Atlantic Union Bankshares Corp Cuts Stake in Tesla, Inc. (NASDAQ:TSLA)

Atlantic Union Bankshares Corp lowered its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 1.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,021 shares of the electric vehicle producer’s stock after selling 127 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Tesla were worth $3,409,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Lakewood Asset Management LLC purchased a new position in Tesla during the 4th quarter valued at approximately $25,000. Alpha Paradigm Partners LLC purchased a new position in Tesla during the 3rd quarter valued at approximately $27,000. GW&K Investment Management LLC purchased a new position in shares of Tesla in the 1st quarter worth approximately $30,000. MayTech Global Investments LLC purchased a new position in shares of Tesla in the 4th quarter worth approximately $30,000. Finally, St. Johns Investment Management Company LLC boosted its holdings in shares of Tesla by 451.9% in the 1st quarter. St. Johns Investment Management Company LLC now owns 149 shares of the electric vehicle producer’s stock worth $31,000 after purchasing an additional 122 shares during the period. Hedge funds and other institutional investors own 41.87% of the company’s stock.

Tesla Trading Down 3.3 %

Shares of NASDAQ:TSLA opened at $265.28 on Tuesday. Tesla, Inc. has a 52-week low of $101.81 and a 52-week high of $313.80. The stock has a market cap of $842.00 billion, a price-to-earnings ratio of 75.15, a PEG ratio of 4.28 and a beta of 2.09. The company has a quick ratio of 1.07, a current ratio of 1.59 and a debt-to-equity ratio of 0.02. The business has a 50-day moving average price of $255.83 and a 200-day moving average price of $220.81.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, July 19th. The electric vehicle producer reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.22. The firm had revenue of $24.93 billion during the quarter, compared to analysts’ expectations of $24.22 billion. Tesla had a return on equity of 26.10% and a net margin of 12.97%. The company’s revenue for the quarter was up 47.2% compared to the same quarter last year. During the same period last year, the business posted $0.65 earnings per share. Equities analysts predict that Tesla, Inc. will post 2.94 EPS for the current year.

Wall Street Analysts Forecast Growth

TSLA has been the subject of a number of recent research reports. Morgan Stanley upgraded Tesla from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $250.00 to $400.00 in a report on Sunday, September 10th. JPMorgan Chase & Co. lifted their target price on Tesla from $115.00 to $120.00 and gave the stock an “underweight” rating in a report on Monday, July 3rd. UBS Group began coverage on Tesla in a report on Tuesday, September 12th. They set a “neutral” rating and a $290.00 price objective for the company. Barclays lowered Tesla from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $220.00 to $260.00 in a research note on Wednesday, June 21st. Finally, Mizuho increased their target price on Tesla from $300.00 to $330.00 in a research note on Thursday, July 20th. Six investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $239.43.

Insider Activity at Tesla

In related news, SVP Andrew D. Baglino sold 10,500 shares of Tesla stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $243.13, for a total transaction of $2,552,865.00. Following the completion of the transaction, the senior vice president now directly owns 66,834 shares in the company, valued at $16,249,350.42. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $243.13, for a total value of $2,552,865.00. Following the completion of the sale, the senior vice president now directly owns 66,834 shares in the company, valued at $16,249,350.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Vaibhav Taneja sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, July 7th. The shares were sold at an average price of $278.36, for a total value of $1,113,440.00. Following the completion of the sale, the chief accounting officer now owns 104,504 shares of the company’s stock, valued at $29,089,733.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,815 shares of company stock worth $14,384,135. 20.90% of the stock is owned by corporate insiders.

Tesla Company Profile

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. It 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, retail merchandise, and vehicle insurance services.