Meritage Portfolio Management Takes $221,000 Position in Tesla, Inc. (NASDAQ:TSLA)

Meritage Portfolio Management acquired a new stake in Tesla, Inc. (NASDAQ:TSLA) in the third quarter, Holdings Channel reports. The fund acquired 843 shares of the electric vehicle producer’s stock, valued at approximately $221,000.

Several other institutional investors have also recently bought and sold shares of TSLA. Tyler Stone Wealth Management grew its holdings in Tesla by 109.6% during the third quarter. Tyler Stone Wealth Management now owns 9,425 shares of the electric vehicle producer’s stock worth $2,466,000 after buying an additional 4,929 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Tesla by 5.6% during the 3rd 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 in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of Tesla by 60.2% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 549,008 shares of the electric vehicle producer’s stock valued at $108,638,000 after purchasing an additional 206,248 shares in the last quarter. Scott & Selber Inc. increased its stake in Tesla by 80.3% in the 3rd quarter. Scott & Selber Inc. now owns 12,659 shares of the electric vehicle producer’s stock worth $3,312,000 after acquiring an additional 5,639 shares during the last quarter. Finally, AIA Group Ltd grew its position in Tesla by 10.1% in the third quarter. AIA Group Ltd now owns 83,374 shares of the electric vehicle producer’s stock worth $21,813,000 after acquiring an additional 7,655 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Stock Performance

NASDAQ TSLA opened at $350.00 on Tuesday. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $358.64. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08. The firm has a market cap of $1.12 trillion, a price-to-earnings ratio of 95.89, a price-to-earnings-growth ratio of 10.59 and a beta of 2.29. The business has a 50-day moving average price of $241.18 and a 200-day moving average price of $215.77.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The firm had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. During the same period in the previous year, the firm posted $0.53 earnings per share. The business’s revenue was up 7.8% compared to the same quarter last year. As a group, equities research analysts predict that Tesla, Inc. will post 1.96 EPS for the current fiscal year.

Insider Activity

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the sale, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at $14,967,479.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Kimbal Musk sold 60,500 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $250.23, for a total value of $15,138,915.00. Following the sale, the director now directly owns 1,563,220 shares of the company’s stock, valued at $391,164,540.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares in the company, valued at approximately $14,967,479.07. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,797 shares of company stock worth $19,211,821. 20.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have weighed in on TSLA shares. William Blair started coverage on shares of Tesla in a research note on Thursday, August 29th. They issued an “outperform” rating for the company. Wells Fargo & Company raised their price target on Tesla from $120.00 to $125.00 and gave the stock an “underweight” rating in a research note on Thursday, October 24th. Argus reiterated a “buy” rating and set a $286.00 target price on shares of Tesla in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $295.00 target price on shares of Tesla in a report on Tuesday, September 10th. Finally, Guggenheim raised their target price on shares of Tesla from $153.00 to $156.00 and gave the company a “sell” rating in a research note on Thursday, October 24th. Eight equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Tesla currently has an average rating of “Hold” and a consensus price target of $225.06.

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.