Legacy Private Trust Co. has increased its stake in Tesla, Inc. (NASDAQ: TSLA) by 25.9% during the third quarter of 2023. According to the company’s recent filing with the Securities and Exchange Commission (SEC), Legacy now holds 15,374 shares of the electric vehicle manufacturer after acquiring an additional 3,160 shares in this period. As of the latest filing, these holdings are valued at approximately $6.8 million.
Institutional investors have shown significant interest in Tesla, with several firms reporting substantial changes to their positions. Notably, Norges Bank purchased a new stake in Tesla during the second quarter valued at $11.84 billion. Additionally, Kingstone Capital Partners Texas LLC dramatically increased its stake by 581,880.5%, resulting in ownership of 6,436,704 shares worth about $2.04 billion after adding 6,435,598 shares. Vanguard Group Inc. also boosted its holdings by 1.8%, now owning 251,390,681 shares valued at $79.86 billion.
Amundi increased its stake by 29.4% in the first quarter, owning 16,771,882 shares worth approximately $4.48 billion. Meanwhile, Caxton Associates LLP entered the market with a new position valued at about $469.34 million. Collectively, institutional investors currently hold 66.20% of Tesla’s stock.
Tesla’s Current Market Performance
On Friday, Tesla shares opened at $483.37. The company maintains a current ratio of 2.07 and a quick ratio of 1.67, with a debt-to-equity ratio of 0.07. Over the past year, Tesla’s stock has fluctuated, reaching a low of $214.25 and a high of $495.28. Its market capitalization stands at $1.61 trillion, with a price-to-earnings (P/E) ratio of 322.25 and a PEG ratio of 11.68.
Equities research analysts have also provided their insights on Tesla. Truist Financial raised its target price from $280.00 to $406.00, assigning a “hold” rating on October 23, 2023. Roth Capital set a price objective of $505.00 and recommended a “buy” rating. TD Cowen increased its target price from $374.00 to $509.00, also recommending a “buy.”
As of now, Tesla has garnered a range of ratings from analysts, with one issuing a “Strong Buy,” twenty giving a “Buy,” fourteen a “Hold,” and nine a “Sell.” According to data from MarketBeat.com, Tesla has an average rating of “Hold” alongside a consensus price target of $402.25.
Recent Insider Transactions
In recent insider activity, Tesla’s Chief Financial Officer, Vaibhav Taneja, sold 2,637 shares on December 8, 2023, at an average price of $443.93, resulting in a total transaction value of $1.17 million. Following this sale, Taneja holds 13,757 shares valued at approximately $6.11 million, marking a 16.09% decrease in his position.
Additionally, Director Kimbal Musk sold 56,820 shares on December 9, 2023, at an average price of $450.66, totaling about $25.61 million. After this transaction, Musk retains 1,391,615 shares valued at approximately $627.15 million, reflecting a 3.92% decrease in his ownership.
Insiders currently own 19.90% of Tesla’s stock, highlighting continued confidence among company leadership despite fluctuations in share value.
About Tesla, Inc.
Tesla, Inc. specializes in designing, developing, manufacturing, leasing, and selling electric vehicles and energy generation and storage systems. The company operates in two primary segments: Automotive and Energy Generation and Storage. In the Automotive segment, Tesla not only produces electric vehicles but also sells automotive regulatory credits and provides various services, including vehicle insurance.
The ongoing interest from institutional investors, combined with positive analyst forecasts, suggests a robust outlook for Tesla as it continues to navigate the evolving electric vehicle market.
