RNC Capital Management LLC Sells 1,016 Shares of Tesla, Inc. (NASDAQ:TSLA)

RNC Capital Management LLC trimmed its stake in Tesla, Inc. (NASDAQ:TSLA) by 25.3% in the 4th quarter, HoldingsChannel reports. The firm owned 3,001 shares of the electric vehicle producer’s stock after selling 1,016 shares during the period. RNC Capital Management LLC’s holdings in Tesla were worth $1,212,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Transcendent Capital Group LLC bought a new position in shares of Tesla in the third quarter worth about $29,000. Peterson Financial Group Inc. purchased a new stake in Tesla in the 3rd quarter worth approximately $35,000. Finley Financial LLC purchased a new position in Tesla during the fourth quarter valued at approximately $64,000. E Fund Management Hong Kong Co. Ltd. boosted its position in shares of Tesla by 692.6% in 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 during the period. Finally, Crews Bank & Trust purchased a new stake in shares of Tesla in the fourth quarter worth $91,000. 66.20% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on TSLA. Canaccord Genuity Group upped their target price on shares of Tesla from $298.00 to $400.00 and gave the stock a “buy” rating in a report on Friday, January 3rd. Guggenheim reaffirmed a “sell” rating and issued a $175.00 price objective on shares of Tesla in a research note on Wednesday, January 29th. Needham & Company LLC reissued a “hold” rating on shares of Tesla in a research note on Monday. Truist Financial upped their price target on Tesla from $351.00 to $373.00 and gave the stock a “hold” rating in a research note on Thursday, January 30th. Finally, Evercore ISI lifted their price objective on shares of Tesla from $195.00 to $275.00 and gave the company an “in-line” rating in a research report on Friday, January 3rd. Nine equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $321.71.

Tesla Stock Performance

Shares of Tesla stock opened at $350.73 on Tuesday. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $488.54. The company has a market capitalization of $1.13 trillion, a PE ratio of 171.93, a price-to-earnings-growth ratio of 6.22 and a beta of 2.34. The stock’s fifty day moving average is $408.27 and its two-hundred day moving average is $304.55. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. As a group, analysts expect that Tesla, Inc. will post 2.54 earnings per share for the current year.

Insider Activity

In other news, Director Kimbal Musk sold 75,000 shares of the firm’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $367.87, for a total transaction of $27,590,250.00. Following the transaction, the director now owns 1,463,220 shares in the company, valued at approximately $538,274,741.40. This trade represents a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Taneja sold 7,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $354.43, for a total transaction of $2,481,010.00. Following the transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at $37,226,491.76. This trade represents a 6.25 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 635,776 shares of company stock valued at $231,335,112. Corporate insiders own 20.70% of the company’s stock.

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. 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.