CNB Bank Has $3.03 Million Holdings in Tesla, Inc. $TSLA

CNB Bank lessened its stake in Tesla, Inc. (NASDAQ:TSLA) by 2.3% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 9,544 shares of the electric vehicle producer’s stock after selling 220 shares during the quarter. Tesla makes up approximately 1.4% of CNB Bank’s investment portfolio, making the stock its 14th largest position. CNB Bank’s holdings in Tesla were worth $3,032,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in TSLA. Goldman Sachs Group Inc. lifted its holdings in 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 valued at $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 worth $3,247,619,000. Kingstone Capital Partners Texas LLC increased its position in shares of Tesla by 581,880.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 6,436,704 shares of the electric vehicle producer’s stock worth $2,044,683,000 after purchasing an additional 6,435,598 shares during the period. Amundi grew its position in Tesla by 29.4% in the first quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer’s stock valued at $4,482,789,000 after acquiring an additional 3,814,610 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Tesla by 1.5% in the first quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer’s stock valued at $63,983,418,000 after acquiring an additional 3,694,524 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Price Performance

Shares of NASDAQ:TSLA opened at $433.72 on Friday. The company has a quick ratio of 1.55, a current ratio of 2.07 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a twelve month low of $214.25 and a twelve month high of $488.54. The stock’s 50 day moving average is $398.06 and its 200-day moving average is $339.92. The firm has a market capitalization of $1.44 trillion, a price-to-earnings ratio of 289.15, a PEG ratio of 16.13 and a beta of 2.08.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, October 22nd. 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 company had revenue of $28.10 billion for the quarter, compared to analyst estimates of $24.98 billion. During the same period in the prior year, the firm earned $0.72 earnings per share. Tesla’s revenue for the quarter was up 11.6% on a year-over-year basis. Sell-side analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on TSLA shares. Truist Financial lifted their target price on Tesla from $280.00 to $406.00 and gave the company a “hold” rating in a research report on Thursday. Mizuho boosted their price target on Tesla from $450.00 to $485.00 and gave the stock an “outperform” rating in a report on Thursday. Wall Street Zen upgraded Tesla from a “sell” rating to a “hold” rating in a report on Saturday. Piper Sandler boosted their price target on Tesla from $400.00 to $500.00 and gave the stock an “overweight” rating in a report on Monday, September 22nd. Finally, China Renaissance boosted their price target on Tesla from $349.00 to $380.00 and gave the stock a “hold” rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, twelve have issued a Hold rating and eleven have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $380.03.

Insider Buying and Selling

In related news, Director James R. Murdoch sold 60,000 shares of the company’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the completion of the sale, the director owned 637,031 shares in the company, valued at approximately $269,260,263.08. This represents a 8.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction on Monday, September 8th. The stock was 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. This trade represents a 20.91% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 202,606 shares of company stock worth $75,588,902. 19.90% of the stock is owned by corporate insiders.

About Tesla

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.