Pinnacle Financial Partners Inc Reduces Stake in Tesla, Inc. (NASDAQ:TSLA)

Pinnacle Financial Partners Inc cut its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 58.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,297 shares of the electric vehicle producer's stock after selling 5,935 shares during the quarter. Pinnacle Financial Partners Inc's holdings in Tesla were worth $1,124,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. International Assets Investment Management LLC boosted its position in shares of Tesla by 35,611.2% during the 3rd quarter. International Assets Investment Management LLC now owns 11,054,391 shares of the electric vehicle producer's stock valued at $2,892,160,000 after purchasing an additional 11,023,436 shares in the last quarter. Clean Energy Transition LLP grew its holdings in Tesla by 347.7% during the second quarter. Clean Energy Transition LLP now owns 4,818,600 shares of the electric vehicle producer's stock valued at $953,505,000 after purchasing an additional 6,764,300 shares during the period. Strategic Financial Concepts LLC increased its holdings in Tesla by 21,816.0% in the 2nd quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer's stock worth $1,167,970,000 after acquiring an additional 5,875,484 shares during the last quarter. Vanguard Group Inc. boosted its stake in Tesla by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer's stock worth $41,064,917,000 after purchasing an additional 3,795,748 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Tesla by 236.8% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,104,010 shares of the electric vehicle producer's stock valued at $416,341,000 after buying an additional 1,479,378 shares during the period. Institutional investors own 66.20% of the company's stock.

Tesla Stock Up 1.8 %

Shares of Tesla stock traded up $5.73 during midday trading on Friday, reaching $316.91. 89,161,605 shares of the company's stock traded hands, compared to its average volume of 95,902,711. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $358.64. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. The company has a market cap of $1.02 trillion, a price-to-earnings ratio of 87.49, a price-to-earnings-growth ratio of 10.73 and a beta of 2.29. The company's 50 day simple moving average is $250.10 and its 200 day simple moving average is $219.58.

Tesla (NASDAQ:TSLA - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, beating 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 analysts' expectations 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% compared to the same quarter last year. Equities analysts expect that Tesla, Inc. will post 1.99 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on TSLA shares. Needham & Company LLC reiterated a "hold" rating on shares of Tesla in a report on Thursday, October 24th. Royal Bank of Canada upped their price objective on Tesla from $249.00 to $313.00 and gave the company an "outperform" rating in a research report on Friday. Roth Mkm restated a "neutral" rating and set a $85.00 price objective on shares of Tesla in a report on Friday, October 11th. Robert W. Baird restated an "outperform" rating and issued a $280.00 price objective on shares of Tesla in a research report on Tuesday, August 20th. Finally, Phillip Securities cut shares of Tesla from a "moderate sell" rating to a "strong sell" rating in a research report on Wednesday. Nine investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $230.18.

Insider Buying and Selling at Tesla

In related news, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of the firm's stock in a transaction dated 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 in the company, valued at $14,967,479.07. This trade represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 188,797 shares of company stock worth $57,616,781 over the last ninety days. Insiders own 20.70% of the company's stock.

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.