M&T Bank Corp Increases Stock Position in Tesla, Inc. (NASDAQ:TSLA)

M&T Bank Corp boosted its holdings in Tesla, Inc. (NASDAQ:TSLA) by 13.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 341,442 shares of the electric vehicle producer’s stock after purchasing an additional 39,961 shares during the quarter. M&T Bank Corp’s holdings in Tesla were worth $89,332,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of TSLA. Valley Wealth Managers Inc. acquired a new position in shares of Tesla in the second quarter valued at approximately $26,000. Abich Financial Wealth Management LLC increased its stake in Tesla by 168.8% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after buying an additional 81 shares during the period. Transcendent Capital Group LLC purchased a new position in Tesla during the 3rd quarter worth $29,000. Clean Yield Group lifted its stake in shares of Tesla by 60.0% in the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after acquiring an additional 48 shares during the period. Finally, Peterson Financial Group Inc. purchased a new stake in shares of Tesla in the third quarter valued at about $35,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Trading Down 3.5 %

NASDAQ:TSLA opened at $421.06 on Friday. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $488.54. 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 firm’s fifty day moving average is $322.89 and its 200-day moving average is $255.91. The firm has a market cap of $1.35 trillion, a P/E ratio of 115.36, a P/E/G ratio of 10.80 and a beta of 2.36.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The company had revenue of $25.18 billion for the quarter, compared to the consensus estimate of $25.47 billion. During the same quarter in the previous year, the company earned $0.53 EPS. Tesla’s quarterly 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 year.

Insider Activity

In other Tesla news, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the completion of the transaction, the director now owns 85,000 shares in the company, valued at approximately $26,727,400. The trade was a 56.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total value of $2,000,000.00. Following the completion of the sale, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. The trade was a 7.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 522,886 shares of company stock worth $171,393,831 over the last quarter. 20.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on TSLA shares. Roth Mkm raised shares of Tesla from a “neutral” rating to a “buy” rating and increased their price target for the stock from $85.00 to $380.00 in a report on Monday, December 2nd. Needham & Company LLC reissued a “hold” rating on shares of Tesla in a report on Thursday, October 24th. The Goldman Sachs Group upped their price objective on Tesla from $250.00 to $345.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. KGI Securities upgraded shares of Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 target price on the stock in a research report on Thursday, October 24th. Finally, Sanford C. Bernstein reaffirmed an “underperform” rating and issued a $120.00 target price on shares of Tesla in a report on Thursday, October 3rd. Nine analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $272.06.

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.