Truist Financial Corp Grows Stock Position in Tesla, Inc. $TSLA

Truist Financial Corp increased its holdings in Tesla, Inc. (NASDAQ:TSLA) by 4.4% in the 2nd quarter, HoldingsChannel reports. The fund owned 742,840 shares of the electric vehicle producer’s stock after purchasing an additional 31,538 shares during the quarter. Truist Financial Corp’s holdings in Tesla were worth $235,971,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. increased its position in shares of Tesla by 322.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer’s stock worth $6,891,201,000 after purchasing an additional 20,291,139 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Tesla during the first quarter valued at about $3,247,619,000. Kingstone Capital Partners Texas LLC increased its position in shares of Tesla by 581,880.5% during the second quarter. Kingstone Capital Partners Texas LLC now owns 6,436,704 shares of the electric vehicle producer’s stock valued at $2,044,683,000 after acquiring an additional 6,435,598 shares during the last quarter. Amundi lifted its holdings in shares of Tesla by 29.4% in the 1st quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer’s stock worth $4,482,789,000 after acquiring an additional 3,814,610 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Tesla by 1.5% during the first quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer’s stock worth $63,983,418,000 after purchasing an additional 3,694,524 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Stock Up 3.3%

TSLA opened at $459.46 on Thursday. Tesla, Inc. has a one year low of $212.11 and a one year high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. The stock has a market capitalization of $1.53 trillion, a P/E ratio of 265.58, a price-to-earnings-growth ratio of 15.46 and a beta of 2.08. The business’s 50-day simple moving average is $359.13 and its 200-day simple moving average is $318.62.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). The company had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business’s revenue was down 11.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 EPS. Analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Buying and Selling

In other news, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the sale, the chief financial officer owned 9,856 shares of the company’s stock, valued at $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the stock in a transaction dated Thursday, September 11th. The stock was 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 $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 208,606 shares of company stock valued at $77,360,462 over the last three months. 19.90% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on TSLA. Robert W. Baird upgraded Tesla from a “neutral” rating to an “outperform” rating and raised their target price for the company from $320.00 to $548.00 in a report on Friday, September 19th. William Blair reissued a “market perform” rating on shares of Tesla in a research note on Friday, September 5th. CICC Research raised their price target on shares of Tesla from $360.00 to $450.00 and gave the company an “outperform” rating in a research report on Thursday, September 18th. UBS Group reaffirmed a “sell” rating on shares of Tesla in a research report on Monday, September 22nd. Finally, Daiwa Capital Markets reiterated a “neutral” rating on shares of Tesla in a report on Sunday, July 27th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, twelve have issued a Hold rating and nine have issued a Sell rating to the stock. According to data from MarketBeat.com, Tesla has an average rating of “Hold” and a consensus price target of $337.15.

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.