Meridian Wealth Management LLC Cuts Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Meridian Wealth Management LLC lessened its holdings in shares of Tesla, Inc. (NASDAQ:TSLAFree Report) by 4.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,600 shares of the electric vehicle producer’s stock after selling 1,250 shares during the quarter. Meridian Wealth Management LLC’s holdings in Tesla were worth $7,744,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TSLA. International Assets Investment Management LLC boosted its stake in Tesla by 35,611.2% during the 3rd quarter. International Assets Investment Management LLC now owns 11,054,391 shares of the electric vehicle producer’s stock worth $2,892,160,000 after purchasing an additional 11,023,436 shares during the last quarter. Clean Energy Transition LLP raised its holdings in Tesla by 347.7% in the 2nd quarter. Clean Energy Transition LLP now owns 4,818,600 shares of the electric vehicle producer’s stock valued at $953,505,000 after buying an additional 6,764,300 shares during the period. Strategic Financial Concepts LLC raised its holdings in Tesla by 21,816.0% in the 2nd quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock valued at $1,167,970,000 after buying an additional 5,875,484 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Tesla by 236.8% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,104,010 shares of the electric vehicle producer’s stock valued at $416,341,000 after buying an additional 1,479,378 shares during the period. Finally, Jennison Associates LLC raised its holdings in Tesla by 11.9% in the 3rd quarter. Jennison Associates LLC now owns 12,201,212 shares of the electric vehicle producer’s stock valued at $3,192,203,000 after buying an additional 1,294,093 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Price Performance

TSLA stock opened at $342.96 on Friday. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $358.64. The stock’s 50 day moving average is $261.63 and its two-hundred day moving average is $224.93. The company has a market capitalization of $1.10 trillion, a PE ratio of 93.20, a P/E/G ratio of 11.24 and a beta of 2.29.

Tesla (NASDAQ:TSLAGet Free Report) last announced its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.14. The firm had revenue of $25.18 billion for the quarter, compared to the consensus estimate of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.53 EPS. Analysts predict that Tesla, Inc. will post 1.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 4,000 shares of the business’s stock in a transaction dated Thursday, October 24th. The stock was 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 owns 105,032 shares in the company, valued at $26,258,000. The trade was a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the transaction, the senior vice president now owns 67,491 shares in the company, valued at $14,967,479.07. This trade represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 301,187 shares of company stock valued at $92,956,692 in the last quarter. Corporate insiders own 20.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TSLA. Wells Fargo & Company boosted their price target on shares of Tesla from $120.00 to $125.00 and gave the stock an “underweight” rating in a research note on Thursday, October 24th. Canaccord Genuity Group upped their price target on Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Oppenheimer restated a “market perform” rating on shares of Tesla in a research note on Tuesday, October 8th. Guggenheim upped their price target on Tesla from $153.00 to $156.00 and gave the stock a “sell” rating in a research note on Thursday, October 24th. Finally, Stifel Nicolaus increased their price objective on Tesla from $265.00 to $287.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Nine investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $230.18.

View Our Latest Research Report on Tesla

Tesla Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

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