Washington Trust Bank Acquires New Stake in Tesla, Inc. (NASDAQ:TSLA)

Washington Trust Bank acquired a new stake in Tesla, Inc. (NASDAQ:TSLA) during the third quarter, according to its most recent filing with the SEC. The firm acquired 866 shares of the electric vehicle producer’s stock, valued at approximately $227,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank & Trust Co purchased a new stake in shares of Tesla during the 2nd quarter worth $25,000. Clean Yield Group boosted its position in shares of Tesla by 60.0% during the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after purchasing an additional 48 shares in the last quarter. Abich Financial Wealth Management LLC boosted its position in shares of Tesla by 168.8% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after purchasing an additional 81 shares in the last quarter. Valley Wealth Managers Inc. purchased a new stake in shares of Tesla during the 2nd quarter worth $26,000. Finally, M&R Capital Management Inc. boosted its position in shares of Tesla by 263.2% during the 3rd quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock worth $36,000 after purchasing an additional 100 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Stock Up 2.9 %

TSLA opened at $296.91 on Friday. The firm has a 50 day moving average price of $237.23 and a 200 day moving average price of $213.07. The company has a market cap of $953.10 billion, a PE ratio of 81.35, a price-to-earnings-growth ratio of 9.51 and a beta of 2.29. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $299.75. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. The firm had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The company’s revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.53 EPS. Sell-side analysts expect that Tesla, Inc. will post 1.96 earnings per share for the current year.

Wall Street Analyst Weigh In

TSLA has been the topic of several research analyst reports. HSBC restated a “reduce” rating and set a $124.00 target price on shares of Tesla in a research report on Friday, October 11th. Sanford C. Bernstein reiterated an “underperform” rating and issued a $120.00 price objective on shares of Tesla in a research report on Thursday, October 3rd. Wedbush reiterated an “outperform” rating and issued a $300.00 price objective on shares of Tesla in a research report on Thursday, October 24th. Roth Mkm reiterated a “neutral” rating and issued a $85.00 price objective on shares of Tesla in a research report on Friday, October 11th. Finally, UBS Group lowered shares of Tesla from a “neutral” rating to a “sell” rating and boosted their price objective for the stock from $147.00 to $197.00 in a research report on Friday, July 12th. Eight research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Tesla currently has an average rating of “Hold” and an average target price of $222.03.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 4,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $251.76, for a total transaction of $1,007,040.00. Following the completion of the transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at approximately $26,442,856.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the transaction, the senior vice president now directly owns 67,491 shares in the company, valued at approximately $14,967,479.07. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now owns 105,032 shares of the company’s stock, valued at approximately $26,442,856.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 76,797 shares of company stock worth $19,211,821 in the last 90 days. 20.70% of the stock is owned by company insiders.

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.