M&T Bank Corp Increases Stake in Tesla, Inc. Shares

M&T Bank Corp has increased its investment in Tesla, Inc. (NASDAQ:TSLA) by 13.3% during the third quarter, as reported in their latest Form 13F submitted to the Securities and Exchange Commission. Following the purchase of an additional 39,961 shares, M&T Bank now holds 341,442 shares of the electric vehicle manufacturer, which were valued at approximately $89,332,000 at the time of the filing.

In recent months, several other institutional investors have also adjusted their positions in Tesla. Family Firm Inc. entered the Tesla market in the second quarter with a stake valued at $70,000. Moreover, LRI Investments LLC notably increased its holdings by 217.4% in the same quarter, acquiring 1,239 additional shares to bring its total to 1,809 shares, valued now at $358,000. Atlantic Union Bankshares Corp also grew its position by 0.7%, now holding 13,649 shares valued at about $2,701,000 after a minor addition of 93 shares. Similarly, Levy Wealth Management Group LLC raised its stake by 7.6%, accumulating 6,547 shares worth $1,296,000 after buying 460 extra shares. Lastly, SNS Financial Group LLC increased its position in Tesla by 1.8%, owning now 8,575 shares, valued at $1,697,000 after adding 149 shares.

Tesla Stock Details

On Friday, shares of Tesla (NASDAQ:TSLA) opened at $421.06. Financial ratios indicate a current ratio of 1.84, a quick ratio of 1.37, and a low debt-to-equity ratio of 0.08. The company maintains a 50-day moving average of $322.89 and a 200-day moving average of $255.91. Over the past year, the stock has seen a low of $138.80 and a high of $488.54, with a market capitalization of $1.35 trillion. Tesla's price-to-earnings ratio stands at 115.36, with a price-to-earnings-growth ratio of 10.80 and a beta of 2.36.

Recently, Tesla reported its quarterly earnings on October 23rd, delivering earnings of $0.72 per share, exceeding analysts' expectations of $0.58 by $0.14. The company achieved a return on equity of 10.24% and a net margin of 13.07%, with quarterly revenue reported at $25.18 billion, though slightly below the expected $25.47 billion. In comparison to the same quarter last year, revenue increased by 7.8%, and analysts predict earnings per share of 1.99 for the current fiscal year.

Analyst Ratings

Various financial analysts have provided insights on Tesla's stock performance. Canaccord Genuity has adjusted its price target for Tesla from $254.00 to $278.00 and rated the stock as “buy.” Robert W. Baird has raised its target from $280.00 to $480.00, also giving a positive “outperform” rating. On the contrary, Phillip Securities downgraded Tesla from “moderate sell” to “strong sell.” The Goldman Sachs Group raised its target from $250.00 to $345.00, rating it as “neutral.” Stifel Nicolaus also increased its price objective from $287.00 to $411.00, asserting a “buy” rating. Overall, nine analysts view the stock as a sell, fifteen as a hold, sixteen as a buy, and one giving it a strong buy, leading to a consensus rating of “Hold” with a target price of $272.06 according to MarketBeat.com.

Insider Transactions

In related news within Tesla, CFO Vaibhav Taneja sold 4,000 shares on October 24th for $1,000,000, reducing his ownership by 3.67%. After this transaction, he owns around 105,032 shares valued at about $26,258,000. Additionally, Director Kimbal Musk sold 60,500 shares on November 1st for approximately $15.1 million, representing a 3.73% decrease in his position, leaving him with around 1,563,220 shares valued at about $391 million. Recent insider sales within the last ninety days totaled 522,886 shares valued at $171.4 million, with insiders currently owning 20.70% of Tesla stock.

Tesla Overview

Tesla, Inc. is well-known for designing, developing, manufacturing, leasing, and selling electric vehicles as well as its energy generation and storage systems across the United States, China, and other international markets. The company operates in two main segments: Automotive, which includes electric vehicle sales and related services, and Energy Generation and Storage, which encompasses its energy products.

Tesla, M&T, Bank