Truist Financial Corp Increases Stake in Tesla, Inc. (NASDAQ:TSLA)

Truist Financial Corp increased its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 2.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 708,797 shares of the electric vehicle producer’s stock after purchasing an additional 16,985 shares during the period. Truist Financial Corp’s holdings in Tesla were worth $286,241,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in TSLA. Transcendent Capital Group LLC purchased a new position in shares of Tesla during the third quarter valued at $29,000. Peterson Financial Group Inc. purchased a new position in shares of Tesla during the third quarter valued at $35,000. Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in shares of Tesla during the fourth quarter valued at $46,000. PayPay Securities Corp increased its stake in shares of Tesla by 130.2% during the fourth quarter. PayPay Securities Corp now owns 122 shares of the electric vehicle producer’s stock valued at $49,000 after buying an additional 69 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. increased its stake in shares of Tesla by 692.6% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 214 shares of the electric vehicle producer’s stock valued at $56,000 after buying an additional 187 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Trading Down 1.7 %

Shares of NASDAQ:TSLA opened at $354.40 on Friday. The company has a market capitalization of $1.14 trillion, a PE ratio of 173.73, a PEG ratio of 5.86 and a beta of 2.34. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $488.54. The business has a 50 day moving average of $402.14 and a two-hundred day moving average of $311.43. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. As a group, analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Activity

In related news, Director Kimbal Musk sold 75,000 shares of the business’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $367.87, for a total transaction of $27,590,250.00. Following the completion of the sale, the director now directly owns 1,463,220 shares in the company, valued at approximately $538,274,741.40. The trade was a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robyn M. Denholm sold 112,390 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $354.06, for a total value of $39,792,803.40. Following the sale, the director now owns 85,000 shares of the company’s stock, valued at $30,095,100. The trade was a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 523,386 shares of company stock worth $195,995,200 over the last three months. 20.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Benchmark assumed coverage on Tesla in a research note on Wednesday, February 12th. They issued a “buy” rating and a $475.00 target price on the stock. Jefferies Financial Group lifted their target price on Tesla from $195.00 to $300.00 and gave the company a “hold” rating in a research note on Thursday, November 14th. StockNews.com lowered Tesla from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Cantor Fitzgerald reiterated a “neutral” rating and issued a $365.00 target price on shares of Tesla in a research note on Wednesday, January 29th. Finally, Robert W. Baird cut their target price on Tesla from $480.00 to $440.00 and set an “outperform” rating on the stock in a research note on Thursday, January 30th. Nine equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $326.50.

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. 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.