8,488 Shares in Tesla, Inc. (NASDAQ:TSLA) Purchased by Seven Eight Capital LP

Seven Eight Capital LP purchased a new stake in Tesla, Inc. (NASDAQ:TSLA) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,488 shares of the electric vehicle producer’s stock, valued at approximately $1,680,000.

Several other hedge funds have also bought and sold shares of the stock. Integris Wealth Management LLC raised its stake in Tesla by 1.0% during the 2nd quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock worth $804,000 after acquiring an additional 42 shares in the last quarter. Echo Wealth Management LLC increased its position in shares of Tesla by 0.7% during the second quarter. Echo Wealth Management LLC now owns 6,474 shares of the electric vehicle producer’s stock worth $1,281,000 after purchasing an additional 44 shares in the last quarter. WASHINGTON TRUST Co lifted its holdings in shares of Tesla by 3.2% in the 2nd quarter. WASHINGTON TRUST Co now owns 1,433 shares of the electric vehicle producer’s stock valued at $284,000 after purchasing an additional 45 shares during the last quarter. Bellevue Asset Management LLC boosted its position 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 purchasing an additional 45 shares during the period. Finally, Cypress Capital Group grew its stake in 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 buying an additional 47 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Activity

In related news, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the sale, the senior vice president now owns 67,491 shares in the company, valued at $14,967,479.07. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the transaction, the senior vice president now owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction dated 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 transaction, the director now owns 85,000 shares in the company, valued at $18,696,600. The disclosure for this sale can be found here. Company insiders own 25.10% of the company’s stock.

Tesla Stock Down 0.3 %

Shares of NASDAQ TSLA opened at $227.20 on Thursday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. The firm’s 50-day moving average is $221.44 and its two-hundred day moving average is $195.15. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $273.93. The company has a market capitalization of $725.82 billion, a PE ratio of 57.96, a price-to-earnings-growth ratio of 6.00 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 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 analysts’ expectations of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.78 EPS. Equities analysts anticipate that Tesla, Inc. will post 1.75 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on TSLA shares. Sanford C. Bernstein reissued an “underperform” rating and issued a $120.00 price objective on shares of Tesla in a report on Monday, June 10th. Canaccord Genuity Group reiterated a “buy” rating and set a $254.00 price target on shares of Tesla in a research note on Friday, September 13th. Morgan Stanley restated an “overweight” rating and issued a $310.00 price objective on shares of Tesla in a research note on Thursday, September 5th. HSBC increased their target price on shares of Tesla from $120.00 to $130.00 in a research note on Wednesday, July 10th. Finally, UBS Group cut Tesla from a “neutral” rating to a “sell” rating and boosted their price target for the company from $147.00 to $197.00 in a research report on Friday, July 12th. Nine equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $209.60.

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.