Truist Financial Corp Has $119.71 Million Stake in Tesla, Inc. (NASDAQ:TSLA)

Truist Financial Corp grew its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 5.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 604,935 shares of the electric vehicle producer’s stock after purchasing an additional 28,650 shares during the period. Truist Financial Corp’s holdings in Tesla were worth $119,705,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Kimelman & Baird LLC acquired a new stake in shares of Tesla during the 2nd quarter worth $74,000. Traction Financial Partners LLC bought a new stake in Tesla during the second quarter worth about $215,000. Gateway Wealth Partners LLC grew its stake in Tesla by 88.6% during the second quarter. Gateway Wealth Partners LLC now owns 4,735 shares of the electric vehicle producer’s stock worth $937,000 after buying an additional 2,225 shares in the last quarter. Quarry LP bought a new position in Tesla in the 2nd quarter valued at about $48,000. Finally, Invst LLC raised its position in shares of Tesla by 23.6% in the 2nd quarter. Invst LLC now owns 6,188 shares of the electric vehicle producer’s stock valued at $1,299,000 after buying an additional 1,180 shares in the last quarter. 66.20% of the stock is owned by institutional investors.

Analyst Ratings Changes

TSLA has been the subject of several research analyst reports. Canaccord Genuity Group restated a “buy” rating and set a $254.00 price objective on shares of Tesla in a research report on Friday, September 13th. Wolfe Research assumed coverage on shares of Tesla in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. William Blair initiated coverage on shares of Tesla in a research note on Thursday, August 29th. They issued an “outperform” rating for the company. China Renaissance upgraded Tesla from a “hold” rating to a “buy” rating and set a $290.00 price target for the company in a research note on Friday, July 5th. Finally, Roth Mkm reaffirmed a “neutral” rating and issued a $85.00 target price on shares of Tesla in a report on Wednesday, July 24th. Nine equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $209.90.

Insider Activity at Tesla

In related news, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total value of $14,597,425.44. Following the completion of the sale, the director now directly owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Vaibhav Taneja sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total value of $2,000,000.00. Following the completion of the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total value of $14,597,425.44. Following the sale, the director now owns 85,000 shares in the company, valued at $18,696,600. The disclosure for this sale can be found here. Insiders have sold a total of 74,661 shares of company stock valued at $16,663,291 over the last 90 days. Insiders own 25.10% of the company’s stock.

Tesla Stock Up 0.4 %

Shares of NASDAQ TSLA opened at $261.63 on Tuesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. The company has a 50-day moving average price of $222.10 and a 200-day moving average price of $199.58. The stock has a market capitalization of $835.81 billion, a P/E ratio of 66.74, a P/E/G ratio of 7.08 and a beta of 2.29. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $271.00.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The company had revenue of $25.50 billion for the quarter, compared to analyst estimates of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. Tesla’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.78 EPS. On average, equities research analysts forecast that Tesla, Inc. will post 1.75 EPS for the current fiscal year.

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.