Tesla, Inc. (NASDAQ:TSLA) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 2.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,607,394 shares of the electric vehicle producer's stock after selling 418,764 shares during the quarter. Tesla comprises about 0.9% of Bank of New York Mellon Corp's holdings, making the stock its 16th biggest holding. Bank of New York Mellon Corp owned 0.52% of Tesla worth $4,303,972,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Cherry Tree Wealth Management LLC lifted its position in shares of Tesla by 86.3% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 44 shares during the last quarter. First PREMIER Bank increased its holdings in shares of Tesla by 79.2% in the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 42 shares during the period. Newton One Investments LLC increased its holdings in shares of Tesla by 250.0% in the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after acquiring an additional 75 shares during the period. True Wealth Design LLC increased its holdings in shares of Tesla by 79.5% in the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after acquiring an additional 31 shares during the period. Finally, Horrell Capital Management Inc. increased its holdings in shares of Tesla by 75.6% in the 4th quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer's stock valued at $32,000 after acquiring an additional 34 shares during the period. Hedge funds and other institutional investors own 66.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on TSLA shares. Royal Bank Of Canada cut their target price on shares of Tesla from $314.00 to $307.00 and set an "outperform" rating on the stock in a report on Wednesday, April 23rd. Needham & Company LLC reaffirmed a "hold" rating on shares of Tesla in a research note on Wednesday, April 23rd. Canaccord Genuity Group reissued a "buy" rating and issued a $303.00 price objective on shares of Tesla in a research note on Monday, June 30th. Robert W. Baird reissued a "neutral" rating and issued a $320.00 price objective on shares of Tesla in a research note on Monday, June 9th. Finally, The Goldman Sachs Group raised their price target on shares of Tesla from $285.00 to $315.00 and gave the stock a "neutral" rating in a research note on Thursday. Ten investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $301.24.

Tesla Trading Down 0.7%

TSLA traded down $2.09 during trading on Friday, hitting $313.56. 58,042,302 shares of the company's stock were exchanged, compared to its average volume of 100,923,382. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 1 year low of $182.00 and a 1 year high of $488.54. The stock has a 50 day moving average price of $320.93 and a 200 day moving average price of $325.92. The firm has a market cap of $1.01 trillion, a P/E ratio of 172.29, a price-to-earnings-growth ratio of 9.17 and a beta of 2.39.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.26). The firm had revenue of $19.34 billion during the quarter, compared to analysts' expectations of $22.93 billion. Tesla had a net margin of 6.66% and a return on equity of 9.02%. During the same quarter last year, the company posted $0.45 earnings per share. As a group, analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Robyn M. Denholm sold 112,395 shares of the company's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $274.12, for a total value of $30,809,717.40. Following the sale, the director directly owned 85,000 shares of the company's stock, valued at $23,300,200. This represents a 56.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kimbal Musk sold 91,588 shares of the company's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the completion of the sale, the director directly owned 1,463,220 shares in the company, valued at $522,940,195.80. This represents a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 833,509 shares of company stock valued at $278,648,925. Corporate insiders own 20.70% of the company's stock.

About Tesla

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.