PNC Financial Services Group Inc. Acquires 52,974 Shares of Tesla, Inc. (NASDAQ:TSLA)

PNC Financial Services Group Inc. increased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 12.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 468,774 shares of the electric vehicle producer's stock after purchasing an additional 52,974 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Tesla were worth $122,645,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Tesla in the third quarter valued at $44,020,000. SouthState Corp raised its position in Tesla by 11.0% during the third quarter. SouthState Corp now owns 2,989 shares of the electric vehicle producer's stock valued at $782,000 after purchasing an additional 297 shares in the last quarter. Vance Wealth Inc. grew its holdings in shares of Tesla by 4.2% during the 3rd quarter. Vance Wealth Inc. now owns 10,234 shares of the electric vehicle producer's stock valued at $2,678,000 after purchasing an additional 410 shares during the last quarter. W.G. Shaheen & Associates DBA Whitney & Co grew its position in Tesla by 85.4% during the 3rd quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 5,357 shares of the electric vehicle producer's stock worth $1,402,000 after acquiring an additional 2,467 shares during the last quarter. Finally, Princeton Capital Management LLC increased its position in Tesla by 23.7% in the 3rd 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 and hedge funds.

Tesla Stock Performance

NASDAQ:TSLA traded down $3.97 on Wednesday, reaching $342.03. 66,080,885 shares of the company's stock were exchanged, compared to its average volume of 95,997,984. The stock has a fifty day simple moving average of $259.42 and a 200-day simple moving average of $224.12. 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 current ratio of 1.84 and a quick ratio of 1.37. The firm has a market cap of $1.10 trillion, a price-to-earnings ratio of 93.71, a P/E/G ratio of 10.42 and a beta of 2.29.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The business had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. During the same quarter last year, the company earned $0.53 EPS. The firm's revenue was up 7.8% compared to the same quarter last year. As a group, sell-side analysts predict that Tesla, Inc. will post 1.99 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Guggenheim upped their target price on Tesla from $153.00 to $156.00 and gave the company a "sell" rating in a report on Thursday, October 24th. JPMorgan Chase & Co. increased their price objective on shares of Tesla from $130.00 to $135.00 and gave the stock an "underweight" rating in a research report on Thursday, October 24th. Oppenheimer restated a "market perform" rating on shares of Tesla in a report on Tuesday, October 8th. Roth Mkm reiterated a "neutral" rating and set a $85.00 price target on shares of Tesla in a report on Friday, October 11th. Finally, StockNews.com upgraded Tesla from a "sell" rating to a "hold" rating in a research report on Thursday, October 24th. Nine equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Tesla currently has an average rating of "Hold" and an average price target of $230.18.

Insider Activity at Tesla

In related news, SVP Xiaotong Zhu sold 297 shares of the business's stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the sale, the senior vice president now owns 67,491 shares in the company, valued at $14,967,479.07. The trade was a 0.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at $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 90 days, insiders sold 301,187 shares of company stock valued at $92,956,692. 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.