Mechanics Financial Corp Sells 40 Shares of Tesla, Inc. $TSLA

Mechanics Financial Corp reduced its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 0.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,088 shares of the electric vehicle producer’s stock after selling 40 shares during the period. Tesla makes up approximately 0.7% of Mechanics Financial Corp’s investment portfolio, making the stock its 29th biggest position. Mechanics Financial Corp’s holdings in Tesla were worth $1,616,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Cherry Tree Wealth Management LLC raised its position in Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after purchasing an additional 44 shares in the last quarter. First PREMIER Bank raised its position in Tesla by 79.2% during the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after purchasing an additional 42 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in Tesla during the first quarter valued at approximately $27,000. Newton One Investments LLC raised its position in Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock valued at $27,000 after purchasing an additional 75 shares in the last quarter. Finally, Chelsea Counsel Co. raised its position in Tesla by 59.7% during the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on TSLA shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $355.00 price target on shares of Tesla in a report on Friday. Royal Bank Of Canada reiterated a “buy” rating on shares of Tesla in a report on Friday, September 26th. Robert W. Baird upgraded shares of Tesla from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $320.00 to $548.00 in a report on Friday, September 19th. UBS Group reiterated a “sell” rating and set a $215.00 price target on shares of Tesla in a report on Thursday. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Tesla in a report on Saturday, September 27th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, thirteen have assigned a Hold rating and eight have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $343.43.

Tesla Stock Performance

Shares of TSLA opened at $429.83 on Friday. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $1.43 trillion, a P/E ratio of 248.46, a price-to-earnings-growth ratio of 15.15 and a beta of 2.08. The firm’s fifty day simple moving average is $364.02 and its two-hundred day simple moving average is $321.39. Tesla, Inc. has a 12 month low of $212.11 and a 12 month high of $488.54.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). The firm had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business’s revenue was down 11.8% compared to the same quarter last year. During the same period last year, the company posted $0.52 EPS. As a group, analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Buying and Selling at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 20,000 shares of the company’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 sale, the senior vice president owned 47,600 shares of the company’s stock, valued at approximately $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction 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 sale, the chief financial officer directly owned 9,856 shares in the company, valued at $3,473,057.28. This trade represents a 20.91% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 208,606 shares of company stock valued at $77,360,462. 19.90% of the stock is currently owned by insiders.

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.