Tesla, Inc. $TSLA Shares Acquired by Synovus Financial Corp

Synovus Financial Corp grew its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 11.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,485 shares of the electric vehicle producer’s stock after acquiring an additional 2,841 shares during the period. Synovus Financial Corp’s holdings in Tesla were worth $7,382,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Cherry Tree Wealth Management LLC grew its holdings in Tesla by 86.3% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after acquiring an additional 44 shares in the last quarter. First PREMIER Bank grew its holdings in Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after acquiring an additional 42 shares in the last quarter. Newton One Investments LLC grew its holdings in Tesla by 250.0% during the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock worth $27,000 after acquiring an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in Tesla during the 1st quarter worth $27,000. Finally, True Wealth Design LLC grew its holdings in Tesla by 79.5% during the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock worth $28,000 after acquiring an additional 31 shares in the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on TSLA. The Goldman Sachs Group restated a “neutral” rating on shares of Tesla in a research report on Sunday, August 17th. Piper Sandler restated an “overweight” rating and issued a $400.00 price target on shares of Tesla in a research report on Tuesday, June 10th. Glj Research restated a “sell” rating on shares of Tesla in a research report on Thursday, July 24th. Wedbush restated an “outperform” rating and issued a $500.00 price target on shares of Tesla in a research report on Monday, August 4th. Finally, Baird R W downgraded shares of Tesla from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 9th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fifteen have assigned a Hold rating and nine have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $303.31.

Tesla Stock Up 6.2%

TSLA stock opened at $340.01 on Monday. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a fifty-two week low of $202.59 and a fifty-two week high of $488.54. The firm’s 50-day simple moving average is $321.27 and its 200 day simple moving average is $302.58. The stock has a market cap of $1.10 trillion, a PE ratio of 196.54, a price-to-earnings-growth ratio of 11.82 and a beta of 2.33.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same period last year, the business earned $0.52 EPS. The firm’s revenue was down 11.8% on a year-over-year basis. As a group, sell-side analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Activity

In other Tesla news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the firm’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the transaction, the director owned 855,394 shares of the company’s stock, valued at approximately $305,632,276.20. This trade represents a 35.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Xiaotong Zhu sold 15,000 shares of Tesla stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the completion of the transaction, the senior vice president directly owned 67,600 shares in the company, valued at $21,889,556. This represents a 18.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold 599,724 shares of company stock worth $213,126,501 in the last 90 days. 20.70% of the stock is currently owned by insiders.

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.