Meridian Wealth Partners LLC Sells 268 Shares of Tesla, Inc. $TSLA

Meridian Wealth Partners LLC decreased its position in Tesla, Inc. (NASDAQ:TSLA) by 11.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,994 shares of the electric vehicle producer’s stock after selling 268 shares during the period. Meridian Wealth Partners LLC’s holdings in Tesla were worth $633,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. LGT Financial Advisors LLC purchased a new stake in shares of Tesla during the second quarter valued at approximately $29,000. Chelsea Counsel Co. lifted its position in Tesla by 59.7% in the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after acquiring an additional 40 shares in the last quarter. Evergreen Private Wealth LLC boosted its stake in Tesla by 270.0% during the 2nd quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer’s stock valued at $35,000 after purchasing an additional 81 shares during the last quarter. Glynn Capital Management LLC bought a new stake in shares of Tesla in the 2nd quarter worth $35,000. Finally, LSV Asset Management raised its stake in shares of Tesla by 400.0% in the second quarter. LSV Asset Management now owns 120 shares of the electric vehicle producer’s stock worth $38,000 after purchasing an additional 96 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on TSLA. Cowen reaffirmed a “buy” rating on shares of Tesla in a research report on Monday, November 17th. President Capital upped their target price on shares of Tesla from $373.00 to $529.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Morgan Stanley reiterated an “overweight” rating on shares of Tesla in a research note on Wednesday, October 15th. Piper Sandler increased their price objective on shares of Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a research report on Monday, September 22nd. Finally, Wedbush reaffirmed an “outperform” rating and issued a $600.00 target price on shares of Tesla in a research report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have issued a Hold rating and ten have given a Sell rating to the stock. According to data from MarketBeat, Tesla currently has an average rating of “Hold” and an average target price of $394.03.

Insider Transactions at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the sale, the senior vice president owned 47,600 shares in the company, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $352.38, for a total transaction of $918,302.28. Following the transaction, the chief financial officer directly owned 9,856 shares in the company, valued at $3,473,057.28. This represents a 20.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 82,606 shares of company stock valued at $33,554,102 over the last quarter. 19.90% of the stock is currently owned by company insiders.

Tesla Stock Up 0.8%

Shares of TSLA stock opened at $430.10 on Friday. The company has a 50 day simple moving average of $433.95 and a two-hundred day simple moving average of $368.95. The stock has a market cap of $1.43 trillion, a P/E ratio of 286.73, a P/E/G ratio of 16.84 and a beta of 2.06. Tesla, Inc. has a 12 month low of $214.25 and a 12 month high of $488.54. The company has a current ratio of 2.07, a quick ratio of 1.67 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Thursday, October 23rd. The electric vehicle producer reported $0.50 EPS for the quarter, topping the consensus estimate of $0.48 by $0.02. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The firm had revenue of $28.10 billion during the quarter, compared to analyst estimates of $24.98 billion. During the same period in the prior year, the business posted $0.72 EPS. Tesla’s revenue was up 11.6% on a year-over-year basis. On average, research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

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.