Tesla, Inc. (NASDAQ:TSLA) Stock Position Reduced by AMG National Trust Bank

AMG National Trust Bank decreased its stake in Tesla, Inc. (NASDAQ:TSLA) by 87.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,142 shares of the electric vehicle producer’s stock after selling 28,721 shares during the quarter. AMG National Trust Bank’s holdings in Tesla were worth $1,084,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Bank & Trust Co acquired a new stake in Tesla during the second quarter valued at $25,000. Valley Wealth Managers Inc. acquired a new stake in shares of Tesla during the 2nd quarter valued at about $26,000. Abich Financial Wealth Management LLC grew its stake in shares of Tesla by 168.8% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after buying an additional 81 shares in the last quarter. Transcendent Capital Group LLC acquired a new position in Tesla in the third quarter worth approximately $29,000. Finally, Clean Yield Group raised its position in Tesla by 60.0% during the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after acquiring an additional 48 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Stock Performance

NASDAQ TSLA opened at $346.00 on Wednesday. The stock has a market cap of $1.11 trillion, a P/E ratio of 94.79, a PEG ratio of 10.42 and a beta of 2.29. 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, Inc. has a twelve month low of $138.80 and a twelve month high of $358.64. The company’s 50-day simple moving average is $257.14 and its 200 day simple moving average is $223.29.

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 analysts’ consensus estimates of $0.58 by $0.14. The business had revenue of $25.18 billion during the quarter, compared to analysts’ expectations of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. Tesla’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.53 EPS. As a group, research analysts forecast that Tesla, Inc. will post 1.99 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on TSLA. HSBC restated a “reduce” rating and set a $124.00 price target on shares of Tesla in a research note on Friday, October 11th. Canaccord Genuity Group raised their target price on Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Royal Bank of Canada boosted their price target on Tesla from $249.00 to $313.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. Morgan Stanley reissued an “overweight” rating and set a $310.00 price objective on shares of Tesla in a report on Thursday, October 3rd. Finally, Truist Financial boosted their target price on Tesla from $236.00 to $238.00 and gave the stock a “hold” rating in a report on Thursday, October 24th. Nine research analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $230.18.

Insider Buying and Selling at Tesla

In other news, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 67,491 shares in the company, valued at approximately $14,967,479.07. The trade was a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Taneja sold 8,000 shares of the 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 sale, the chief financial officer now owns 105,032 shares in the company, valued at approximately $26,258,000. This trade represents a 7.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 301,187 shares of company stock valued at $92,956,692. 20.70% of the stock is currently owned by company insiders.

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.