Meyer Handelman Co. Sells 3,370 Shares of Tesla, Inc. (NASDAQ:TSLA)

Meyer Handelman Co. decreased its position in Tesla, Inc. (NASDAQ:TSLA) by 70.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,410 shares of the electric vehicle producer’s stock after selling 3,370 shares during the quarter. Meyer Handelman Co.’s holdings in Tesla were worth $279,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of TSLA. Lam Group Inc. purchased a new position in shares of Tesla in the 4th quarter valued at approximately $25,000. Bank & Trust Co bought a new position in shares of Tesla during the second quarter valued at approximately $25,000. OLD Point Trust & Financial Services N A purchased a new stake in shares of Tesla in the 4th quarter worth approximately $37,000. Guardian Wealth Management Inc. purchased a new stake in shares of Tesla in the fourth quarter worth $47,000. Finally, Kathleen S. Wright Associates Inc. grew its position in Tesla by 111.1% during the 4th quarter. Kathleen S. Wright Associates Inc. now owns 190 shares of the electric vehicle producer’s stock valued at $47,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TSLA. Canaccord Genuity Group upped their price target on Tesla from $222.00 to $254.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Guggenheim reiterated a “sell” rating and set a $134.00 price objective on shares of Tesla in a research note on Tuesday, July 23rd. Bank of America upgraded shares of Tesla from a “neutral” rating to a “buy” rating and set a $220.00 target price on the stock in a research note on Wednesday, April 24th. Evercore ISI lowered their target price on shares of Tesla from $155.00 to $145.00 and set an “in-line” rating on the stock in a research note on Monday, April 29th. Finally, Glj Research upped their price objective on Tesla from $22.86 to $24.86 and gave the stock a “sell” rating in a research note on Tuesday, July 23rd. Nine investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $204.21.

Tesla Stock Performance

TSLA traded down $1.68 during trading on Wednesday, reaching $206.15. 2,839,862 shares of the company’s stock were exchanged, compared to its average volume of 99,015,930. The company’s fifty day simple moving average is $213.12 and its 200-day simple moving average is $190.56. The stock has a market capitalization of $657.45 billion, a P/E ratio of 53.02, a price-to-earnings-growth ratio of 5.17 and a beta of 2.31. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $278.98.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The company had revenue of $25.50 billion during the quarter, compared to analyst estimates of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.78 earnings per share. As a group, research analysts predict that Tesla, Inc. will post 1.79 earnings per share for the current fiscal year.

Insider Activity at Tesla

In related news, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $174.21, for a total value of $113,236.50. Following the completion of the sale, the senior vice president now owns 65,155 shares of the company’s stock, valued at $11,350,652.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total value of $14,597,425.44. Following the transaction, the director now owns 85,000 shares of the company’s stock, valued at $18,696,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Xiaotong Zhu sold 650 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $174.21, for a total value of $113,236.50. Following the sale, the senior vice president now directly owns 65,155 shares in the company, valued at approximately $11,350,652.55. The disclosure for this sale can be found here. 25.10% of the stock is owned by corporate insiders.

Tesla Company 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.