Mechanics Financial Corp Raises Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Mechanics Financial Corp boosted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 799.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,398 shares of the electric vehicle producer’s stock after purchasing an additional 4,798 shares during the quarter. Mechanics Financial Corp’s holdings in Tesla were worth $1,412,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

TSLA has been the topic of a number of research analyst reports. Truist Financial increased their target price on Tesla from $236.00 to $238.00 and gave the stock a “hold” rating in a report on Thursday, October 24th. Jefferies Financial Group lifted their price objective on shares of Tesla from $195.00 to $300.00 and gave the stock a “hold” rating in a report on Thursday. Wolfe Research began coverage on shares of Tesla in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. HSBC reissued a “reduce” rating and issued a $124.00 price target on shares of Tesla in a report on Friday, October 11th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Tesla in a research report on Tuesday, October 8th. Nine research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $230.18.

Tesla Price Performance

Shares of NASDAQ:TSLA opened at $320.72 on Friday. The firm has a market capitalization of $1.03 trillion, a PE ratio of 87.87, a PEG ratio of 10.42 and a beta of 2.29. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $358.64. The business’s 50 day moving average is $252.30 and its 200-day moving average is $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, 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 was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.53 earnings per share. Sell-side analysts predict that Tesla, Inc. will post 1.99 earnings per share for the current year.

Insiders Place Their Bets

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction 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 completion of the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. This trade represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Vaibhav Taneja sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $350.00, for a total value of $1,400,000.00. Following the completion of the transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at $36,761,200. The trade was a 3.67 % 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 quarter. Company insiders own 20.70% 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.