Mitsubishi UFJ Asset Management Co. Ltd. Boosts Holdings in Tesla, Inc. $TSLA

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 7.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,635,578 shares of the electric vehicle producer’s stock after acquiring an additional 371,324 shares during the quarter. Tesla comprises about 1.4% of Mitsubishi UFJ Asset Management Co. Ltd.’s investment portfolio, making the stock its 9th biggest holding. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Tesla were worth $1,790,198,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Parkside Financial Bank & Trust lifted its position in Tesla by 5.1% during the second quarter. Parkside Financial Bank & Trust now owns 19,483 shares of the electric vehicle producer’s stock valued at $6,189,000 after purchasing an additional 949 shares during the period. Freemont Management S.A. grew its position in Tesla by 527.6% in the 2nd quarter. Freemont Management S.A. now owns 65,900 shares of the electric vehicle producer’s stock worth $20,934,000 after purchasing an additional 55,400 shares during the period. Aviva PLC lifted its holdings in shares of Tesla by 7.2% during the 2nd quarter. Aviva PLC now owns 2,163,486 shares of the electric vehicle producer’s stock valued at $687,253,000 after buying an additional 145,062 shares during the period. ZEGA Investments LLC lifted its holdings in shares of Tesla by 44.6% during the 2nd quarter. ZEGA Investments LLC now owns 26,632 shares of the electric vehicle producer’s stock valued at $8,460,000 after buying an additional 8,217 shares during the period. Finally, Prospera Financial Services Inc grew its holdings in shares of Tesla by 38.9% in the second quarter. Prospera Financial Services Inc now owns 49,238 shares of the electric vehicle producer’s stock worth $15,641,000 after acquiring an additional 13,800 shares during the period. 66.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on TSLA. Daiwa Capital Markets reissued a “neutral” rating on shares of Tesla in a report on Sunday, July 27th. Cantor Fitzgerald set a $510.00 price objective on shares of Tesla and gave the stock an “overweight” rating in a research note on Thursday, October 23rd. China Renaissance boosted their target price on shares of Tesla from $349.00 to $380.00 and gave the company a “hold” rating in a research report on Friday, October 24th. Robert W. Baird upgraded shares of Tesla from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $320.00 to $548.00 in a research report on Friday, September 19th. Finally, BNP Paribas Exane began coverage on shares of Tesla in a research report on Thursday, October 16th. They set an “underperform” rating and a $307.00 price objective for the company. One investment 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $391.08.

Tesla Trading Down 3.7%

Shares of Tesla stock 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 company has a debt-to-equity ratio of 0.07, a quick ratio of 1.67 and a current ratio of 2.07. The company has a market capitalization of $1.43 trillion, a P/E ratio of 286.35, a P/E/G ratio of 16.84 and a beta of 2.06. The company has a fifty day moving average of $420.97 and a 200 day moving average of $354.73.

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 the consensus estimate of $0.48 by $0.02. The business had revenue of $28.10 billion for the quarter, compared to the consensus estimate of $24.98 billion. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The business’s revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.72 earnings per share. On average, sell-side analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the transaction, the chief financial officer directly owned 9,856 shares in the company, valued at $3,473,057.28. This represents a 20.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the sale, the senior vice president owned 47,600 shares in the company, valued at approximately $17,314,500. The trade was a 29.59% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 202,606 shares of company stock valued at $75,588,902. Corporate insiders own 19.90% of the company’s stock.

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.