Fifth Third Bancorp Grows Holdings in Tesla, Inc. (NASDAQ:TSLA)

Fifth Third Bancorp grew its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 9.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 410,882 shares of the electric vehicle producer's stock after purchasing an additional 36,159 shares during the quarter. Fifth Third Bancorp's holdings in Tesla were worth $106,484,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of TSLA. True Wealth Design LLC grew its position in shares of Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 31 shares during the period. Horrell Capital Management Inc. lifted its stake in shares of Tesla by 75.6% in the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer's stock worth $32,000 after buying an additional 34 shares in the last quarter. GS Investments Inc. lifted its stake in shares of Tesla by 193.3% in the fourth quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer's stock worth $36,000 after buying an additional 58 shares in the last quarter. Navigoe LLC purchased a new position in shares of Tesla in the fourth quarter worth about $37,000. Finally, CoreFirst Bank & Trust purchased a new position in shares of Tesla in the fourth quarter worth about $38,000. Institutional investors and hedge funds own 66.20% of the company's stock.

Insiders Place Their Bets

In related news, Director Joseph Gebbia bought 4,000 shares of the stock in a transaction dated Thursday, April 24th. The stock was acquired at an average price of $256.31 per share, for a total transaction of $1,025,240.00. Following the acquisition, the director now owns 4,111 shares in the company, valued at approximately $1,053,690.41. This represents a 3,603.60% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 2,564 shares of the company's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $285.71, for a total transaction of $732,560.44. Following the completion of the transaction, the chief financial officer now owns 5,924 shares of the company's stock, valued at approximately $1,692,546.04. The trade was a 30.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold 818,509 shares of company stock worth $273,791,775 in the last 90 days. Corporate insiders own 20.70% of the company's stock.

Tesla Stock Up 1.9%

Shares of TSLA stock traded up $6.20 during trading on Friday, reaching $325.31. The company's stock had a trading volume of 128,417,075 shares, compared to its average volume of 100,836,055. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. Tesla, Inc. has a 1-year low of $177.00 and a 1-year high of $488.54. The company has a market capitalization of $1.05 trillion, a price-to-earnings ratio of 159.47, a P/E/G ratio of 5.86 and a beta of 2.47. The stock's 50-day moving average price is $299.39 and its 200 day moving average price is $332.88.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a return on equity of 10.31% and a net margin of 7.26%. The firm had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. During the same quarter last year, the firm earned $0.45 EPS. On average, research analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on TSLA. Cowen raised shares of Tesla from a "hold" rating to a "buy" rating in a research note on Thursday, March 6th. Piper Sandler reissued an "overweight" rating and issued a $400.00 price target on shares of Tesla in a research note on Tuesday, June 10th. Bank of America decreased their price target on shares of Tesla from $490.00 to $380.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. Baird R W downgraded shares of Tesla from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 9th. Finally, Truist Financial set a $280.00 target price on shares of Tesla in a research note on Tuesday, April 22nd. Ten investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Tesla currently has a consensus rating of "Hold" and an average target price of $293.67.

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.