First Commonwealth Financial Corp PA Makes New $1.30 Million Investment in Tesla, Inc. (NASDAQ:TSLA)

First Commonwealth Financial Corp PA bought a new stake in Tesla, Inc. (NASDAQ:TSLA) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,221 shares of the electric vehicle producer’s stock, valued at approximately $1,301,000.

Other institutional investors have also recently made changes to their positions in the company. Destination Wealth Management boosted its position in shares of Tesla by 12.1% during the third quarter. Destination Wealth Management now owns 12,597 shares of the electric vehicle producer’s stock valued at $3,296,000 after buying an additional 1,359 shares during the period. Stephens Consulting LLC boosted its holdings in Tesla by 126.7% during the 4th quarter. Stephens Consulting LLC now owns 1,594 shares of the electric vehicle producer’s stock valued at $644,000 after acquiring an additional 891 shares during the period. Worth Asset Management LLC grew its position in Tesla by 383.1% in the 4th quarter. Worth Asset Management LLC now owns 8,314 shares of the electric vehicle producer’s stock valued at $3,358,000 after acquiring an additional 6,593 shares during the last quarter. Strategic Family Wealth Counselors L.L.C. increased its stake in Tesla by 133.7% in the fourth quarter. Strategic Family Wealth Counselors L.L.C. now owns 2,847 shares of the electric vehicle producer’s stock worth $1,150,000 after purchasing an additional 1,629 shares during the period. Finally, Ameritas Advisory Services LLC lifted its position in shares of Tesla by 104.9% during the fourth quarter. Ameritas Advisory Services LLC now owns 57,553 shares of the electric vehicle producer’s stock worth $23,242,000 after purchasing an additional 29,458 shares during the last quarter. Institutional investors own 66.20% of the company’s stock.

Insider Buying and Selling at Tesla

In related news, Director Kimbal Musk sold 75,000 shares of the firm’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $367.87, for a total transaction of $27,590,250.00. Following the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robyn M. Denholm sold 112,390 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $384.04, for a total value of $43,162,255.60. Following the sale, the director now owns 85,000 shares in the company, valued at $32,643,400. This trade represents a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 374,228 shares of company stock worth $123,791,123. Insiders own 20.70% of the company’s stock.

Tesla Price Performance

Shares of NASDAQ TSLA opened at $241.55 on Thursday. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $488.54. The business’s 50 day moving average price is $277.86 and its 200 day moving average price is $322.47. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. The firm has a market cap of $776.95 billion, a P/E ratio of 118.41, a P/E/G ratio of 5.86 and a beta of 2.58.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data 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 net margin of 7.26% and a return on equity of 10.31%. On average, sell-side analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

TSLA has been the topic of several recent analyst reports. Oppenheimer reaffirmed a “mixed” rating on shares of Tesla in a research note on Tuesday, March 18th. BNP Paribas set a $137.00 price objective on Tesla and gave the stock an “underperform” rating in a report on Wednesday. Bank of America decreased their target price on Tesla from $490.00 to $380.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Guggenheim cut their price target on Tesla from $175.00 to $170.00 and set a “sell” rating on the stock in a research note on Wednesday, March 12th. Finally, Wedbush lowered their price objective on shares of Tesla from $550.00 to $315.00 and set an “outperform” rating for the company in a research note on Monday, April 7th. Nine research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Tesla has a consensus rating of “Hold” and an average price target of $292.18.

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.