Mitsubishi UFJ Asset Management Co. Ltd. Boosts Position in Tesla, Inc. $TSLA

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Tesla, Inc. (NASDAQ:TSLA) by 7.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 5,635,578 shares of the electric vehicle producer’s stock after purchasing an additional 371,324 shares during the quarter. Tesla accounts for 1.4% of Mitsubishi UFJ Asset Management Co. Ltd.’s portfolio, making the stock its 9th biggest position. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.17% of Tesla worth $1,790,198,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. LGT Financial Advisors LLC bought a new stake in Tesla in the 2nd quarter worth $29,000. Chelsea Counsel Co. grew its stake in shares of Tesla by 59.7% in the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock worth $28,000 after purchasing an additional 40 shares during the last quarter. Evergreen Private Wealth LLC increased its holdings in Tesla by 270.0% during the 2nd quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer’s stock valued at $35,000 after purchasing an additional 81 shares during the period. Maseco LLP bought a new position in Tesla during the 2nd quarter valued at approximately $39,000. Finally, Morton Brown Family Wealth LLC grew its position in shares of Tesla by 36.0% in the 2nd quarter. Morton Brown Family Wealth LLC now owns 136 shares of the electric vehicle producer’s stock worth $43,000 after buying an additional 36 shares during the last quarter. Institutional investors own 66.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TSLA. Wedbush restated an “outperform” rating and set a $600.00 target price on shares of Tesla in a report on Wednesday. Morgan Stanley restated an “overweight” rating on shares of Tesla in a report on Wednesday, October 15th. Mizuho lifted their target price on shares of Tesla from $450.00 to $485.00 and gave the company an “outperform” rating in a research note on Thursday, October 23rd. Stifel Nicolaus set a $483.00 price objective on shares of Tesla and gave the stock a “buy” rating in a report on Wednesday, October 8th. Finally, Cantor Fitzgerald set a $510.00 target price on Tesla and gave the stock an “overweight” rating in a report on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, thirteen have assigned a Hold rating and eleven have issued a Sell rating to the company’s stock. According to data from MarketBeat, Tesla currently has an average rating of “Hold” and an average target price of $391.08.

Insider Activity at Tesla

In other Tesla news, Director James R. Murdoch sold 60,000 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the completion of the sale, the director directly owned 637,031 shares in the company, valued at approximately $269,260,263.08. This trade represents a 8.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction that occurred on Monday, September 8th. The stock was 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 owned 9,856 shares in the company, valued at approximately $3,473,057.28. This represents a 20.91% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 202,606 shares of company stock valued at $75,588,902. 19.90% of the stock is owned by insiders.

Tesla Stock Performance

Shares of TSLA opened at $429.52 on Friday. 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 $1.43 trillion, a P/E ratio of 286.35, a P/E/G ratio of 16.84 and a beta of 2.06. The business’s 50 day moving average price is $420.97 and its 200-day moving average price is $354.73. Tesla, Inc. has a 52 week low of $214.25 and a 52 week high of $488.54.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share (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 business had revenue of $28.10 billion during the quarter, compared to analysts’ expectations of $24.98 billion. During the same quarter in the previous year, the business earned $0.72 earnings per share. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. Equities research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Tesla 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.