Prudential PLC Grows Position in Tesla, Inc. (NASDAQ:TSLA)

Prudential PLC raised its position in Tesla, Inc. (NASDAQ:TSLA) by 9.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 263,153 shares of the electric vehicle producer’s stock after acquiring an additional 23,117 shares during the quarter. Tesla makes up about 0.4% of Prudential PLC’s holdings, making the stock its 29th biggest holding. Prudential PLC’s holdings in Tesla were worth $52,073,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Integris Wealth Management LLC grew its stake in shares of Tesla by 1.0% during the second quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock worth $804,000 after purchasing an additional 42 shares in the last quarter. Echo Wealth Management LLC lifted its holdings in Tesla by 0.7% during the 2nd quarter. Echo Wealth Management LLC now owns 6,474 shares of the electric vehicle producer’s stock worth $1,281,000 after buying an additional 44 shares during the last quarter. WASHINGTON TRUST Co boosted its position in shares of Tesla by 3.2% during the 2nd quarter. WASHINGTON TRUST Co now owns 1,433 shares of the electric vehicle producer’s stock worth $284,000 after acquiring an additional 45 shares in the last quarter. Bellevue Asset Management LLC increased its holdings in shares of Tesla by 1.6% in the 2nd quarter. Bellevue Asset Management LLC now owns 2,868 shares of the electric vehicle producer’s stock valued at $568,000 after acquiring an additional 45 shares during the last quarter. Finally, Cypress Capital Group raised its position in shares of Tesla by 1.7% during the 2nd quarter. Cypress Capital Group now owns 2,806 shares of the electric vehicle producer’s stock worth $555,000 after acquiring an additional 47 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Stock Up 2.3 %

Shares of NASDAQ TSLA opened at $215.60 on Monday. The stock has a market capitalization of $688.76 billion, a price-to-earnings ratio of 53.76, a price-to-earnings-growth ratio of 5.57 and a beta of 2.29. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $278.98. The firm has a 50-day moving average price of $224.47 and a 200 day moving average price of $193.59. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The company had revenue of $25.50 billion for 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%. Tesla’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.78 earnings per share. Equities research analysts anticipate that Tesla, Inc. will post 1.75 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Glj Research reiterated a “sell” rating and issued a $24.86 price target on shares of Tesla in a research note on Thursday. The Goldman Sachs Group cut their price target on shares of Tesla from $248.00 to $230.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 24th. KGI Securities restated a “neutral” rating and issued a $236.00 price objective on shares of Tesla in a research note on Thursday, July 25th. UBS Group cut Tesla from a “neutral” rating to a “sell” rating and lifted their target price for the stock from $147.00 to $197.00 in a research report on Friday, July 12th. Finally, Argus reissued a “buy” rating and issued a $286.00 target price on shares of Tesla in a research report on Friday, July 26th. Nine equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $204.21.

Insider Buying and Selling at Tesla

In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the transaction, the director now directly owns 85,000 shares in the company, valued at approximately $18,696,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 25.10% of the stock is owned by corporate insiders.

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.