Busey Bank Cuts Position in Tesla, Inc. (NASDAQ:TSLA)

Busey Bank cut its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 5.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 5,630 shares of the electric vehicle producer’s stock after selling 356 shares during the period. Busey Bank’s holdings in Tesla were worth $2,274,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Transcendent Capital Group LLC bought a new position in shares of Tesla during the 3rd quarter valued at $29,000. Clean Yield Group lifted 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 valued at $33,000 after buying an additional 48 shares in the last quarter. Peterson Financial Group Inc. bought a new position in shares of Tesla in the third quarter worth approximately $35,000. Finley Financial LLC bought a new position in Tesla in the 4th quarter worth $64,000. Finally, E Fund Management Hong Kong Co. Ltd. grew its position in shares of Tesla by 692.6% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 214 shares of the electric vehicle producer’s stock worth $56,000 after purchasing an additional 187 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on TSLA. KGI Securities upgraded shares of Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 price target on the stock in a report on Thursday, October 24th. Piper Sandler raised their price target on Tesla from $315.00 to $500.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. Bank of America downgraded shares of Tesla from a “buy” rating to a “neutral” rating and upped their price target for the company from $400.00 to $490.00 in a report on Tuesday, January 7th. Guggenheim reissued a “sell” rating and issued a $175.00 price objective on shares of Tesla in a research note on Wednesday, January 29th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Tesla in a research note on Tuesday, October 8th. Nine analysts have rated the stock with a sell rating, thirteen have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $318.31.

Insider Activity at Tesla

In other news, CFO Vaibhav Taneja sold 7,000 shares of the 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 transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of Tesla stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $346.02, for a total value of $34,602,000.00. Following the sale, the director now directly owns 5,400 shares of the company’s stock, valued at $1,868,508. This trade represents a 94.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 553,386 shares of company stock valued at $196,305,796 in the last ninety days. Company insiders own 20.70% of the company’s stock.

Tesla Trading Up 1.1 %

Shares of NASDAQ:TSLA opened at $404.60 on Monday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37. The firm has a market capitalization of $1.30 trillion, a P/E ratio of 198.33, a P/E/G ratio of 8.08 and a beta of 2.30. The business’s 50-day moving average is $404.22 and its 200 day moving average is $299.34. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $488.54.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a return on equity of 10.54% and a net margin of 7.26%. On average, research analysts predict that Tesla, Inc. will post 2.82 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.