Truist Financial Corp Sells 241,630 Shares of Tesla, Inc. (NASDAQ:TSLA)

Truist Financial Corp reduced its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 31.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 516,657 shares of the electric vehicle producer’s stock after selling 241,630 shares during the period. Truist Financial Corp’s holdings in Tesla were worth $128,379,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of TSLA. International Assets Investment Management LLC grew its stake in shares of Tesla by 25,990.7% in the 4th quarter. International Assets Investment Management LLC now owns 6,202,806 shares of the electric vehicle producer’s stock valued at $1,541,273,000 after buying an additional 6,179,032 shares during the period. Vanguard Group Inc. grew its stake in shares of Tesla by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 225,940,011 shares of the electric vehicle producer’s stock valued at $56,534,710,000 after buying an additional 3,453,078 shares during the period. California Public Employees Retirement System grew its stake in shares of Tesla by 34.0% in the 3rd quarter. California Public Employees Retirement System now owns 9,032,207 shares of the electric vehicle producer’s stock valued at $2,260,039,000 after buying an additional 2,293,344 shares during the period. Morgan Stanley grew its stake in shares of Tesla by 7.8% in the 3rd quarter. Morgan Stanley now owns 30,160,747 shares of the electric vehicle producer’s stock valued at $7,546,823,000 after buying an additional 2,177,397 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Tesla by 3.4% in the 3rd quarter. Northern Trust Corp now owns 27,542,824 shares of the electric vehicle producer’s stock valued at $6,891,765,000 after buying an additional 909,170 shares during the period. 66.20% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

TSLA has been the subject of a number of analyst reports. Guggenheim reiterated a “sell” rating and set a $122.00 price target on shares of Tesla in a research note on Tuesday. Roth Mkm reissued a “neutral” rating and set a $85.00 target price on shares of Tesla in a research report on Wednesday. JPMorgan Chase & Co. lowered their price target on shares of Tesla from $130.00 to $115.00 and set an “underweight” rating on the stock in a report on Wednesday, April 3rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Tesla in a report on Wednesday. Finally, Redburn Atlantic started coverage on shares of Tesla in a report on Wednesday, January 24th. They issued a “sell” rating and a $170.00 price target on the stock. Eight analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $186.70.

Tesla Price Performance

NASDAQ:TSLA traded down $1.89 during midday trading on Friday, hitting $168.29. The company had a trading volume of 109,309,500 shares, compared to its average volume of 100,050,800. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $299.29. The stock’s fifty day moving average price is $175.04 and its 200-day moving average price is $208.00. The company has a market capitalization of $536.71 billion, a PE ratio of 42.93, a P/E/G ratio of 4.50 and a beta of 2.39. The company has a quick ratio of 1.25, a current ratio of 1.72 and a debt-to-equity ratio of 0.04.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, January 24th. The electric vehicle producer reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.03). Tesla had a return on equity of 13.18% and a net margin of 14.37%. The company had revenue of $25.17 billion during the quarter, compared to analysts’ expectations of $25.64 billion. During the same quarter last year, the firm posted $1.07 earnings per share. The firm’s revenue was up 3.5% on a year-over-year basis. As a group, research analysts expect that Tesla, Inc. will post 1.97 earnings per share for the current year.

Insiders Place Their Bets

In other Tesla news, SVP Xiaotong Zhu sold 687 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $177.11, for a total value of $121,674.57. Following the completion of the sale, the senior vice president now directly owns 63,171 shares of the company’s stock, valued at $11,188,215.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Tesla news, Director Robyn M. Denholm sold 93,706 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $194.73, for a total value of $18,247,369.38. Following the completion of the sale, the director now directly owns 15,000 shares of the company’s stock, valued at $2,920,950. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 687 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $177.11, for a total transaction of $121,674.57. Following the transaction, the senior vice president now directly owns 63,171 shares of the company’s stock, valued at $11,188,215.81. The disclosure for this sale can be found here. Insiders sold 209,098 shares of company stock valued at $38,802,534 over the last three months. Insiders own 25.10% 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.