Midwest Trust Co Purchases New Stake in Tesla, Inc. $TSLA

Midwest Trust Co acquired a new stake in shares of Tesla, Inc. (NASDAQ:TSLA) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 193,991 shares of the electric vehicle producer’s stock, valued at approximately $61,623,000. Tesla comprises about 0.9% of Midwest Trust Co’s portfolio, making the stock its 28th biggest holding.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. First Merchants Corp increased its holdings in Tesla by 1.3% in the second 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 last quarter. Alaska Wealth Advisors grew its position in shares of Tesla by 3.4% in the 2nd quarter. Alaska Wealth Advisors now owns 985 shares of the electric vehicle producer’s stock worth $313,000 after acquiring an additional 32 shares in the last quarter. KWB Wealth increased its holdings 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 last quarter. Conrad Siegel Investment Advisors Inc. raised its position in shares of Tesla by 3.6% during the 2nd quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer’s stock valued at $310,000 after acquiring an additional 34 shares in the last quarter. Finally, Guyasuta Investment Advisors Inc. lifted its stake in Tesla by 0.7% during the second 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 last quarter. Institutional investors own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Tesla from $115.00 to $150.00 in a report on Friday, October 3rd. Mizuho increased their price objective on shares of Tesla from $450.00 to $485.00 and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. Cantor Fitzgerald set a $510.00 target price on shares of Tesla and gave the stock an “overweight” rating in a report on Thursday, October 23rd. Baird R W raised Tesla from a “hold” rating to a “strong-buy” rating in a report on Friday, September 19th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Tesla in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, thirteen have assigned a Hold rating and eleven have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $391.08.

Tesla Stock Performance

Shares of TSLA stock opened at $429.52 on Friday. Tesla, Inc. has a 12-month low of $214.25 and a 12-month high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.07 and a quick ratio of 1.67. The firm has a market capitalization 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. The business has a 50 day simple moving average of $420.97 and a 200 day simple moving average of $355.54.

Tesla (NASDAQ:TSLA) last announced its earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.02. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The firm had revenue of $28.10 billion for the quarter, compared to the consensus estimate of $24.98 billion. During the same quarter in the previous year, the business earned $0.72 EPS. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, equities research analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Buying and Selling

In other news, Director James R. Murdoch sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $422.68, for a total value of $25,360,800.00. Following the completion of the sale, the director directly owned 637,031 shares of the company’s stock, valued at approximately $269,260,263.08. This represents a 8.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of the transaction, the chief financial officer owned 9,856 shares of the company’s stock, valued at $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 202,606 shares of company stock valued at $75,588,902 over the last 90 days. 19.90% of the stock is currently owned by company insiders.

Tesla Company 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.