First Mercantile Trust Co. reduced its stake in shares of Tesla Inc (NASDAQ:TSLA) by 45.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,500 shares of the electric vehicle producer’s stock after selling 3,800 shares during the period. First Mercantile Trust Co.’s holdings in Tesla were worth $1,627,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of TSLA. Crestwood Advisors Group LLC bought a new stake in Tesla during the first quarter worth approximately $101,000. SRS Capital Advisors Inc. increased its stake in Tesla by 1,213.3% in the first quarter. SRS Capital Advisors Inc. now owns 394 shares of the electric vehicle producer’s stock worth $109,000 after buying an additional 364 shares during the period. Winfield Associates Inc. increased its stake in Tesla by 85.2% in the second quarter. Winfield Associates Inc. now owns 326 shares of the electric vehicle producer’s stock worth $118,000 after buying an additional 150 shares during the period. Advisory Services Network LLC bought a new stake in Tesla during the first quarter worth approximately $122,000. Finally, Acropolis Investment Management LLC bought a new stake in Tesla during the second quarter worth approximately $122,000. Hedge funds and other institutional investors own 63.71% of the company’s stock.

Shares of Tesla Inc (NASDAQ:TSLA) opened at 355.40 on Friday. Tesla Inc has a 52 week low of $178.19 and a 52 week high of $386.99. The stock has a 50 day moving average of $341.84 and a 200-day moving average of $306.29. The firm’s market capitalization is $59.31 billion.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share for the quarter, beating the consensus estimate of ($2.00) by $0.67. Tesla had a negative net margin of 14.39% and a negative return on equity of 26.74%. The business had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same period last year, the business earned ($1.06) earnings per share. The firm’s revenue was up 119.6% on a year-over-year basis. Equities analysts anticipate that Tesla Inc will post ($6.29) earnings per share for the current fiscal year.

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A number of analysts have commented on the stock. Berenberg Bank upgraded shares of Tesla from a “hold” rating to a “buy” rating and boosted their price target for the stock from $193.00 to $464.00 in a research report on Tuesday, June 13th. Robert W. Baird restated an “outperform” rating and set a $368.00 price target on shares of Tesla in a research report on Tuesday, June 20th. Argus upgraded shares of Tesla from a “hold” rating to a “buy” rating and boosted their price target for the stock from $355.17 to $444.00 in a research report on Tuesday. Vetr downgraded shares of Tesla from a “strong-buy” rating to a “buy” rating and set a $358.85 price target on the stock. in a research report on Tuesday, July 11th. Finally, Guggenheim boosted their price target on shares of Tesla from $320.00 to $380.00 and gave the stock a “buy” rating in a research report on Friday, May 5th. Seven analysts have rated the stock with a sell rating, twelve have given a hold rating and sixteen have assigned a buy rating to the company’s stock. Tesla presently has an average rating of “Hold” and an average price target of $309.70.

In related news, Director Kimbal Musk sold 4,690 shares of the firm’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $367.68, for a total value of $1,724,419.20. Following the completion of the transaction, the director now directly owns 166,164 shares of the company’s stock, valued at $61,095,179.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 23.10% of the stock is currently owned by company insiders.

About Tesla

Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products. The Company operates through two segments: Automotive, and Energy generation and storage.

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Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

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