Truist Financial Corp Raises Position in Tesla, Inc. $TSLA

Key Points

• Truist Financial Corp increased its stake in Tesla by 4.4% during the second quarter, owning 742,840 shares valued at approximately $236 million at the end of the reporting period.
• Several hedge funds have also raised their holdings in Tesla, with NBC Securities Inc. notably increasing its stake by 114,775% in the first quarter.
• Tesla reported earnings per share of $0.40 for the last quarter, falling short of analysts' expectations, while revenue decreased by 11.8% year-over-year.

Truist Financial Corp grew its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 4.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 742,840 shares of the electric vehicle producer's stock after acquiring an additional 31,538 shares during the quarter. Truist Financial Corp's holdings in Tesla were worth $235,971,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of TSLA. Brighton Jones LLC grew its holdings in shares of Tesla by 11.8% during the fourth quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock valued at $35,509,000 after buying an additional 9,293 shares during the last quarter. Revolve Wealth Partners LLC grew its stake in Tesla by 21.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock valued at $2,147,000 after purchasing an additional 931 shares during the last quarter. Bison Wealth LLC increased its holdings in shares of Tesla by 52.2% in the fourth quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer's stock valued at $4,187,000 after purchasing an additional 3,558 shares during the period. NBC Securities Inc. lifted its holdings in shares of Tesla by 114,775.0% during the first quarter. NBC Securities Inc. now owns 4,595 shares of the electric vehicle producer's stock worth $1,190,000 after purchasing an additional 4,591 shares during the period. Finally, ST Germain D J Co. Inc. boosted its position in Tesla by 40.8% in the first quarter. ST Germain D J Co. Inc. now owns 1,773 shares of the electric vehicle producer's stock valued at $459,000 after buying an additional 514 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Tesla Stock Performance

Shares of NASDAQ:TSLA opened at $459.46 on Thursday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. Tesla, Inc. has a 1 year low of $212.11 and a 1 year high of $488.54. The firm has a market capitalization of $1.53 trillion, a PE ratio of 265.58, a P/E/G ratio of 15.46 and a beta of 2.08. The business's 50 day moving average price is $359.13 and its 200-day moving average price is $318.62.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings data 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). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm had revenue of $22.50 billion during the quarter, compared to analysts' expectations of $23.18 billion. During the same quarter in the previous year, the business posted $0.52 EPS. The company's revenue for the quarter was down 11.8% on a year-over-year basis. As a group, equities research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $292.89, for a total transaction of $1,171,560.00. Following the transaction, the chief financial officer owned 5,924 shares in the company, valued at approximately $1,735,080.36. This trade represents a 40.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of the company's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the sale, the senior vice president owned 47,600 shares of the company's stock, valued at approximately $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 208,606 shares of company stock valued at $77,360,462 in the last ninety days. 19.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Glj Research restated a "sell" rating on shares of Tesla in a research note on Thursday, July 24th. HSBC upped their price target on shares of Tesla from $120.00 to $127.00 in a report on Monday. Piper Sandler lifted their price objective on Tesla from $400.00 to $500.00 and gave the company an "overweight" rating in a research note on Monday, September 22nd. Robert W. Baird upgraded Tesla from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $320.00 to $548.00 in a research note on Friday, September 19th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Tesla in a research report on Thursday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, twelve have given a Hold rating and nine have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $337.15.

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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