Tesla Inc. (NASDAQ:TSLA) Position Raised by Korea Investment CORP
Korea Investment CORP raised its position in shares of Tesla Inc. (NASDAQ:TSLA) by 2,631.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,495 shares of the electric vehicle producer’s stock after buying an additional 13,001 shares during the period. Korea Investment CORP’s holdings in Tesla were worth $4,880,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in TSLA. Crestwood Advisors Group LLC acquired a new position in Tesla during the first quarter worth approximately $101,000. SRS Capital Advisors Inc. increased its position 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 last quarter. Winfield Associates Inc. increased its position 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 last quarter. Advisory Services Network LLC acquired a new position in Tesla during the first quarter worth approximately $122,000. Finally, Acropolis Investment Management LLC acquired a new position in Tesla during the second quarter worth approximately $122,000. Institutional investors and hedge funds own 63.71% of the company’s stock.
Tesla Inc. (NASDAQ:TSLA) opened at 357.87 on Friday. The firm’s 50-day moving average price is $341.13 and its 200 day moving average price is $307.07. Tesla Inc. has a 52-week low of $178.19 and a 52-week high of $386.99. The stock’s market cap is $59.72 billion.
Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($2.00) by $0.67. The company had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. The firm’s revenue was up 119.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.06) earnings per share. Equities analysts predict that Tesla Inc. will post ($6.29) earnings per share for the current year.
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A number of research analysts have recently commented on TSLA shares. Goldman Sachs Group, Inc. (The) increased their price objective on Tesla from $180.00 to $190.00 in a report on Friday, August 4th. Dougherty & Co reiterated a “buy” rating and issued a $375.00 price objective (down previously from $500.00) on shares of Tesla in a report on Wednesday, April 26th. Zacks Investment Research upgraded Tesla from a “hold” rating to a “buy” rating and set a $345.00 price objective on the stock in a report on Tuesday, April 25th. Guggenheim reiterated a “buy” rating and issued a $320.00 price objective on shares of Tesla in a report on Wednesday, April 19th. Finally, Berenberg Bank upgraded Tesla from a “hold” rating to a “buy” rating and increased their price objective for the company from $193.00 to $464.00 in a report on Tuesday, June 13th. Seven analysts have rated the stock with a sell rating, twelve have given a hold rating and sixteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $309.70.
In other Tesla news, Director Kimbal Musk sold 2,190 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $321.36, for a total value of $703,778.40. Following the transaction, the director now owns 160,274 shares of the company’s stock, valued at $51,505,652.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 23.10% of the stock is currently owned by corporate insiders.
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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