Tesla, Inc. $TSLA Holdings Raised by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. increased its stake in Tesla by 25.3%, owning 63,113 shares worth approximately $20.05 million at the end of the quarter.
• Tesla reported $28.10 billion in revenue for the latest quarter, exceeding analyst expectations of $24.98 billion, and posted $0.50 earnings per share, beating the consensus estimate.
• The company's stock opened at $438.97, with a 52-week range between $212.11 and $488.54.

First Citizens Bank & Trust Co. boosted its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 25.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 63,113 shares of the electric vehicle producer's stock after buying an additional 12,754 shares during the period. First Citizens Bank & Trust Co.'s holdings in Tesla were worth $20,048,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Siren L.L.C. acquired a new position in shares of Tesla during the first quarter valued at approximately $2,332,000. Zuckerman Investment Group LLC boosted its stake in Tesla by 6.9% during the 1st quarter. Zuckerman Investment Group LLC now owns 12,748 shares of the electric vehicle producer's stock valued at $3,304,000 after purchasing an additional 826 shares in the last quarter. Keystone Global Partners LLC acquired a new position in shares of Tesla during the 1st quarter valued at $594,000. Strs Ohio bought a new stake in shares of Tesla in the 1st quarter worth $205,495,000. Finally, IFM Investors Pty Ltd lifted its holdings in shares of Tesla by 8.5% in the first quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer's stock valued at $153,436,000 after buying an additional 46,087 shares during the period. 66.20% of the stock is currently owned by institutional investors.

Tesla Stock Down 0.8%

Shares of NASDAQ:TSLA opened at $438.97 on Thursday. The firm has a 50 day simple moving average of $393.73 and a 200 day simple moving average of $336.97. Tesla, Inc. has a 52 week low of $212.11 and a 52 week high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. The company has a market cap of $1.46 trillion, a PE ratio of 253.74, a price-to-earnings-growth ratio of 15.91 and a beta of 2.08.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings data on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.02. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm had revenue of $28.10 billion for the quarter, compared to analysts' expectations of $24.98 billion. During the same period in the previous year, the company posted $0.72 EPS. The company's quarterly revenue was up 11.6% compared to the same quarter last year. As a group, research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analyst Upgrades and Downgrades

TSLA has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Tesla in a report on Wednesday, October 8th. HSBC lifted their price objective on shares of Tesla from $120.00 to $127.00 in a research note on Monday, September 29th. Canaccord Genuity Group cut their target price on shares of Tesla from $490.00 to $482.00 and set a "buy" rating for the company in a research note on Thursday. Piper Sandler raised their target price on shares of Tesla from $400.00 to $500.00 and gave the stock an "overweight" rating in a report on Monday, September 22nd. Finally, Cantor Fitzgerald set a $510.00 price target on Tesla in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twelve have issued a Hold rating and ten have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $375.50.

Insider Activity

In other Tesla news, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the transaction, the senior vice president owned 47,600 shares of the company's stock, valued at $17,314,500. The trade was a 29.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director James R. Murdoch sold 120,000 shares of the company's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the completion of the transaction, the director owned 697,031 shares in the company, valued at $244,162,988.99. This represents a 14.69% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 202,606 shares of company stock worth $75,588,902. 19.90% of the stock is owned by corporate 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.

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