CNB Bank Reduces Stake in Tesla, Inc. (NASDAQ:TSLA)

CNB Bank lowered its stake in Tesla, Inc. (NASDAQ:TSLA) by 5.8% in the 4th quarter, HoldingsChannel reports. The fund owned 8,521 shares of the electric vehicle producer’s stock after selling 521 shares during the period. Tesla accounts for approximately 1.6% of CNB Bank’s holdings, making the stock its 12th largest holding. CNB Bank’s holdings in Tesla were worth $3,441,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of TSLA. Abich Financial Wealth Management LLC boosted its position in shares of Tesla by 168.8% during the second 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 during the period. Transcendent Capital Group LLC purchased a new position in shares of Tesla during the third quarter valued at approximately $29,000. Clean Yield Group boosted its position in shares of 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 buying an additional 48 shares during the period. Peterson Financial Group Inc. purchased a new position in shares of Tesla during the third quarter valued at approximately $35,000. Finally, M&R Capital Management Inc. boosted its position in shares of Tesla by 263.2% during the third quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock valued at $36,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Price Performance

Shares of TSLA opened at $426.50 on Friday. The firm has a market capitalization of $1.37 trillion, a PE ratio of 116.85, a price-to-earnings-growth ratio of 6.53 and a beta of 2.30. 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 $488.54. The company’s fifty day moving average price is $389.94 and its 200-day moving average price is $288.09.

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

Insider Buying and Selling at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 4,000 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $251.76, for a total value of $1,007,040.00. Following the sale, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at approximately $26,442,856.32. This represents a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kimbal Musk sold 60,500 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the completion of the sale, the director now directly owns 1,563,220 shares in the company, valued at approximately $391,164,540.60. The trade was a 3.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 621,886 shares of company stock valued at $213,451,751. 20.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TSLA. StockNews.com upgraded Tesla from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Barclays boosted their price target on Tesla from $270.00 to $325.00 and gave the company an “equal weight” rating in a report on Wednesday. Jefferies Financial Group boosted their price target on Tesla from $195.00 to $300.00 and gave the company a “hold” rating in a report on Thursday, November 14th. Guggenheim boosted their price target on Tesla from $156.00 to $175.00 and gave the company a “sell” rating in a report on Thursday, December 5th. Finally, Piper Sandler boosted their price target on Tesla from $310.00 to $315.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Nine investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $299.33.

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.