Joule Financial LLC Takes Position in Tesla, Inc. (NASDAQ:TSLA)

Joule Financial LLC bought a new position in shares of Tesla, Inc. (NASDAQ:TSLA) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 7,107 shares of the electric vehicle producer’s stock, valued at approximately $1,406,000. Tesla accounts for approximately 3.7% of Joule Financial LLC’s holdings, making the stock its 6th largest holding.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Tesla during the 4th quarter worth approximately $7,844,757,000. Vanguard Group Inc. increased its stake in Tesla by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock valued at $57,102,287,000 after purchasing an additional 3,866,361 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Tesla by 2,101.1% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,469,190 shares of the electric vehicle producer’s stock valued at $365,064,000 after purchasing an additional 1,402,443 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Tesla by 12.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock worth $1,731,430,000 after purchasing an additional 1,125,329 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. increased its position in Tesla by 60.2% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 2,854,198 shares of the electric vehicle producer’s stock valued at $501,654,000 after buying an additional 1,072,366 shares in the last quarter. 66.20% of the stock is owned by institutional investors.

Insider Activity

In other news, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $174.21, for a total value of $113,236.50. Following the transaction, the senior vice president now owns 65,155 shares of the company’s stock, valued at $11,350,652.55. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the completion of the transaction, the director now owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Xiaotong Zhu sold 650 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the completion of the transaction, the senior vice president now directly owns 65,155 shares in the company, valued at approximately $11,350,652.55. The disclosure for this sale can be found here. 25.10% of the stock is owned by company insiders.

Tesla Stock Performance

Tesla stock traded down $12.61 during mid-day trading on Thursday, reaching $210.66. The company’s stock had a trading volume of 79,340,671 shares, compared to its average volume of 98,718,305. The company has a market capitalization of $672.98 billion, a P/E ratio of 56.07, a PEG ratio of 5.60 and a beta of 2.31. The firm’s fifty day moving average price is $218.05 and its two-hundred day moving average price is $191.69. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $278.98. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). Tesla had a net margin of 13.00% and a return on equity of 10.41%. The company had revenue of $25.50 billion for the quarter, compared to the consensus estimate of $24.38 billion. During the same quarter in the previous year, the firm posted $0.78 earnings per share. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. Sell-side analysts predict that Tesla, Inc. will post 1.79 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TSLA. Citigroup cut their price target on Tesla from $274.00 to $258.00 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. Cantor Fitzgerald reissued a “neutral” rating and issued a $245.00 price target on shares of Tesla in a research report on Friday, August 16th. Truist Financial restated a “hold” rating and set a $215.00 price objective on shares of Tesla in a report on Wednesday, August 14th. Barclays reduced their price objective on shares of Tesla from $225.00 to $220.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. Finally, China Renaissance upgraded shares of Tesla from a “hold” rating to a “buy” rating and set a $290.00 target price on the stock in a report on Friday, July 5th. Nine analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $204.21.

About Tesla

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.