SouthState Corp Acquires 944 Shares of Tesla, Inc. (NASDAQ:TSLA)

SouthState Corp increased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 54.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,692 shares of the electric vehicle producer’s stock after buying an additional 944 shares during the period. SouthState Corp’s holdings in Tesla were worth $533,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of TSLA. Bank & Trust Co acquired a new position in shares of Tesla during the 2nd quarter worth about $25,000. OLD Point Trust & Financial Services N A bought a new position in Tesla during the 4th quarter worth approximately $37,000. Kessler Investment Group LLC grew its holdings in Tesla by 35.9% during the second quarter. Kessler Investment Group LLC now owns 193 shares of the electric vehicle producer’s stock valued at $38,000 after purchasing an additional 51 shares during the period. Aspect Partners LLC increased its stake in Tesla by 121.3% in the second quarter. Aspect Partners LLC now owns 208 shares of the electric vehicle producer’s stock valued at $41,000 after purchasing an additional 114 shares in the last quarter. Finally, 1620 Investment Advisors Inc. acquired a new stake in Tesla in the second quarter worth $42,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TSLA. The Goldman Sachs Group decreased their price target on shares of Tesla from $248.00 to $230.00 and set a “neutral” rating for the company in a report on Wednesday, July 24th. Glj Research reissued a “sell” rating and issued a $24.86 target price on shares of Tesla in a research note on Thursday. China Renaissance raised Tesla from a “hold” rating to a “buy” rating and set a $290.00 price target on the stock in a research report on Friday, July 5th. Guggenheim reiterated a “sell” rating and issued a $134.00 price objective on shares of Tesla in a research report on Tuesday, July 23rd. Finally, Canaccord Genuity Group raised their target price on shares of Tesla from $222.00 to $254.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Nine research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Tesla currently has a consensus rating of “Hold” and a consensus price target of $204.21.

Insider Activity

In related news, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total value of $14,597,425.44. Following the sale, the director now owns 85,000 shares in the company, valued at approximately $18,696,600. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 25.10% of the company’s stock.

Tesla Stock Performance

Shares of TSLA stock opened at $230.17 on Friday. The company has a fifty day moving average price of $224.21 and a two-hundred day moving average price of $193.52. Tesla, Inc. has a one year low of $138.80 and a one year high of $278.98. The stock has a market cap of $735.31 billion, a P/E ratio of 58.72, a P/E/G ratio of 5.55 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40.

Tesla (NASDAQ:TSLA) last issued its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.10). The firm had revenue of $25.50 billion during the quarter, compared to analyst estimates of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter last year, the business posted $0.78 earnings per share. As a group, equities analysts predict that Tesla, Inc. will post 1.79 EPS for the current year.

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.