Meridian Investment Counsel Inc. Takes Position in Tesla, Inc. (NASDAQ:TSLA)

Meridian Investment Counsel Inc. bought a new position in shares of Tesla, Inc. (NASDAQ:TSLA) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm bought 880 shares of the electric vehicle producer’s stock, valued at approximately $230,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Transcendent Capital Group LLC acquired a new stake in Tesla in the 3rd quarter valued at approximately $29,000. Bank & Trust Co acquired a new stake in shares of Tesla in the second quarter valued at approximately $25,000. Clean Yield Group boosted its holdings in Tesla by 60.0% during the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after purchasing an additional 48 shares during the last quarter. Abich Financial Wealth Management LLC grew its position in Tesla by 168.8% in the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after purchasing an additional 81 shares in the last quarter. Finally, Valley Wealth Managers Inc. acquired a new stake in Tesla in the 2nd quarter valued at $26,000. Institutional investors own 66.20% of the company’s stock.

Wall Street Analyst Weigh In

TSLA has been the topic of a number of recent research reports. Oppenheimer reaffirmed a “market perform” rating on shares of Tesla in a research report on Tuesday, October 8th. Morgan Stanley reiterated an “overweight” rating and set a $310.00 price objective on shares of Tesla in a research note on Thursday, October 3rd. Glj Research reissued a “sell” rating and issued a $24.86 target price on shares of Tesla in a research note on Thursday, October 17th. Jefferies Financial Group increased their price target on shares of Tesla from $195.00 to $300.00 and gave the company a “hold” rating in a research note on Thursday. Finally, Sanford C. Bernstein restated an “underperform” rating and set a $120.00 price objective on shares of Tesla in a research note on Thursday, October 3rd. Nine investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $230.18.

Tesla Price Performance

Shares of TSLA stock opened at $320.72 on Friday. 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 company has a market cap of $1.03 trillion, a P/E ratio of 87.87, a P/E/G ratio of 10.42 and a beta of 2.29. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $358.64. The business has a fifty day simple moving average of $252.30 and a 200 day simple moving average of $220.72.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. The company had revenue of $25.18 billion for the quarter, compared to the consensus estimate of $25.47 billion. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period last year, the company posted $0.53 EPS. On average, sell-side analysts forecast that Tesla, Inc. will post 1.99 EPS for the current fiscal year.

Insider Buying and Selling at Tesla

In other news, Director Kimbal Musk sold 60,500 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the sale, the director now directly owns 1,563,220 shares in the company, valued at approximately $391,164,540.60. The trade was a 3.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of Tesla 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 owns 67,491 shares in the company, valued at approximately $14,967,479.07. This represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 188,797 shares of company stock worth $57,616,781 over the last quarter. Corporate insiders own 20.70% of the company’s stock.

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.