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

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

A number of other institutional investors and hedge funds have also recently bought and sold shares of TSLA. Principal Financial Group Inc. increased its position in Tesla by 5.6% during the third quarter. Principal Financial Group Inc. now owns 3,650,393 shares of the electric vehicle producer’s stock worth $955,052,000 after purchasing an additional 194,796 shares during the last quarter. M&T Bank Corp increased its holdings in shares of Tesla by 13.3% during the 3rd quarter. M&T Bank Corp now owns 341,442 shares of the electric vehicle producer’s stock worth $89,332,000 after buying an additional 39,961 shares during the last quarter. McIlrath & Eck LLC raised its position in shares of Tesla by 6.0% during the 3rd quarter. McIlrath & Eck LLC now owns 3,401 shares of the electric vehicle producer’s stock valued at $890,000 after buying an additional 192 shares during the period. Advisory Resource Group grew its position in Tesla by 1.2% in the third quarter. Advisory Resource Group now owns 4,260 shares of the electric vehicle producer’s stock worth $1,115,000 after acquiring an additional 50 shares during the period. Finally, Morse Asset Management Inc increased its stake in Tesla by 46.0% during the third quarter. Morse Asset Management Inc now owns 8,712 shares of the electric vehicle producer’s stock worth $2,279,000 after acquiring an additional 2,743 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Trading Down 4.9 %

NASDAQ TSLA opened at $241.55 on Thursday. The firm’s fifty day moving average price is $277.86 and its 200 day moving average price is $322.47. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $488.54. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. The company has a market capitalization of $776.95 billion, a price-to-earnings ratio of 118.41, a price-to-earnings-growth ratio of 5.86 and a beta of 2.58.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (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%. On average, sell-side analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TSLA. Canaccord Genuity Group reiterated a “buy” rating and set a $404.00 price target on shares of Tesla in a report on Monday, March 17th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Tesla from $420.00 to $345.00 and set a “buy” rating on the stock in a research note on Friday, March 28th. Glj Research reaffirmed a “buy” rating on shares of Tesla in a research report on Tuesday, March 11th. Piper Sandler cut their target price on Tesla from $450.00 to $400.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Wedbush dropped their price objective on Tesla from $550.00 to $315.00 and set an “outperform” rating for the company in a research note on Monday, April 7th. Nine equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $292.18.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction on Monday, April 7th. The shares were sold at an average price of $250.00, for a total value of $1,000,000.00. Following the transaction, the chief financial officer now directly owns 26,950 shares of the company’s stock, valued at $6,737,500. The trade was a 12.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James R. Murdoch sold 54,776 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $240.79, for a total transaction of $13,189,513.04. Following the sale, the director now owns 477,011 shares of the company’s stock, valued at approximately $114,859,478.69. This represents a 10.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 374,228 shares of company stock valued at $123,791,123 over the last quarter. Company insiders own 20.70% of the company’s stock.

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.