State of Michigan Retirement System Has $242.04 Million Stock Holdings in Tesla, Inc. $TSLA

State of Michigan Retirement System raised its stake in Tesla, Inc. (NASDAQ:TSLA) by 0.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 761,957 shares of the electric vehicle producer’s stock after acquiring an additional 2,800 shares during the period. Tesla makes up about 1.3% of State of Michigan Retirement System’s portfolio, making the stock its 13th biggest holding. State of Michigan Retirement System’s holdings in Tesla were worth $242,043,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. iA Global Asset Management Inc. raised its holdings in Tesla by 2.2% in the 2nd quarter. iA Global Asset Management Inc. now owns 186,117 shares of the electric vehicle producer’s stock valued at $59,122,000 after acquiring an additional 4,014 shares in the last quarter. Redwood Wealth Management Group LLC raised its holdings in shares of Tesla by 4.6% during the 2nd quarter. Redwood Wealth Management Group LLC now owns 4,936 shares of the electric vehicle producer’s stock worth $1,568,000 after buying an additional 215 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors raised its holdings in shares of Tesla by 34.7% during the 2nd quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 4,486 shares of the electric vehicle producer’s stock worth $1,425,000 after buying an additional 1,155 shares in the last quarter. Versor Investments LP raised its holdings in shares of Tesla by 76.7% during the 2nd quarter. Versor Investments LP now owns 1,405 shares of the electric vehicle producer’s stock worth $446,000 after buying an additional 610 shares in the last quarter. Finally, Triglav Investments D.O.O. raised its holdings in shares of Tesla by 6.2% during the 2nd quarter. Triglav Investments D.O.O. now owns 74,900 shares of the electric vehicle producer’s stock worth $23,793,000 after buying an additional 4,400 shares in the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Tesla

In other Tesla news, Director James R. Murdoch sold 60,000 shares of the company’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $422.68, for a total value of $25,360,800.00. Following the sale, the director owned 637,031 shares in the company, valued at approximately $269,260,263.08. The trade was a 8.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the sale, the chief financial officer owned 9,856 shares in the company, valued at $3,473,057.28. This trade represents a 20.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 202,606 shares of company stock worth $75,588,902. Insiders own 19.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Barclays reissued a “negative” rating and set a $350.00 price target (up previously from $275.00) on shares of Tesla in a report on Thursday, October 16th. Glj Research reissued a “sell” rating on shares of Tesla in a report on Wednesday, October 22nd. Melius assumed coverage on Tesla in a report on Monday, October 13th. They set a “buy” rating and a $520.00 price target for the company. Melius Research set a $520.00 price target on Tesla and gave the stock a “buy” rating in a report on Monday, October 13th. Finally, Cantor Fitzgerald set a $510.00 price target on Tesla and gave the stock an “overweight” rating in a report on Thursday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have issued a Hold rating and eleven have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $390.27.

Tesla Price Performance

Shares of TSLA opened at $456.56 on Friday. Tesla, Inc. has a 12-month low of $214.25 and a 12-month high of $488.54. The business has a 50-day simple moving average of $410.52 and a two-hundred day simple moving average of $348.12. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.07. The stock has a market cap of $1.52 trillion, a PE ratio of 304.37, a PEG ratio of 16.84 and a beta of 2.08.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The firm had revenue of $28.10 billion for the quarter, compared to analyst estimates of $24.98 billion. During the same quarter in the previous year, the company posted $0.72 EPS. The business’s revenue was up 11.6% on a year-over-year basis. Analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Tesla Company 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.