PNC Financial Services Group Inc. Buys 52,974 Shares of Tesla, Inc. (NASDAQ:TSLA)

PNC Financial Services Group Inc. boosted its stake in Tesla, Inc. (NASDAQ:TSLA) by 12.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 468,774 shares of the electric vehicle producer’s stock after acquiring an additional 52,974 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Tesla were worth $122,645,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank & Trust Co acquired a new stake in Tesla in the 2nd quarter valued at $25,000. Valley Wealth Managers Inc. acquired a new position in shares of Tesla during the 2nd quarter worth about $26,000. Abich Financial Wealth Management LLC increased its stake in shares of Tesla by 168.8% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after purchasing an additional 81 shares during the last quarter. Transcendent Capital Group LLC acquired a new position in shares of Tesla during the 3rd quarter worth about $29,000. Finally, Clean Yield Group increased its stake in shares of Tesla by 60.0% during the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after purchasing an additional 48 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Stock Up 2.1 %

Shares of NASDAQ TSLA opened at $346.00 on Wednesday. The firm has a market cap of $1.11 trillion, a PE ratio of 94.79, a P/E/G ratio of 10.42 and a beta of 2.29. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $358.64. The company’s fifty day simple moving average is $257.14 and its 200 day simple moving average is $223.29. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The business had revenue of $25.18 billion for the quarter, compared to analyst estimates of $25.47 billion. During the same period in the prior year, the firm earned $0.53 earnings per share. Tesla’s revenue was up 7.8% on a year-over-year basis. As a group, sell-side analysts forecast that Tesla, Inc. will post 1.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. This trade represents a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robyn M. Denholm sold 112,390 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the completion of the transaction, the director now directly owns 85,000 shares in the company, valued at $26,727,400. This trade represents a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 301,187 shares of company stock valued at $92,956,692. Corporate insiders own 20.70% of the company’s stock.

Wall Street Analysts Forecast Growth

TSLA has been the topic of several recent analyst reports. Barclays boosted their price objective on shares of Tesla from $220.00 to $235.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Canaccord Genuity Group upped their price target on shares of Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Glj Research reiterated a “sell” rating and issued a $24.86 price target on shares of Tesla in a research note on Thursday, October 17th. Phillip Securities lowered shares of Tesla from a “moderate sell” rating to a “strong sell” rating in a research note on Wednesday, November 13th. Finally, Piper Sandler upped their price target on shares of Tesla from $310.00 to $315.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Nine research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $230.18.

Tesla 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.