Hancock Whitney Corp Cuts Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Hancock Whitney Corp trimmed its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 0.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,700 shares of the electric vehicle producer’s stock after selling 130 shares during the period. Hancock Whitney Corp’s holdings in Tesla were worth $12,218,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Bank & Trust Co purchased a new stake in Tesla during the 2nd quarter worth approximately $25,000. Valley Wealth Managers Inc. purchased a new stake in shares of Tesla during the second quarter worth approximately $26,000. Abich Financial Wealth Management LLC raised 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 purchasing an additional 81 shares during the last quarter. Transcendent Capital Group LLC purchased a new position in Tesla in the 3rd quarter valued at $29,000. Finally, Clean Yield Group grew its holdings in shares of Tesla by 60.0% during the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after buying an additional 48 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Insider Buying and Selling

In related news, CFO Vaibhav Taneja sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the transaction, the chief financial officer now owns 105,032 shares in the company, valued at $26,258,000. This trade represents a 7.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robyn M. Denholm sold 112,390 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now owns 85,000 shares in the company, valued at approximately $26,727,400. This trade represents a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 301,187 shares of company stock worth $92,956,692 over the last 90 days. 20.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on TSLA shares. Jefferies Financial Group raised their price target on shares of Tesla from $195.00 to $300.00 and gave the stock a “hold” rating in a research note on Thursday, November 14th. Canaccord Genuity Group boosted their target price on Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Truist Financial increased their price target on Tesla from $236.00 to $238.00 and gave the company a “hold” rating in a report on Thursday, October 24th. Needham & Company LLC reissued a “hold” rating on shares of Tesla in a research note on Thursday, October 24th. Finally, KGI Securities raised Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 target price for the company in a research note on Thursday, October 24th. Nine investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Tesla presently has an average rating of “Hold” and a consensus target price of $230.18.

Tesla Trading Up 2.3 %

NASDAQ TSLA opened at $360.67 on Monday. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $361.53. The firm has a 50 day moving average of $264.07 and a two-hundred day moving average of $226.79. The stock has a market capitalization of $1.16 trillion, a PE ratio of 96.59, a price-to-earnings-growth ratio of 11.45 and a beta of 2.29. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, beating the consensus estimate of $0.58 by $0.14. The firm had revenue of $25.18 billion for the quarter, compared to analyst estimates of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. Tesla’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.53 earnings per share. As a group, research analysts expect that Tesla, Inc. will post 1.99 EPS for the current fiscal year.

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.