Tesla, Inc. (NASDAQ:TSLA) Shares Purchased by State of Michigan Retirement System

State of Michigan Retirement System grew its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 0.3% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 759,157 shares of the electric vehicle producer’s stock after purchasing an additional 2,000 shares during the period. Tesla comprises 0.7% of State of Michigan Retirement System’s investment portfolio, making the stock its 22nd largest holding. State of Michigan Retirement System’s holdings in Tesla were worth $133,452,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Tesla by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock worth $57,102,287,000 after acquiring an additional 3,866,361 shares during the period. Norges Bank acquired a new stake in Tesla during the 4th quarter valued at $7,844,757,000. Morgan Stanley increased its stake in Tesla by 7.8% during the 3rd quarter. Morgan Stanley now owns 30,160,747 shares of the electric vehicle producer’s stock worth $7,546,823,000 after buying an additional 2,177,397 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Tesla by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 15,155,878 shares of the electric vehicle producer’s stock worth $3,765,933,000 after buying an additional 458,804 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in Tesla by 0.3% in the 3rd quarter. American Century Companies Inc. now owns 6,702,634 shares of the electric vehicle producer’s stock valued at $1,677,133,000 after buying an additional 19,887 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Price Performance

TSLA stock traded up $21.40 during trading hours on Tuesday, hitting $231.26. 202,700,192 shares of the stock traded hands, compared to its average volume of 96,511,578. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.04. The stock has a 50-day simple moving average of $179.16 and a 200 day simple moving average of $191.09. Tesla, Inc. has a one year low of $138.80 and a one year high of $299.29. The company has a market cap of $737.53 billion, a P/E ratio of 59.00, a P/E/G ratio of 4.91 and a beta of 2.31.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Tuesday, April 23rd. The electric vehicle producer reported $0.35 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.35. Tesla had a net margin of 14.37% and a return on equity of 13.18%. The company had revenue of $21.30 billion for the quarter, compared to analysts’ expectations of $22.15 billion. Equities analysts forecast that Tesla, Inc. will post 1.86 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Xiaotong Zhu sold 650 shares of the business’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the sale, the senior vice president now directly owns 65,155 shares of the company’s stock, valued at $11,350,652.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Robyn M. Denholm sold 93,705 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $184.86, for a total value of $17,322,306.30. Following the completion of the sale, the director now owns 15,000 shares of the company’s stock, valued at $2,772,900. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $174.21, for a total value of $113,236.50. Following the transaction, the senior vice president now directly owns 65,155 shares in the company, valued at $11,350,652.55. The disclosure for this sale can be found here. 20.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Oppenheimer reiterated a “market perform” rating on shares of Tesla in a research note on Tuesday. New Street Research reiterated a “buy” rating and set a $235.00 target price on shares of Tesla in a research note on Tuesday, June 25th. JPMorgan Chase & Co. decreased their price target on shares of Tesla from $130.00 to $115.00 and set an “underweight” rating for the company in a research report on Wednesday, April 3rd. Royal Bank of Canada cut their price target on shares of Tesla from $293.00 to $227.00 and set an “outperform” rating on the stock in a report on Thursday, June 20th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $230.00 price objective on shares of Tesla in a report on Monday. Seven equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Tesla has a consensus rating of “Hold” and a consensus price target of $187.30.

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.