. The firm’s 50 day moving average price is $420.97 and its 200 day moving average price is $354.73. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.07. The stock has a market cap of $1.43 trillion, a price-to-earnings ratio of 286.35, a price-to-earnings-growth ratio of 16.84 and a beta of 2.06.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Thursday, October 23rd. The electric vehicle producer reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. The company had revenue of $28.10 billion for the quarter, compared to the consensus estimate of $24.98 billion. Tesla had a net margin of 5.51% and a return on equity of 6.61%. 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 firm posted $0.72 EPS. As a group, equities research analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Activity at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Xiaotong Zhu sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the transaction, the senior vice president directly owned 47,600 shares of the company’s stock, valued at approximately $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 202,606 shares of company stock valued at $75,588,902 over the last quarter. 19.90% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on TSLA. HSBC boosted their target price on Tesla from $120.00 to $127.00 in a research report on Monday, September 29th. The Goldman Sachs Group decreased their target price on Tesla from $425.00 to $400.00 and set a “neutral” rating on the stock in a research note on Thursday, October 23rd. Mizuho raised their target price on Tesla from $450.00 to $485.00 and gave the company an “outperform” rating in a report on Thursday, October 23rd. Cantor Fitzgerald set a $510.00 price target on shares of Tesla and gave the stock an “overweight” rating in a research note on Thursday, October 23rd. Finally, Bank of America raised their price objective on shares of Tesla from $341.00 to $471.00 and gave the company a “neutral” rating in a research note on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, thirteen have issued a Hold rating and eleven have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $391.08.

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.