PNC Financial Services Group Inc. Buys 30,464 Shares of Tesla, Inc. (NASDAQ:TSLA)

Key Points

• PNC Financial Services Group Inc. increased its holdings in Tesla, Inc. by 6.2% during the 1st quarter, owning 524,592 shares worth approximately $135.95 million.
• Tesla's stock price opened at $302.63, with a market cap of $976.12 billion; the company reported earnings per share of $0.40 for the last quarter, missing expectations.
• Analysts have mixed opinions on Tesla, with a consensus rating of "Hold" and an average price target of around $303.31 from various research reports.

PNC Financial Services Group Inc. increased its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 6.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 524,592 shares of the electric vehicle producer's stock after buying an additional 30,464 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Tesla were worth $135,953,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Cherry Tree Wealth Management LLC lifted its position in Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after purchasing an additional 44 shares during the period. First PREMIER Bank raised its position in shares of Tesla by 79.2% in the first 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 period. Newton One Investments LLC raised its position in shares of Tesla by 250.0% in the first 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 period. Arcadia Investment Management Corp MI acquired a new position in shares of Tesla in the first quarter worth about $27,000. Finally, True Wealth Design LLC raised 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 worth $28,000 after acquiring an additional 31 shares during the period. 66.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on TSLA. Royal Bank Of Canada reiterated an "overweight" rating on shares of Tesla in a research report on Tuesday, July 29th. HSBC reiterated a "reduce" rating and issued a $120.00 price objective on shares of Tesla in a research report on Thursday, July 3rd. Cantor Fitzgerald decreased their price objective on shares of Tesla from $425.00 to $355.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. The Goldman Sachs Group cut their target price on shares of Tesla from $315.00 to $285.00 and set a "neutral" rating for the company in a research note on Friday, July 11th. Finally, Mizuho cut their target price on shares of Tesla from $390.00 to $375.00 and set an "outperform" rating for the company in a research note on Tuesday, July 8th. Ten research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $303.31.

Tesla Trading Up 2.2%

Shares of Tesla stock traded up $6.63 during trading hours on Monday, hitting $309.26. The company's stock had a trading volume of 78,491,849 shares, compared to its average volume of 96,195,928. Tesla, Inc. has a 1-year low of $182.00 and a 1-year high of $488.54. The business has a fifty day moving average of $322.22 and a 200 day moving average of $310.31. The company has a market capitalization of $997.50 billion, a PE ratio of 178.76, a P/E/G ratio of 10.63 and a beta of 2.33. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07.

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

Insider Activity at Tesla

In related news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the transaction, the director owned 855,394 shares of the company's stock, valued at approximately $305,632,276.20. This trade represents a 35.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 15,000 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the completion of the sale, the senior vice president owned 67,600 shares in the company, valued at approximately $21,889,556. The trade was a 18.16% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 719,119 shares of company stock valued at $246,186,549. 20.70% of the stock is owned by company insiders.

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.