PNC Financial Services Group Inc. Boosts Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

PNC Financial Services Group Inc. raised its holdings in Tesla, Inc. (NASDAQ:TSLA) by 12.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 468,774 shares of the electric vehicle producer’s stock after acquiring an additional 52,974 shares during the period. PNC Financial Services Group Inc.’s holdings in Tesla were worth $122,645,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the company. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Tesla in the third quarter valued at approximately $44,020,000. SouthState Corp boosted its position in shares of Tesla by 11.0% in the third quarter. SouthState Corp now owns 2,989 shares of the electric vehicle producer’s stock valued at $782,000 after acquiring an additional 297 shares during the period. Vance Wealth Inc. boosted its position in shares of Tesla by 4.2% in the third quarter. Vance Wealth Inc. now owns 10,234 shares of the electric vehicle producer’s stock valued at $2,678,000 after acquiring an additional 410 shares during the period. W.G. Shaheen & Associates DBA Whitney & Co boosted its position in shares of Tesla by 85.4% in the third quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 5,357 shares of the electric vehicle producer’s stock valued at $1,402,000 after acquiring an additional 2,467 shares during the period. Finally, Princeton Capital Management LLC boosted its position in shares of Tesla by 23.7% in the third quarter. Princeton Capital Management LLC now owns 8,004 shares of the electric vehicle producer’s stock valued at $2,094,000 after acquiring an additional 1,532 shares during the period. 66.20% of the stock is currently owned by institutional investors.

Tesla Stock Up 2.1 %

NASDAQ:TSLA opened at $346.00 on Wednesday. The firm’s 50-day moving average price is $257.14 and its 200-day moving average price is $223.29. The company has a market capitalization of $1.11 trillion, a PE ratio of 94.79, a P/E/G ratio of 10.42 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $358.64.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Royal Bank of Canada lifted their target price on shares of Tesla from $249.00 to $313.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Bank of America lifted their target price on shares of Tesla from $265.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Barclays lifted their target price on shares of Tesla from $220.00 to $235.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Cantor Fitzgerald reiterated a “neutral” rating and set a $245.00 target price on shares of Tesla in a research report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $295.00 target price on shares of Tesla in a research report on Tuesday, September 10th. Nine equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Tesla currently has a consensus rating of “Hold” and a consensus target price of $230.18.

Insider Buying and Selling

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

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.