Truist Financial Corp Lowers Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Truist Financial Corp cut its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 31.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 516,657 shares of the electric vehicle producer’s stock after selling 241,630 shares during the period. Truist Financial Corp’s holdings in Tesla were worth $128,379,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in TSLA. Wyrmwood Management LLC purchased a new position in Tesla during the fourth quarter valued at $25,000. Lam Group Inc. purchased a new position in Tesla during the fourth quarter valued at $25,000. Mendota Financial Group LLC lifted its stake in shares of Tesla by 202.2% in the fourth quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock worth $34,000 after buying an additional 91 shares in the last quarter. Ogorek Anthony Joseph NY ADV lifted its stake in shares of Tesla by 94.5% in the third quarter. Ogorek Anthony Joseph NY ADV now owns 142 shares of the electric vehicle producer’s stock worth $35,000 after buying an additional 69 shares in the last quarter. Finally, Kathleen S. Wright Associates Inc. lifted its stake in shares of Tesla by 111.1% in the fourth quarter. Kathleen S. Wright Associates Inc. now owns 190 shares of the electric vehicle producer’s stock worth $47,000 after buying an additional 100 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TSLA has been the topic of several research reports. Daiwa Capital Markets downgraded shares of Tesla from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $245.00 to $195.00 in a research note on Tuesday, February 6th. Needham & Company LLC reissued a “hold” rating on shares of Tesla in a research note on Wednesday. Wells Fargo & Company decreased their price target on shares of Tesla from $125.00 to $120.00 and set an “underweight” rating on the stock in a research note on Friday, April 12th. Barclays cut their price objective on shares of Tesla from $225.00 to $180.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 17th. Finally, Canaccord Genuity Group cut their price objective on shares of Tesla from $234.00 to $222.00 and set a “buy” rating for the company in a research report on Wednesday. Eight investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Tesla presently has an average rating of “Hold” and an average price target of $186.70.

Tesla Stock Down 1.1 %

Shares of TSLA stock traded down $1.89 during trading on Friday, reaching $168.29. The company’s stock had a trading volume of 109,309,500 shares, compared to its average volume of 100,050,800. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.72 and a quick ratio of 1.25. The company has a market capitalization of $536.71 billion, a price-to-earnings ratio of 42.93, a P/E/G ratio of 4.50 and a beta of 2.39. The stock’s 50-day moving average price is $175.04 and its 200 day moving average price is $208.00. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $299.29.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, January 24th. The electric vehicle producer reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.03). The business had revenue of $25.17 billion during the quarter, compared to analyst estimates of $25.64 billion. Tesla had a net margin of 14.37% and a return on equity of 13.18%. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.07 EPS. On average, research analysts anticipate that Tesla, Inc. will post 1.97 EPS for the current year.

Insider Buying and Selling

In related news, Director Robyn M. Denholm sold 93,706 shares of Tesla stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $194.73, for a total value of $18,247,369.38. Following the completion of the transaction, the director now owns 15,000 shares in the company, valued at $2,920,950. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $176.20, for a total transaction of $1,850,100.00. Following the completion of the sale, the senior vice president now owns 31,230 shares in the company, valued at approximately $5,502,726. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robyn M. Denholm sold 93,706 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $194.73, for a total transaction of $18,247,369.38. Following the sale, the director now owns 15,000 shares of the company’s stock, valued at approximately $2,920,950. The disclosure for this sale can be found here. Insiders sold 209,098 shares of company stock worth $38,802,534 over the last 90 days. 25.10% of the stock is owned by insiders.

About Tesla

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.