Bank of New York Mellon Corp Trims Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Bank of New York Mellon Corp lowered its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 2.5% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 16,607,394 shares of the electric vehicle producer's stock after selling 418,764 shares during the period. Tesla comprises about 0.9% of Bank of New York Mellon Corp's portfolio, making the stock its 16th largest 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 SEC.

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

Insider Buying and Selling at Tesla

In related news, Director Robyn M. Denholm sold 112,395 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $274.12, for a total value of $30,809,717.40. Following the completion of the transaction, the director directly owned 85,000 shares of the company's stock, valued at $23,300,200. This trade represents a 56.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Xiaotong Zhu sold 15,000 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total value of $4,857,150.00. Following the completion of the transaction, the senior vice president directly owned 67,600 shares of the company's stock, valued at $21,889,556. The trade was a 18.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 833,509 shares of company stock valued at $278,648,925. Corporate insiders own 20.70% of the company's stock.

Analyst Ratings Changes

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Several equities analysts recently weighed in on TSLA shares. UBS Group set a $290.00 price target on Tesla in a research note on Monday, June 30th. Oppenheimer restated a "mixed" rating on shares of Tesla in a research note on Tuesday, March 18th. The Goldman Sachs Group lifted their price target on Tesla from $285.00 to $315.00 and gave the company a "neutral" rating in a research note on Thursday. Morgan Stanley restated an "overweight" rating and issued a $410.00 price target on shares of Tesla in a research note on Friday, June 6th. Finally, Raymond James Financial lowered Tesla to an "outperform" rating in a research note on Tuesday, April 22nd. Ten equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $301.24.

Read Our Latest Analysis on TSLA

Tesla Stock Down 0.7%

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Tesla stock opened at $313.56 on Friday. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07. The stock's fifty day simple moving average is $320.93 and its 200-day simple moving average is $325.92. The firm has a market capitalization of $1.01 trillion, a P/E ratio of 172.29, a P/E/G ratio of 9.17 and a beta of 2.39. Tesla, Inc. has a twelve month low of $182.00 and a twelve month high of $488.54.

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

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.

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