Resona Asset Management Co. Ltd. Increases Position in Tesla, Inc. $TSLA

Resona Asset Management Co. Ltd. grew its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 4.6% during the second quarter, HoldingsChannel reports. The firm owned 1,004,154 shares of the electric vehicle producer’s stock after purchasing an additional 43,784 shares during the quarter. Tesla accounts for approximately 1.6% of Resona Asset Management Co. Ltd.’s holdings, making the stock its 8th biggest position. Resona Asset Management Co. Ltd.’s holdings in Tesla were worth $319,985,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. First Merchants Corp boosted its stake in shares of Tesla by 1.3% during the 2nd quarter. First Merchants Corp now owns 2,413 shares of the electric vehicle producer’s stock valued at $767,000 after purchasing an additional 31 shares in the last quarter. Alaska Wealth Advisors boosted its stake in shares of Tesla by 3.4% during the 2nd quarter. Alaska Wealth Advisors now owns 985 shares of the electric vehicle producer’s stock valued at $313,000 after purchasing an additional 32 shares in the last quarter. KWB Wealth boosted its stake in shares of Tesla by 2.4% during the 2nd quarter. KWB Wealth now owns 1,381 shares of the electric vehicle producer’s stock valued at $439,000 after purchasing an additional 33 shares in the last quarter. Conrad Siegel Investment Advisors Inc. boosted its stake in Tesla by 3.6% during the second quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer’s stock worth $310,000 after acquiring an additional 34 shares in the last quarter. Finally, Guyasuta Investment Advisors Inc. boosted its stake in Tesla by 0.7% during the second quarter. Guyasuta Investment Advisors Inc. now owns 5,107 shares of the electric vehicle producer’s stock worth $1,622,000 after acquiring an additional 34 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.

Tesla Stock Up 4.0%

Shares of Tesla stock opened at $462.07 on Thursday. 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 stock has a market capitalization of $1.54 trillion, a PE ratio of 308.05, a price-to-earnings-growth ratio of 16.84 and a beta of 2.08. Tesla, Inc. has a 52-week low of $214.25 and a 52-week high of $488.54. The company has a 50-day simple moving average of $417.05 and a two-hundred day simple moving average of $352.68.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.02. The business had revenue of $28.10 billion during the quarter, compared to analysts’ expectations of $24.98 billion. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.72 earnings per share. On average, analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Activity

In other news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of the transaction, the chief financial officer directly owned 9,856 shares of the company’s stock, valued at $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of the business’s 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 transaction, the senior vice president directly owned 47,600 shares of the company’s stock, valued at $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 202,606 shares of company stock valued at $75,588,902 over the last three months. Insiders own 19.90% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on TSLA. Morgan Stanley reissued an “overweight” rating on shares of Tesla in a research note on Wednesday, October 15th. Roth Capital set a $505.00 price objective on shares of Tesla and gave the stock a “buy” rating in a research note on Thursday, October 23rd. UBS Group set a $247.00 price objective on shares of Tesla in a research note on Monday, October 6th. 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. Finally, Needham & Company LLC reissued a “hold” rating on shares of Tesla in a research note on Thursday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have issued a Hold rating and eleven have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $391.08.

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.