Meritage Portfolio Management Makes New Investment in Tesla, Inc. $TSLA

Meritage Portfolio Management bought a new position in shares of Tesla, Inc. (NASDAQ:TSLA) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 637 shares of the electric vehicle producer’s stock, valued at approximately $202,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cherry Tree Wealth Management LLC lifted its holdings in Tesla by 86.3% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after buying an additional 44 shares during the period. First PREMIER Bank lifted its holdings in Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after buying an additional 42 shares during the period. Arcadia Investment Management Corp MI acquired a new position in Tesla during the 1st quarter worth about $27,000. Newton One Investments LLC lifted its holdings in Tesla by 250.0% during the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock worth $27,000 after buying an additional 75 shares during the period. Finally, Chelsea Counsel Co. lifted its holdings in Tesla by 59.7% during the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock worth $28,000 after buying an additional 40 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Stock Up 5.4%

TSLA stock opened at $435.90 on Tuesday. The stock’s 50 day simple moving average is $378.50 and its 200 day simple moving average is $329.48. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. The company has a market cap of $1.45 trillion, a P/E ratio of 251.97, a price-to-earnings-growth ratio of 14.92 and a beta of 2.08.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same period last year, the company posted $0.52 earnings per share. The firm’s quarterly revenue was down 11.8% compared to the same quarter last year. On average, research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on TSLA shares. Mizuho boosted their price objective on Tesla from $375.00 to $450.00 and gave the company an “outperform” rating in a research note on Tuesday, September 23rd. Deutsche Bank Aktiengesellschaft boosted their price objective on Tesla from $345.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, September 26th. Cantor Fitzgerald reissued an “overweight” rating and issued a $355.00 price objective on shares of Tesla in a research note on Friday, October 3rd. Wedbush boosted their price objective on Tesla from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Friday, September 26th. Finally, Evercore ISI boosted their price objective on Tesla from $235.00 to $300.00 and gave the company an “in-line” rating in a research note on Monday. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, thirteen have assigned a Hold rating and eight have given a Sell rating to the company’s stock. Based on data from MarketBeat, Tesla has a consensus rating of “Hold” and a consensus target price of $363.03.

Insiders Place Their Bets

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of the sale, the chief financial officer directly owned 9,856 shares of the company’s stock, valued at approximately $3,473,057.28. The trade was a 20.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the sale, the senior vice president directly owned 47,600 shares of the company’s stock, valued at $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 202,606 shares of company stock valued at $75,588,902. Corporate insiders own 19.90% of the company’s stock.

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.