Meritage Portfolio Management Invests $224,000 in Tesla Inc. (TSLA)

Meritage Portfolio Management bought a new stake in Tesla Inc. (NASDAQ:TSLA) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 619 shares of the electric vehicle producer’s stock, valued at approximately $224,000.

Several other hedge funds and other institutional investors also recently modified their holdings of TSLA. National Pension Service boosted its position in shares of Tesla by 32.9% in the first quarter. National Pension Service now owns 101,985 shares of the electric vehicle producer’s stock valued at $28,344,000 after buying an additional 25,261 shares in the last quarter. Koshinski Asset Management Inc. bought a new position in shares of Tesla during the first quarter valued at $502,000. Gulf International Bank UK Ltd boosted its position in shares of Tesla by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 39,718 shares of the electric vehicle producer’s stock valued at $11,053,000 after buying an additional 560 shares in the last quarter. Vista Capital Partners Inc. bought a new position in shares of Tesla during the first quarter valued at $202,000. Finally, American Investment Services Inc. bought a new position in shares of Tesla during the first quarter valued at $213,000. Institutional investors and hedge funds own 63.78% of the company’s stock.

Tesla Inc. (NASDAQ TSLA) traded up 0.18% during trading on Friday, reaching $335.07. 4,880,414 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $348.29 and a 200 day moving average price of $299.70. Tesla Inc. has a 1-year low of $178.19 and a 1-year high of $386.99. The stock’s market capitalization is $55.04 billion.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, May 3rd. The electric vehicle producer reported ($1.97) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.67) by $1.30. The company had revenue of $2.70 billion during the quarter, compared to the consensus estimate of $2.56 billion. Tesla had a negative return on equity of 17.13% and a negative net margin of 8.46%. Equities research analysts expect that Tesla Inc. will post ($5.99) earnings per share for the current year.

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Several brokerages have recently weighed in on TSLA. Vetr upgraded Tesla from a “strong sell” rating to a “sell” rating and set a $335.62 target price on the stock in a report on Tuesday, June 13th. Robert W. Baird reaffirmed an “outperform” rating and set a $368.00 price target on shares of Tesla in a research report on Tuesday, June 20th. BidaskClub lowered shares of Tesla from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 20th. Goldman Sachs Group, Inc. (The) set a $180.00 price target on shares of Tesla and gave the company a “sell” rating in a research report on Friday, June 30th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $305.00 price target on shares of Tesla in a research report on Monday, June 12th. Seven equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Tesla has an average rating of “Hold” and an average price target of $301.70.

In other news, Director Kimbal Musk sold 4,690 shares of the business’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $367.68, for a total value of $1,724,419.20. Following the completion of the sale, the director now owns 166,164 shares of the company’s stock, valued at approximately $61,095,179.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robyn M. Denholm sold 20,000 shares of the business’s stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $311.76, for a total transaction of $6,235,200.00. Following the completion of the sale, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $6,235,200. The disclosure for this sale can be found here. Insiders sold a total of 242,290 shares of company stock valued at $74,919,505 in the last three months. Insiders own 23.10% of the company’s stock.

About Tesla

Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products. The Company operates through two segments: Automotive, and Energy generation and storage.

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