Meridian Wealth Management LLC Has $20.06 Million Stake in Tesla, Inc. $TSLA

Meridian Wealth Management LLC grew its stake in Tesla, Inc. (NASDAQ:TSLA) by 87.6% during the second quarter, HoldingsChannel reports. The firm owned 63,163 shares of the electric vehicle producer’s stock after buying an additional 29,487 shares during the quarter. Tesla accounts for about 0.9% of Meridian Wealth Management LLC’s investment portfolio, making the stock its 19th largest holding. Meridian Wealth Management LLC’s holdings in Tesla were worth $20,064,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in TSLA. Brighton Jones LLC boosted its stake in shares of Tesla by 11.8% during the fourth quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer’s stock valued at $35,509,000 after purchasing an additional 9,293 shares in the last quarter. Revolve Wealth Partners LLC boosted its position in Tesla by 21.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer’s stock worth $2,147,000 after buying an additional 931 shares during the period. Bison Wealth LLC grew its holdings in Tesla by 52.2% during the 4th quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer’s stock worth $4,187,000 after acquiring an additional 3,558 shares during the last quarter. Tributary Capital Management LLC increased its position in Tesla by 69.7% in the 1st quarter. Tributary Capital Management LLC now owns 1,485 shares of the electric vehicle producer’s stock valued at $385,000 after acquiring an additional 610 shares during the period. Finally, Bailard Inc. raised its stake in shares of Tesla by 2.1% during the first quarter. Bailard Inc. now owns 11,746 shares of the electric vehicle producer’s stock valued at $3,044,000 after acquiring an additional 238 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on TSLA shares. Morgan Stanley reaffirmed an “overweight” rating on shares of Tesla in a research report on Wednesday, October 15th. Mizuho raised their price objective on Tesla from $450.00 to $485.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. BNP Paribas Exane assumed coverage on Tesla in a research note on Thursday, October 16th. They issued an “underperform” rating and a $307.00 price objective on the stock. Royal Bank Of Canada reissued an “outperform” rating and set a $500.00 target price on shares of Tesla in a research report on Thursday, October 23rd. Finally, Stifel Nicolaus set a $483.00 price target on shares of Tesla and gave the stock a “buy” rating in a research report on Wednesday, October 8th. One equities research 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 assigned a Sell rating to the company. According to data from MarketBeat.com, Tesla has an average rating of “Hold” and an average target price of $393.61.

Tesla Stock Up 0.6%

Shares of NASDAQ TSLA opened at $404.35 on Friday. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.07. The firm has a market cap of $1.34 trillion, a PE ratio of 269.57, a P/E/G ratio of 16.84 and a beta of 2.06. The company’s fifty day simple moving average is $429.67 and its 200 day simple moving average is $360.30. Tesla, Inc. has a 12-month low of $214.25 and a 12-month high of $488.54.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.02. The firm had revenue of $28.10 billion for the quarter, compared to analyst estimates of $24.98 billion. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.72 earnings per share. As a group, sell-side analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In other Tesla news, Director James R. Murdoch sold 60,000 shares of the business’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the completion of the sale, the director owned 637,031 shares in the company, valued at approximately $269,260,263.08. The trade was a 8.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the senior vice president directly owned 47,600 shares in the company, valued at $17,314,500. This trade represents a 29.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 202,606 shares of company stock valued at $75,588,902. Company insiders own 19.90% 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.