Tesla Inc (TSLA) Shares Sold by First Mercantile Trust Co.

First Mercantile Trust Co. reduced its position in Tesla Inc (NASDAQ:TSLA) by 45.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,500 shares of the electric vehicle producer’s stock after selling 3,800 shares during the period. First Mercantile Trust Co.’s holdings in Tesla were worth $1,627,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently modified their holdings of the company. FMR LLC raised its position in shares of Tesla by 10.9% in the first quarter. FMR LLC now owns 24,450,435 shares of the electric vehicle producer’s stock worth $6,804,556,000 after buying an additional 2,400,034 shares during the period. Baillie Gifford & Co. raised its position in shares of Tesla by 2.5% in the first quarter. Baillie Gifford & Co. now owns 13,625,678 shares of the electric vehicle producer’s stock worth $3,792,025,000 after buying an additional 336,130 shares during the period. Vanguard Group Inc. raised its position 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 worth $1,651,654,000 after buying an additional 280,941 shares during the period. Jennison Associates LLC raised its position in shares of Tesla by 7.6% in the first quarter. Jennison Associates LLC now owns 2,869,480 shares of the electric vehicle producer’s stock worth $798,576,000 after buying an additional 203,034 shares during the period. Finally, Primecap Management Co. CA raised its position in shares of Tesla by 4.1% in the first quarter. Primecap Management Co. CA now owns 1,215,640 shares of the electric vehicle producer’s stock worth $338,313,000 after buying an additional 47,550 shares during the period. Institutional investors own 63.71% of the company’s stock.

Shares of Tesla Inc (TSLA) opened at 355.40 on Friday. Tesla Inc has a 12 month low of $178.19 and a 12 month high of $386.99. The firm has a 50-day moving average price of $341.84 and a 200-day moving average price of $306.29. The stock’s market cap is $59.31 billion.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($2.00) by $0.67. The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.50 billion. Tesla had a negative net margin of 14.39% and a negative return on equity of 26.74%. Tesla’s revenue was up 119.6% on a year-over-year basis. During the same quarter last year, the firm posted ($1.06) earnings per share. Equities analysts expect that Tesla Inc will post ($6.29) EPS for the current fiscal year.

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A number of equities analysts have weighed in on the company. Zacks Investment Research upgraded Tesla from a “hold” rating to a “buy” rating and set a $345.00 price objective for the company in a research note on Tuesday, April 25th. Vetr lowered Tesla from a “strong-buy” rating to a “buy” rating and set a $385.74 price objective for the company. in a research note on Thursday, August 3rd. Deutsche Bank AG reiterated a “hold” rating and set a $240.00 price objective on shares of Tesla in a research note on Thursday, May 4th. Goldman Sachs Group, Inc. (The) reiterated a “sell” rating and set a $180.00 price objective (down previously from $190.00) on shares of Tesla in a research note on Wednesday, July 5th. Finally, Royal Bank Of Canada lifted their price objective on Tesla from $314.00 to $345.00 and gave the company a “sector perform” rating in a research note on Thursday, August 3rd. Seven investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and sixteen have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $309.70.

In other Tesla news, Director Kimbal Musk sold 2,190 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $321.36, for a total transaction of $703,778.40. Following the transaction, the director now owns 160,274 shares of the company’s stock, valued at $51,505,652.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 23.10% of the company’s stock.

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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