Tesla, Inc. (NASDAQ:TSLA) Stock Position Decreased by Merit Financial Group LLC

Merit Financial Group LLC cut its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 10.6% during the fourth quarter, Holdings Channel reports. The firm owned 56,251 shares of the electric vehicle producer’s stock after selling 6,653 shares during the quarter. Merit Financial Group LLC’s holdings in Tesla were worth $13,977,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Holderness Investments Co. lifted its stake in Tesla by 1.6% during the third quarter. Holderness Investments Co. now owns 2,599 shares of the electric vehicle producer’s stock valued at $650,000 after buying an additional 42 shares in the last quarter. SCS Capital Management LLC raised its holdings in shares of Tesla by 0.3% during the third quarter. SCS Capital Management LLC now owns 16,881 shares of the electric vehicle producer’s stock valued at $4,224,000 after acquiring an additional 45 shares during the period. Daymark Wealth Partners LLC boosted its stake in Tesla by 0.4% in the 4th quarter. Daymark Wealth Partners LLC now owns 10,554 shares of the electric vehicle producer’s stock worth $2,622,000 after purchasing an additional 45 shares during the period. ML & R Wealth Management LLC grew its position in Tesla by 2.6% during the 3rd quarter. ML & R Wealth Management LLC now owns 1,819 shares of the electric vehicle producer’s stock worth $455,000 after purchasing an additional 46 shares in the last quarter. Finally, LCM Capital Management Inc lifted its holdings in shares of Tesla by 3.5% in the third quarter. LCM Capital Management Inc now owns 1,374 shares of the electric vehicle producer’s stock valued at $344,000 after purchasing an additional 46 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Stock Performance

Shares of NASDAQ:TSLA traded up $1.18 during midday trading on Friday, hitting $181.19. The company’s stock had a trading volume of 75,374,696 shares, compared to its average volume of 104,686,219. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.17 and a current ratio of 1.72. The stock’s 50 day simple moving average is $174.07 and its 200 day simple moving average is $205.92. The stock has a market capitalization of $577.85 billion, a price-to-earnings ratio of 46.22, a PEG ratio of 4.89 and a beta of 2.41. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $299.29.

Insider Activity at Tesla

In other Tesla news, Director Robyn M. Denholm sold 93,706 shares of Tesla stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $194.73, for a total value of $18,247,369.38. Following the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $2,920,950. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Tesla news, Director Robyn M. Denholm sold 93,706 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $194.73, for a total value of $18,247,369.38. Following the completion of the sale, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $2,920,950. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Robyn M. Denholm sold 93,705 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $175.44, for a total transaction of $16,439,605.20. Following the completion of the sale, the director now owns 15,000 shares in the company, valued at $2,631,600. The disclosure for this sale can be found here. Insiders sold a total of 209,098 shares of company stock worth $38,802,534 in the last 90 days. 25.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

TSLA has been the topic of a number of research analyst reports. Redburn Atlantic started coverage on Tesla in a report on Wednesday, January 24th. They set a “sell” rating and a $170.00 price target on the stock. Oppenheimer reissued a “market perform” rating on shares of Tesla in a research report on Wednesday, April 24th. Wedbush restated an “outperform” rating and set a $275.00 price target on shares of Tesla in a report on Monday. Wells Fargo & Company dropped their price objective on shares of Tesla from $125.00 to $120.00 and set an “underweight” rating on the stock in a research note on Friday, April 12th. Finally, Evercore ISI decreased their target price on shares of Tesla from $155.00 to $145.00 and set an “in-line” rating for the company in a research note on Monday. Eight research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Tesla has a consensus rating of “Hold” and a consensus target price of $185.90.

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.