Pinnacle Financial Partners Inc Raises Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Pinnacle Financial Partners Inc increased its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 107.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,049 shares of the electric vehicle producer's stock after acquiring an additional 4,689 shares during the period. Pinnacle Financial Partners Inc's holdings in Tesla were worth $2,497,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC purchased a new position in shares of Tesla in the 4th quarter worth about $56,600,000. Means Investment CO. Inc. lifted its position in Tesla by 37.7% in the 1st quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer's stock worth $5,984,000 after buying an additional 6,323 shares during the last quarter. Focus Financial Network Inc. lifted its position in Tesla by 3.1% in the 1st quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer's stock worth $5,823,000 after buying an additional 670 shares during the last quarter. Strategic Family Wealth Counselors L.L.C. boosted its stake in Tesla by 133.7% in the fourth quarter. Strategic Family Wealth Counselors L.L.C. now owns 2,847 shares of the electric vehicle producer's stock worth $1,150,000 after buying an additional 1,629 shares in the last quarter. Finally, Harvard Management Co. Inc. bought a new position in Tesla during the fourth quarter valued at approximately $8,158,000. Institutional investors own 66.20% of the company's stock.

Tesla Stock Down 0.7%

Shares of NASDAQ TSLA traded down $2.09 on Thursday, reaching $313.56. 58,042,302 shares of the company's stock traded hands, compared to its average volume of 101,397,730. The company has a quick ratio of 1.54, a current ratio of 2.00 and a debt-to-equity ratio of 0.07. The business's 50 day simple moving average is $319.28 and its two-hundred day simple moving average is $328.10. Tesla, Inc. has a 12 month low of $182.00 and a 12 month high of $488.54. The company has a market cap of $1.01 trillion, a price-to-earnings ratio of 172.29, a price-to-earnings-growth ratio of 11.41 and a beta of 2.39.

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

Insider Transactions at Tesla

In other news, CFO Vaibhav Taneja sold 6,000 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $341.02, for a total value of $2,046,120.00. Following the transaction, the chief financial officer owned 1,950 shares in the company, valued at approximately $664,989. This represents a 75.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kimbal Musk sold 91,588 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the sale, the director directly owned 1,463,220 shares of the company's stock, valued at $522,940,195.80. This trade represents a 5.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 833,509 shares of company stock worth $278,648,925 over the last quarter. Corporate insiders own 20.70% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Canaccord Genuity Group restated a "buy" rating and issued a $303.00 price objective on shares of Tesla in a report on Monday. Morgan Stanley reissued an "overweight" rating and issued a $410.00 price target on shares of Tesla in a research note on Friday, June 6th. Cowen raised Tesla from a "hold" rating to a "buy" rating in a research note on Thursday, March 6th. Glj Research reiterated a "sell" rating and issued a $19.05 price objective (down previously from $24.86) on shares of Tesla in a report on Monday, April 21st. Finally, HSBC restated a "reduce" rating and set a $120.00 target price on shares of Tesla in a report on Thursday. Ten investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $301.24.

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.