Mechanics Financial Corp Decreases Position in Tesla, Inc. (NASDAQ:TSLA)

Mechanics Financial Corp lessened its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 4.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,128 shares of the electric vehicle producer’s stock after selling 240 shares during the period. Mechanics Financial Corp’s holdings in Tesla were worth $1,329,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Tesla during the 4th quarter valued at $56,600,000. Means Investment CO. Inc. lifted its holdings in shares of Tesla by 37.7% during the 1st quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer’s stock valued at $5,984,000 after purchasing an additional 6,323 shares during the last quarter. Focus Financial Network Inc. lifted its holdings in shares of Tesla by 3.1% during the 1st quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer’s stock valued at $5,823,000 after purchasing an additional 670 shares during the last quarter. IFM Investors Pty Ltd raised its stake in Tesla by 8.5% in the 1st quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer’s stock worth $153,436,000 after acquiring an additional 46,087 shares during the last quarter. Finally, Harvard Management Co. Inc. purchased a new position in Tesla in the 4th quarter worth $8,158,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on TSLA shares. Needham & Company LLC restated a “hold” rating on shares of Tesla in a research note on Wednesday, April 23rd. Royal Bank Of Canada reduced their target price on Tesla from $314.00 to $307.00 and set an “outperform” rating for the company in a research note on Wednesday, April 23rd. Wedbush restated an “outperform” rating and issued a $500.00 target price on shares of Tesla in a research note on Tuesday, July 8th. Glj Research restated a “sell” rating and issued a $19.05 target price (down previously from $24.86) on shares of Tesla in a research note on Monday, April 21st. Finally, Stifel Nicolaus set a $450.00 price target on Tesla and gave the stock a “buy” rating in a research report on Thursday, April 24th. Ten research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Tesla has an average rating of “Hold” and a consensus target price of $300.19.

Tesla Trading Down 1.9%

TSLA opened at $310.78 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.54. The company’s 50 day simple moving average is $324.04 and its two-hundred day simple moving average is $318.47. Tesla, Inc. has a 1-year low of $182.00 and a 1-year high of $488.54. The firm has a market capitalization of $1.00 trillion, a price-to-earnings ratio of 170.76, a price-to-earnings-growth ratio of 9.43 and a beta of 2.39.

Tesla (NASDAQ:TSLA) last released its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). The business had revenue of $19.34 billion during the quarter, compared to analysts’ expectations of $22.93 billion. Tesla had a return on equity of 9.02% and a net margin of 6.66%. During the same period last year, the business earned $0.45 earnings per share. Analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Activity

In other news, Director Kimbal Musk sold 91,588 shares of Tesla stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the sale, the director owned 1,463,220 shares of the company’s stock, valued at approximately $522,940,195.80. The trade was a 5.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Xiaotong Zhu sold 15,000 shares of Tesla stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the sale, the senior vice president directly owned 67,600 shares in the company, valued at approximately $21,889,556. The trade was a 18.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 835,509 shares of company stock worth $279,420,485 in the last 90 days. 20.70% of the stock is owned by corporate insiders.

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.