Sumway Development LTD. held its position in shares of Tesla Inc. (NASDAQ:TSLA) during the second quarter, Holdings Channel reports. The institutional investor owned 56,697 shares of the electric vehicle producer’s stock at the end of the second quarter. Tesla makes up approximately 5.0% of Sumway Development LTD.’s portfolio, making the stock its 4th largest position. Sumway Development LTD.’s holdings in Tesla were worth $20,502,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the company. Lincoln National Corp acquired a new stake in shares of Tesla during the first quarter valued at approximately $226,000. Great West Life Assurance Co. Can boosted its stake in shares of Tesla by 2.7% in the second quarter. Great West Life Assurance Co. Can now owns 69,562 shares of the electric vehicle producer’s stock valued at $25,129,000 after buying an additional 1,802 shares in the last quarter. Perigon Wealth Management LLC boosted its stake in shares of Tesla by 0.9% in the first quarter. Perigon Wealth Management LLC now owns 8,025 shares of the electric vehicle producer’s stock valued at $2,233,000 after buying an additional 74 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Tesla by 5.0% in the first quarter. Vanguard Group Inc. now owns 5,934,799 shares of the electric vehicle producer’s stock valued at $1,651,654,000 after buying an additional 280,941 shares in the last quarter. Finally, Gemmer Asset Management LLC boosted its stake in shares of Tesla by 8.3% in the first quarter. Gemmer Asset Management LLC now owns 759 shares of the electric vehicle producer’s stock valued at $211,000 after buying an additional 58 shares in the last quarter. 62.92% of the stock is owned by institutional investors.

Tesla Inc. (NASDAQ TSLA) traded down 0.43% on Friday, hitting $350.40. 609,587 shares of the stock were exchanged. Tesla Inc. has a 52-week low of $178.19 and a 52-week high of $386.99. The company has a 50-day moving average price of $339.60 and a 200-day moving average price of $310.11. The firm’s market cap is $58.48 billion.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($2.00) by $0.67. The business had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.50 billion. Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. Tesla’s revenue for the quarter was up 119.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.06) earnings per share. On average, equities research analysts anticipate that Tesla Inc. will post ($6.23) EPS for the current fiscal year.

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A number of research analysts recently issued reports on the stock. Berenberg Bank upgraded shares of Tesla from a “hold” rating to a “buy” rating and boosted their price objective for the company from $193.00 to $464.00 in a report on Tuesday, June 13th. Robert W. Baird restated an “outperform” rating and set a $368.00 price objective on shares of Tesla in a report on Tuesday, June 20th. Argus upgraded shares of Tesla from a “hold” rating to a “buy” rating and boosted their price objective for the company from $355.17 to $444.00 in a report on Tuesday, August 8th. Vetr cut shares of Tesla from a “strong-buy” rating to a “buy” rating and set a $358.85 price objective for the company. in a report on Tuesday, July 11th. Finally, Guggenheim boosted their price objective on shares of Tesla from $320.00 to $380.00 and gave the company a “buy” rating in a report on Friday, May 5th. Eight research analysts have rated the stock with a sell rating, twelve have given a hold rating and fifteen have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $310.84.

In other Tesla news, Director Kimbal Musk sold 4,690 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $367.68, for a total value of $1,724,419.20. Following the completion of the sale, the director now owns 166,164 shares of the company’s stock, valued at $61,095,179.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 23.10% of the stock is owned by corporate insiders.

About Tesla

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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Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

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