First Hawaiian Bank Cuts Holdings in Tesla, Inc. (NASDAQ:TSLA)

First Hawaiian Bank cut its stake in Tesla, Inc. (NASDAQ:TSLA) by 11.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,602 shares of the electric vehicle producer’s stock after selling 1,339 shares during the quarter. First Hawaiian Bank’s holdings in Tesla were worth $2,775,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. MidWestOne Financial Group Inc. raised its position in Tesla by 3.3% in the first quarter. MidWestOne Financial Group Inc. now owns 472 shares of the electric vehicle producer’s stock valued at $509,000 after purchasing an additional 15 shares during the period. Linscomb & Williams Inc. raised its position in Tesla by 3.5% in the first quarter. Linscomb & Williams Inc. now owns 1,233 shares of the electric vehicle producer’s stock valued at $1,329,000 after purchasing an additional 42 shares during the period. Salem Investment Counselors Inc. raised its position in Tesla by 22.3% in the first quarter. Salem Investment Counselors Inc. now owns 263 shares of the electric vehicle producer’s stock valued at $283,000 after purchasing an additional 48 shares during the period. Johnson Bixby & Associates LLC increased its position in shares of Tesla by 2.1% during the first quarter. Johnson Bixby & Associates LLC now owns 2,769 shares of the electric vehicle producer’s stock worth $574,000 after acquiring an additional 56 shares during the last quarter. Finally, Bridgeworth LLC lifted its stake in shares of Tesla by 1.0% in the first quarter. Bridgeworth LLC now owns 6,038 shares of the electric vehicle producer’s stock worth $1,253,000 after acquiring an additional 57 shares in the last quarter. 41.87% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Tesla news, CAO Vaibhav Taneja sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, July 7th. The stock was sold at an average price of $278.36, for a total value of $1,113,440.00. Following the completion of the sale, the chief accounting officer now directly owns 104,504 shares in the company, valued at $29,089,733.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Tesla news, CAO Vaibhav Taneja sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, July 7th. The stock was sold at an average price of $278.36, for a total value of $1,113,440.00. Following the completion of the sale, the chief accounting officer now directly owns 104,504 shares in the company, valued at $29,089,733.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 1,065 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $249.62, for a total value of $265,845.30. Following the completion of the sale, the senior vice president now owns 59,540 shares of the company’s stock, valued at $14,862,374.80. The disclosure for this sale can be found here. Insiders sold 55,815 shares of company stock valued at $14,384,135 in the last three months. 25.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

TSLA has been the topic of several recent analyst reports. Barclays cut Tesla from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $220.00 to $260.00 in a research note on Wednesday, June 21st. Deutsche Bank Aktiengesellschaft boosted their price target on Tesla from $260.00 to $270.00 and gave the stock a “buy” rating in a research note on Monday, July 3rd. DZ Bank cut Tesla from a “buy” rating to a “sell” rating and set a $210.00 price target on the stock. in a research note on Friday, June 23rd. Bank of America boosted their price target on Tesla from $225.00 to $300.00 in a research note on Thursday, July 6th. Finally, Wells Fargo & Company boosted their price target on Tesla from $170.00 to $265.00 and gave the stock an “equal weight” rating in a research note on Monday, July 17th. Six investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Tesla currently has a consensus rating of “Hold” and an average target price of $239.43.

Tesla Stock Performance

Shares of TSLA stock opened at $274.39 on Friday. Tesla, Inc. has a 12-month low of $101.81 and a 12-month high of $313.80. The firm has a market capitalization of $870.91 billion, a price-to-earnings ratio of 77.73, a price-to-earnings-growth ratio of 4.30 and a beta of 2.09. The business has a 50 day simple moving average of $255.83 and a 200 day simple moving average of $220.11. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.59 and a quick ratio of 1.07.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, July 19th. The electric vehicle producer reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.22. Tesla had a return on equity of 26.10% and a net margin of 12.97%. The business had revenue of $24.93 billion during the quarter, compared to analyst estimates of $24.22 billion. During the same period in the prior year, the company posted $0.65 EPS. The business’s revenue for the quarter was up 47.2% compared to the same quarter last year. On average, equities research analysts anticipate that Tesla, Inc. will post 2.94 EPS for the current year.

Tesla Company Profile

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. It 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, retail merchandise, and vehicle insurance services.