Tesla Inc. (TSLA) Stake Raised by Jennison Associates LLC
Jennison Associates LLC increased its stake in Tesla Inc. (NASDAQ:TSLA) by 4.3% during the second quarter, Holdings Channel reports. The fund owned 3,002,685 shares of the electric vehicle producer’s stock after buying an additional 124,511 shares during the period. Tesla makes up about 1.2% of Jennison Associates LLC’s investment portfolio, making the stock its 26th largest position. Jennison Associates LLC’s holdings in Tesla were worth $1,085,801,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of TSLA. Crestwood Advisors Group LLC bought a new stake in Tesla during the first quarter valued at about $101,000. SRS Capital Advisors Inc. increased its stake 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 valued at $109,000 after buying an additional 364 shares during the last quarter. Winfield Associates Inc. increased its stake in Tesla by 85.2% in the second quarter. Winfield Associates Inc. now owns 326 shares of the electric vehicle producer’s stock valued at $118,000 after buying an additional 150 shares during the last quarter. Advisory Services Network LLC bought a new stake in Tesla during the first quarter valued at about $122,000. Finally, Acropolis Investment Management LLC bought a new stake in Tesla during the second quarter valued at about $122,000. Hedge funds and other institutional investors own 62.92% of the company’s stock.
Tesla Inc. (NASDAQ:TSLA) traded down 1.27% on Friday, reaching $347.46. The company’s stock had a trading volume of 5,408,183 shares. The company’s market cap is $57.99 billion. Tesla Inc. has a 12 month low of $178.19 and a 12 month high of $386.99. The company has a 50-day moving average price of $339.22 and a 200 day moving average price of $310.81.
Tesla (NASDAQ:TSLA) last released 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 business had revenue of $2.79 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 119.6% on a year-over-year basis. During the same period in the previous year, the company posted ($1.06) EPS. On average, equities research analysts anticipate that Tesla Inc. will post ($6.18) EPS for the current fiscal year.
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TSLA has been the topic of several recent analyst reports. Goldman Sachs Group, Inc. (The) boosted their price objective on Tesla from $180.00 to $190.00 in a report on Friday, August 4th. Zacks Investment Research upgraded Tesla from a “hold” rating to a “buy” rating and set a $345.00 target price on the stock in a report on Tuesday, April 25th. Dougherty & Co reiterated a “buy” rating and issued a $375.00 target price (down previously from $500.00) on shares of Tesla in a report on Wednesday, April 26th. Guggenheim upped their target price on Tesla from $320.00 to $380.00 and gave the company a “buy” rating in a report on Friday, May 5th. Finally, Berenberg Bank upgraded Tesla from a “hold” rating to a “buy” rating and upped their target price for the company from $193.00 to $464.00 in a report on Tuesday, June 13th. Eight investment analysts have rated the stock with a sell rating, twelve have given a hold rating and fifteen have given a buy rating to the company’s stock. Tesla currently has an average rating of “Hold” and a consensus price target of $310.84.
In other Tesla news, Director Kimbal Musk sold 2,190 shares of Tesla 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 completion of the transaction, the director now directly owns 160,274 shares of the company’s stock, valued at approximately $51,505,652.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 23.10% of the stock is owned by 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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