Meridian Wealth Management LLC Has $7.74 Million Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Meridian Wealth Management LLC reduced its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 4.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 29,600 shares of the electric vehicle producer’s stock after selling 1,250 shares during the period. Meridian Wealth Management LLC’s holdings in Tesla were worth $7,744,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in TSLA. Charles Schwab Investment Management Inc. boosted its position in Tesla by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 16,545,824 shares of the electric vehicle producer’s stock valued at $4,328,884,000 after buying an additional 301,968 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Tesla by 11.9% in the third quarter. Jennison Associates LLC now owns 12,201,212 shares of the electric vehicle producer’s stock worth $3,192,203,000 after acquiring an additional 1,294,093 shares during the last quarter. International Assets Investment Management LLC raised its stake in shares of Tesla by 35,611.2% in the third 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 acquiring an additional 11,023,436 shares during the last quarter. Swiss National Bank raised its stake in shares of Tesla by 0.4% in the third quarter. Swiss National Bank now owns 8,519,675 shares of the electric vehicle producer’s stock worth $2,229,003,000 after acquiring an additional 33,100 shares during the last quarter. Finally, Strategic Financial Concepts LLC raised its stake in shares of Tesla by 21,816.0% in the second quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock worth $1,167,970,000 after acquiring an additional 5,875,484 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Tesla

In other news, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction dated 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 in the company, valued at $14,967,479.07. This represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Robyn M. Denholm sold 112,390 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the completion of the transaction, the director now owns 85,000 shares in the company, valued at approximately $26,727,400. 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 three months, insiders have sold 301,187 shares of company stock worth $92,956,692. Company insiders own 20.70% of the company’s stock.

Analysts Set New Price Targets

TSLA has been the subject of a number of research analyst reports. Glj Research reaffirmed a “sell” rating and issued a $24.86 target price on shares of Tesla in a research note on Thursday, October 17th. JPMorgan Chase & Co. upped their target price on shares of Tesla from $130.00 to $135.00 and gave the company an “underweight” rating in a research note on Thursday, October 24th. Sanford C. Bernstein reaffirmed an “underperform” rating and issued a $120.00 target price on shares of Tesla in a research note on Thursday, October 3rd. Truist Financial upped their price target on shares of Tesla from $236.00 to $238.00 and gave the company a “hold” rating in a report on Thursday, October 24th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $245.00 target price on shares of Tesla in a report on Wednesday, October 23rd. Nine investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $230.18.

Tesla Price Performance

Shares of NASDAQ:TSLA opened at $342.96 on Friday. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $358.64. The company’s 50-day moving average is $261.63 and its 200 day moving average is $224.93. The company has a market capitalization of $1.10 trillion, a P/E ratio of 93.20, a price-to-earnings-growth ratio of 11.24 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The business 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 business posted $0.53 EPS. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, equities research analysts forecast that Tesla, Inc. will post 1.99 earnings per share for the current year.

Tesla Company 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.