Tesla, Inc. $TSLA Stock Bought by Pinnacle Financial Group LLC IL

Pinnacle Financial Group LLC IL increased its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 202.8% during the 3rd quarter, Holdings Channel reports. The fund owned 2,601 shares of the electric vehicle producer’s stock after buying an additional 1,742 shares during the quarter. Pinnacle Financial Group LLC IL’s holdings in Tesla were worth $923,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Legal & General Group Plc bought a new position in shares of Tesla during the second quarter worth $8,535,612,000. Bank of New York Mellon Corp bought a new stake in shares of Tesla in the 2nd quarter valued at $6,083,630,000. Deutsche Bank AG acquired a new stake in Tesla during the 2nd quarter worth $4,039,090,000. Canada Pension Plan Investment Board acquired a new stake in Tesla during the 2nd quarter worth $3,144,509,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Tesla during the second quarter worth about $2,995,584,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

More Tesla News

Here are the key news stories impacting Tesla this week:

• Positive Sentiment: European sales showed meaningful improvement in October: Tesla registrations rose 248% year over year in Sweden, 131% in Norway and 34% in Denmark. The gains suggest Tesla may be beginning to recover from its prolonged global sales slump. Tesla registrations surge across Northern Europe in October
• Positive Sentiment: Tesla’s Cybercab and robotaxi expansion remains a major part of the bullish investment case. New or expanded operations in Texas, Nevada and other U.S. markets could create higher-margin, recurring software and mobility revenue if Tesla reaches its targeted operating cost of roughly $0.30 per paid mile. Cybercab Expansion Might Change the Case for Investing in Tesla Stock
• Neutral Sentiment: Tesla may be reconsidering a larger role for Taiwan Semiconductor Manufacturing Co. in its Texas Terafab chip project. TSMC’s manufacturing expertise could improve execution, although the report also suggests Tesla may have less direct control over a strategically important initiative. Tesla’s Terafab May Reportedly Lean on TSMC After All
• Neutral Sentiment: Reports that Tesla and SpaceX are exploring a combination continue to generate speculative upside scenarios, but the transaction would require agreement on valuation, exchange terms and shareholder approval. The potential deal is not yet a completed corporate action. Barclays Says a SpaceX Merger Is Now a Key Part of the Tesla Bull Case
• Negative Sentiment: Investor Gary Black says Tesla’s U.S. EV share has fallen from approximately 80% to 52% as smaller and lesser-known rivals gain ground. His call for stronger marketing highlights competitive pressure and could weigh on confidence in Tesla’s ability to justify its very high valuation. Gary Black Says Tesla Is Losing EV Share
• Negative Sentiment: BYD, Xiaomi and XPeng reported strong October sales in China, reinforcing the threat from increasingly capable local competitors. That pressure is especially important because Tesla trades at a substantial earnings premium despite modest profitability and recently declining revenue. Tesla China EV Rivals Report Strong Sales

Insider Buying and Selling

In related news, CFO Vaibhav Taneja sold 2,606 shares of the firm’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $360.13, for a total value of $938,498.78. Following the completion of the transaction, the chief financial officer owned 25,972 shares of the company’s stock, valued at approximately $9,353,296.36. This trade represents a 9.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 20.00% of the company’s stock.

Tesla Stock Performance

NASDAQ TSLA opened at $399.81 on Monday. Tesla, Inc. has a 52 week low of $297.38 and a 52 week high of $498.83. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.39 and a current ratio of 1.74. The stock’s 50 day moving average price is $369.61 and its two-hundred day moving average price is $385.81. The stock has a market capitalization of $1.58 trillion, a price-to-earnings ratio of 439.36, a PEG ratio of 24.77 and a beta of 1.74.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, October 21st. The electric vehicle producer reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.02. Tesla had a net margin of 3.11% and a return on equity of 3.03%. The company had revenue of $28.05 billion during the quarter, compared to analysts’ expectations of $28.06 billion. During the same period last year, the business earned $0.50 EPS. The business’s quarterly revenue was down .2% on a year-over-year basis. As a group, analysts anticipate that Tesla, Inc. will post 0.67 earnings per share for the current fiscal year.

Analysts Set New Price Targets

TSLA has been the subject of several recent analyst reports. Roth Capital restated a “buy” rating and issued a $505.00 price target on shares of Tesla in a report on Thursday, July 23rd. Wells Fargo & Company reiterated a “buy” rating on shares of Tesla in a report on Thursday, October 1st. Wall Street Zen lowered Tesla from a “hold” rating to a “sell” rating in a research report on Saturday, October 24th. Oppenheimer began coverage on Tesla in a research note on Thursday, October 22nd. They set an “outperform” rating for the company. Finally, BNP Paribas Exane upgraded shares of Tesla from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $266.00 to $420.00 in a report on Thursday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, seventeen have given a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, Tesla has an average rating of “Moderate Buy” and an average price target of $414.51.

About Tesla

Tesla, Inc is an electric vehicle and clean energy company headquartered in Austin, Texas. Founded in 2003, the company designs, manufactures and sells electric vehicles, including the Model S, Model 3, Model X, Model Y and Cybertruck. Tesla also develops vehicle software, driver-assistance features and related services intended to support the operation and ownership of its vehicles.

Beyond automobiles, Tesla produces energy storage products for residential, commercial and utility-scale applications, including the Powerwall and Megapack.