Independence Bank of Kentucky Purchases 285 Shares of Tesla, Inc. (NASDAQ:TSLA)

Independence Bank of Kentucky grew its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 15.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,167 shares of the electric vehicle producer’s stock after buying an additional 285 shares during the period. Independence Bank of Kentucky’s holdings in Tesla were worth $429,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Bank & Trust Co bought a new position in shares of Tesla during the second quarter valued at approximately $25,000. OLD Point Trust & Financial Services N A bought a new position in Tesla during the 4th quarter valued at approximately $37,000. Kessler Investment Group LLC boosted its holdings in Tesla by 35.9% in the second quarter. Kessler Investment Group LLC now owns 193 shares of the electric vehicle producer’s stock worth $38,000 after acquiring an additional 51 shares in the last quarter. Aspect Partners LLC grew its stake in shares of Tesla by 121.3% in the second quarter. Aspect Partners LLC now owns 208 shares of the electric vehicle producer’s stock worth $41,000 after acquiring an additional 114 shares during the last quarter. Finally, 1620 Investment Advisors Inc. bought a new position in shares of Tesla during the second quarter valued at $42,000. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Trading Up 4.6 %

TSLA stock opened at $220.32 on Monday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $278.98. The business has a 50 day simple moving average of $219.46 and a two-hundred day simple moving average of $192.17. The company has a market capitalization of $703.84 billion, a price-to-earnings ratio of 56.20, a PEG ratio of 5.46 and a beta of 2.31.

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

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Truist Financial reiterated a “hold” rating and issued a $215.00 price target on shares of Tesla in a research note on Wednesday, August 14th. KGI Securities reissued a “neutral” rating and issued a $236.00 target price on shares of Tesla in a report on Thursday, July 25th. Glj Research upped their price target on Tesla from $22.86 to $24.86 and gave the company a “sell” rating in a report on Tuesday, July 23rd. Royal Bank of Canada reduced their price objective on Tesla from $227.00 to $224.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Finally, Morgan Stanley restated an “overweight” rating and set a $310.00 price objective on shares of Tesla in a research report on Monday, July 29th. Nine analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $204.21.

Insider Transactions at Tesla

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

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.