Mechanics Financial Corp Has $1.41 Million Position in Tesla, Inc. (NASDAQ:TSLA)

Mechanics Financial Corp boosted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 799.7% in the third quarter, according to its most recent filing with the SEC. The firm owned 5,398 shares of the electric vehicle producer’s stock after acquiring an additional 4,798 shares during the period. Mechanics Financial Corp’s holdings in Tesla were worth $1,412,000 as of its most recent filing with the SEC.

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. William Blair began coverage on shares of Tesla in a research note on Thursday, August 29th. They issued an “outperform” rating on the stock. Argus reaffirmed a “buy” rating and issued a $286.00 target price on shares of Tesla in a research note on Friday, July 26th. Robert W. Baird restated an “outperform” rating and issued a $280.00 price target on shares of Tesla in a report on Tuesday, August 20th. Royal Bank of Canada increased their price objective on Tesla from $249.00 to $313.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Canaccord Genuity Group upped their price target on Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Nine research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $230.18.

Insider Buying and Selling at Tesla

In other news, CFO Vaibhav Taneja sold 8,000 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the chief financial officer now owns 105,032 shares of the company’s stock, valued at approximately $26,258,000. The trade was a 7.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the sale, the senior vice president now directly owns 67,491 shares in the company, valued at $14,967,479.07. This trade represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 188,797 shares of company stock worth $57,616,781 over the last three months. Corporate insiders own 20.70% of the company’s stock.

Tesla Stock Performance

TSLA opened at $320.72 on Friday. The firm has a market cap of $1.03 trillion, a P/E ratio of 87.87, a price-to-earnings-growth ratio of 10.42 and a beta of 2.29. The business’s fifty day moving average is $252.30 and its 200-day moving average is $220.72. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $358.64. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. The firm 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 business’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.53 earnings per share. Sell-side analysts expect that Tesla, Inc. will post 1.99 EPS for the current fiscal year.

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.