Wesbanco Bank Inc. Increases Stock Position in Tesla, Inc. $TSLA

Key Points

• Wesbanco Bank Inc. increased its stake in Tesla by 2.1% during the second quarter, now holding 57,147 shares valued at approximately $18.15 million.
• Several institutional investors, including Cherry Tree Wealth Management LLC and First PREMIER Bank, significantly boosted their holdings in Tesla during the first quarter, indicating a growing institutional interest in the company.
• Tesla's recent quarterly earnings report showed a 11.8% decline in revenue year-over-year, with an earnings per share of $0.40, missing analyst estimates.

Wesbanco Bank Inc. lifted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 2.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,147 shares of the electric vehicle producer's stock after buying an additional 1,159 shares during the quarter. Wesbanco Bank Inc.'s holdings in Tesla were worth $18,153,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of TSLA. Cherry Tree Wealth Management LLC lifted its stake in shares of Tesla by 86.3% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after buying an additional 44 shares in the last quarter. First PREMIER Bank lifted its stake 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 purchasing an additional 42 shares in the last quarter. Newton One Investments LLC lifted its stake 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 purchasing an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new stake in Tesla in the 1st quarter worth approximately $27,000. Finally, Chelsea Counsel Co. lifted its stake in Tesla by 59.7% in the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock worth $28,000 after purchasing an additional 40 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on TSLA. Argus reiterated a "hold" rating on shares of Tesla in a research note on Monday, June 9th. Piper Sandler reiterated an "overweight" rating and issued a $400.00 target price on shares of Tesla in a research note on Tuesday, June 10th. Benchmark reiterated a "buy" rating and issued a $475.00 target price (up from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Robert W. Baird reiterated a "neutral" rating and issued a $320.00 target price on shares of Tesla in a research note on Monday, June 9th. Finally, Royal Bank Of Canada reiterated an "overweight" rating on shares of Tesla in a research note on Tuesday, July 29th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fourteen have given a Hold rating and nine have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $303.00.

Insider Buying and Selling

In related news, Director James R. Murdoch sold 120,000 shares of Tesla stock in a transaction on 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 transaction, the director owned 697,031 shares in the company, valued at $244,162,988.99. This trade represents a 14.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction 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 completion of the transaction, the chief financial officer owned 5,924 shares in the company, valued at approximately $1,735,080.36. The trade was a 40.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 148,606 shares of company stock worth $51,999,662 in the last 90 days. 20.70% of the stock is owned by company insiders.

Tesla Price Performance

Shares of NASDAQ:TSLA opened at $395.94 on Friday. The company's fifty day moving average price is $328.89 and its 200-day moving average price is $303.57. The firm has a market capitalization of $1.28 trillion, a price-to-earnings ratio of 228.87, a PEG ratio of 12.87 and a beta of 2.06. Tesla, Inc. has a one year low of $212.11 and a one year high of $488.54. 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 (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). The company had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.Tesla's quarterly revenue was down 11.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.52 EPS. On average, equities research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

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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