1ST Source Bank Buys 55 Shares of Tesla, Inc. (NASDAQ:TSLA)

1ST Source Bank lifted its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 5.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,042 shares of the electric vehicle producer’s stock after acquiring an additional 55 shares during the quarter. 1ST Source Bank’s holdings in Tesla were worth $421,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in TSLA. Swedbank AB boosted its stake in Tesla by 2.8% in the 3rd quarter. Swedbank AB now owns 1,098,717 shares of the electric vehicle producer’s stock worth $287,457,000 after purchasing an additional 29,669 shares during the period. Principal Financial Group Inc. boosted its stake in Tesla by 5.6% in the 3rd quarter. Principal Financial Group Inc. now owns 3,650,393 shares of the electric vehicle producer’s stock worth $955,052,000 after purchasing an additional 194,796 shares during the period. United Bank bought a new position in Tesla in the 3rd quarter worth approximately $287,000. Chesapeake Capital Corp IL bought a new position in Tesla in the 3rd quarter worth approximately $221,000. Finally, Quest Partners LLC bought a new position in Tesla in the 3rd quarter worth approximately $2,363,000. 66.20% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Tesla news, Director James R. Murdoch sold 54,776 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $240.79, for a total value of $13,189,513.04. Following the completion of the sale, the director now owns 477,011 shares of the company’s stock, valued at approximately $114,859,478.69. This trade represents a 10.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 7,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $413.56, for a total value of $2,894,920.00. Following the completion of the sale, the chief financial officer now directly owns 108,965 shares of the company’s stock, valued at approximately $45,063,565.40. This represents a 6.04 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 477,228 shares of company stock valued at $166,849,043. 20.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

TSLA has been the subject of a number of research reports. Stifel Nicolaus lowered their target price on Tesla from $492.00 to $474.00 and set a “buy” rating for the company in a research report on Monday, February 10th. Piper Sandler increased their target price on Tesla from $315.00 to $500.00 and gave the company an “overweight” rating in a research report on Tuesday, January 21st. Bank of America lowered their target price on Tesla from $490.00 to $380.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. New Street Research upgraded Tesla from a “neutral” rating to a “buy” rating and set a $460.00 target price for the company in a research report on Monday, January 6th. Finally, TD Cowen upgraded Tesla from a “hold” rating to a “buy” rating and increased their price target for the company from $180.00 to $388.00 in a report on Friday, March 7th. Nine analysts have rated the stock with a sell rating, ten have issued a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $323.00.

Tesla Price Performance

Shares of TSLA stock opened at $238.01 on Tuesday. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $488.54. The stock’s 50-day moving average is $347.85 and its 200 day moving average is $320.53. The company has a market cap of $765.56 billion, a P/E ratio of 116.67, a PEG ratio of 5.86 and a beta of 2.50. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. Research analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Tesla 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.