Mechanics Financial Corp Purchases 4,798 Shares of Tesla, Inc. (NASDAQ:TSLA)

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

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. lifted its holdings in shares of Tesla by 1.2% during the third quarter. Oppenheimer & Co. Inc. now owns 144,482 shares of the electric vehicle producer's stock worth $37,801,000 after purchasing an additional 1,741 shares during the period. Tyler Stone Wealth Management increased its stake in shares of Tesla by 109.6% in the third quarter. Tyler Stone Wealth Management now owns 9,425 shares of the electric vehicle producer's stock valued at $2,466,000 after buying an additional 4,929 shares during the period. Savvy Advisors Inc. raised its position in shares of Tesla by 24.2% during the third quarter. Savvy Advisors Inc. now owns 7,527 shares of the electric vehicle producer's stock worth $1,969,000 after acquiring an additional 1,467 shares during the last quarter. ICICI Prudential Asset Management Co Ltd boosted its holdings in Tesla by 19.0% in the third quarter. ICICI Prudential Asset Management Co Ltd now owns 24,440 shares of the electric vehicle producer's stock valued at $6,394,000 after acquiring an additional 3,909 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in Tesla by 5.6% during the 3rd quarter. Principal Financial Group Inc. now owns 3,650,393 shares of the electric vehicle producer's stock valued at $955,052,000 after purchasing an additional 194,796 shares during the period. Institutional investors and hedge funds own 66.20% of the company's stock.

Insider Activity

In related news, Director Kathleen Wilson-Thompson sold 100,000 shares of Tesla stock in a transaction on Monday, November 11th. The stock was sold at an average price of $346.02, for a total transaction of $34,602,000.00. Following the completion of the sale, the director now owns 5,400 shares of the company's stock, valued at approximately $1,868,508. This trade represents a 94.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of the company's stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the transaction, the senior vice president now owns 67,491 shares in the company, valued at $14,967,479.07. This represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 188,797 shares of company stock worth $57,616,781 over the last ninety days. Company insiders own 20.70% of the company's stock.

Tesla Stock Performance

Shares of TSLA stock traded up $9.54 during trading on Friday, reaching $320.72. 114,440,286 shares of the company's stock traded hands, compared to its average volume of 109,566,312. The firm's 50-day moving average is $252.30 and its 200 day moving average is $220.72. The company has a market capitalization of $1.03 trillion, a P/E ratio of 87.87, a PEG ratio of 10.42 and a beta of 2.29. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $358.64. 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 (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The company had revenue of $25.18 billion during the quarter, compared to analysts' expectations of $25.47 billion. During the same period in the previous year, the business earned $0.53 earnings per share. The firm's quarterly revenue was up 7.8% compared to the same quarter last year. Equities research analysts expect that Tesla, Inc. will post 1.99 EPS for the current year.

Analyst Ratings Changes

TSLA has been the subject of several recent analyst reports. Robert W. Baird reiterated an "outperform" rating and set a $280.00 price objective on shares of Tesla in a research report on Tuesday, August 20th. Canaccord Genuity Group increased their price target on Tesla from $254.00 to $278.00 and gave the stock a "buy" rating in a report on Thursday, October 24th. Cantor Fitzgerald restated a "neutral" rating and set a $245.00 target price on shares of Tesla in a research report on Wednesday, October 23rd. Bank of America lifted their target price on Tesla from $265.00 to $350.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Finally, Truist Financial raised their price objective on shares of Tesla from $236.00 to $238.00 and gave the stock a "hold" rating in a research report on Thursday, October 24th. Nine equities 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's stock. According to MarketBeat.com, Tesla presently has an average rating of "Hold" and a consensus target price of $230.18.

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.