M&T Bank Corp Sells 28,534 Shares of Tesla, Inc. (NASDAQ:TSLA)

M&T Bank Corp cut its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 8.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 327,854 shares of the electric vehicle producer's stock after selling 28,534 shares during the quarter. M&T Bank Corp's holdings in Tesla were worth $84,967,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Cherry Tree Wealth Management LLC increased its holdings in Tesla by 86.3% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after acquiring an additional 44 shares during the last quarter. First PREMIER Bank increased its holdings in Tesla by 79.2% in the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock worth $25,000 after acquiring an additional 42 shares during the last quarter. Newton One Investments LLC increased its holdings in Tesla by 250.0% in the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after acquiring an additional 75 shares during the last quarter. True Wealth Design LLC increased its holdings in Tesla by 79.5% in the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock worth $28,000 after acquiring an additional 31 shares during the last quarter. Finally, Centennial Bank AR increased its holdings in Tesla by 833.3% in the 1st quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer's stock worth $29,000 after acquiring an additional 100 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Trading Down 0.3%

Shares of TSLA traded down $0.94 during mid-day trading on Friday, hitting $308.93. 34,392,773 shares of the company's stock traded hands, compared to its average volume of 100,137,719. The company has a quick ratio of 1.54, a current ratio of 2.00 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 1 year low of $182.00 and a 1 year high of $488.54. The firm has a market capitalization of $995.06 billion, a P/E ratio of 169.79, a PEG ratio of 8.80 and a beta of 2.39. The business's 50-day moving average price is $322.07 and its 200-day moving average price is $322.26.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a net margin of 6.66% and a return on equity of 9.02%. The business had revenue of $19.34 billion for the quarter, compared to analysts' expectations of $22.93 billion. During the same period last year, the firm posted $0.45 earnings per share. As a group, sell-side analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Activity

In other news, CFO Vaibhav Taneja sold 6,000 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $341.02, for a total transaction of $2,046,120.00. Following the transaction, the chief financial officer directly owned 1,950 shares of the company's stock, valued at approximately $664,989. The trade was a 75.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robyn M. Denholm sold 112,395 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $274.12, for a total value of $30,809,717.40. Following the transaction, the director directly owned 85,000 shares in the company, valued at $23,300,200. This trade represents a 56.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 835,509 shares of company stock valued at $279,420,485. 20.70% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on TSLA shares. HSBC reissued a "reduce" rating and issued a $120.00 price objective on shares of Tesla in a report on Thursday, July 3rd. The Goldman Sachs Group cut their target price on Tesla from $315.00 to $285.00 and set a "neutral" rating for the company in a research note on Friday. Wells Fargo & Company cut their target price on Tesla from $135.00 to $130.00 and set an "underweight" rating for the company in a research note on Friday, March 14th. Deutsche Bank Aktiengesellschaft cut their target price on Tesla from $420.00 to $345.00 and set a "buy" rating for the company in a research note on Friday, March 28th. Finally, Barclays cut their target price on Tesla from $325.00 to $275.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Ten investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Tesla presently has an average rating of "Hold" and an average price target of $300.19.

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.