Federated Hermes Inc. Sells 65,293 Shares of Tesla, Inc. $TSLA

Federated Hermes Inc. lessened its stake in Tesla, Inc. (NASDAQ:TSLA) by 20.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 255,417 shares of the electric vehicle producer’s stock after selling 65,293 shares during the quarter. Federated Hermes Inc.’s holdings in Tesla were worth $81,136,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Holos Integrated Wealth LLC increased its holdings in shares of Tesla by 10.8% in the second quarter. Holos Integrated Wealth LLC now owns 309 shares of the electric vehicle producer’s stock worth $102,000 after purchasing an additional 30 shares during the last quarter. First Merchants Corp grew its holdings in Tesla by 1.3% during the 2nd quarter. First Merchants Corp now owns 2,413 shares of the electric vehicle producer’s stock valued at $767,000 after buying an additional 31 shares in the last quarter. Kaye Capital Management increased its stake in Tesla by 3.1% in the 2nd quarter. Kaye Capital Management now owns 1,047 shares of the electric vehicle producer’s stock worth $333,000 after acquiring an additional 31 shares during the last quarter. Spectrum Wealth Advisory Group LLC raised its holdings in shares of Tesla by 3.4% during the 2nd quarter. Spectrum Wealth Advisory Group LLC now owns 941 shares of the electric vehicle producer’s stock worth $299,000 after acquiring an additional 31 shares in the last quarter. Finally, Wambolt & Associates LLC grew its holdings in shares of Tesla by 1.0% in the second quarter. Wambolt & Associates LLC now owns 3,119 shares of the electric vehicle producer’s stock valued at $938,000 after purchasing an additional 31 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Stifel Nicolaus upped their price target on shares of Tesla from $483.00 to $508.00 and gave the company a “buy” rating in a research note on Monday, November 17th. Needham & Company LLC restated a “hold” rating on shares of Tesla in a research report on Thursday, October 23rd. Benchmark reaffirmed a “buy” rating on shares of Tesla in a report on Thursday, October 23rd. Cantor Fitzgerald set a $510.00 price objective on Tesla and gave the stock an “overweight” rating in a research note on Thursday, October 23rd. Finally, BNP Paribas Exane assumed coverage on Tesla in a research note on Thursday, October 16th. They issued an “underperform” rating and a $307.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, thirteen have given a Hold rating and nine have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $399.33.

Insider Activity

In other news, SVP Xiaotong Zhu sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the transaction, the senior vice president directly owned 47,600 shares of the company’s stock, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James R. Murdoch sold 60,000 shares of Tesla stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the sale, the director directly owned 637,031 shares of the company’s stock, valued at $269,260,263.08. This represents a 8.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 19.90% of the company’s stock.

Tesla Price Performance

Shares of TSLA stock opened at $455.00 on Monday. The stock has a 50 day moving average price of $434.93 and a 200 day moving average price of $372.88. Tesla, Inc. has a 52-week low of $214.25 and a 52-week high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.67 and a current ratio of 2.07. The firm has a market capitalization of $1.51 trillion, a P/E ratio of 303.33, a P/E/G ratio of 15.37 and a beta of 1.87.

Tesla (NASDAQ:TSLA) last released its earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The business had revenue of $28.10 billion for the quarter, compared to analyst estimates of $24.98 billion. During the same quarter last year, the firm posted $0.72 earnings per share. The business’s revenue was up 11.6% compared to the same quarter last year. As a group, sell-side analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

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.