Tesla (NASDAQ:TSLA) Sees Large Volume Increase After Analyst Upgrade

Shares of Tesla, Inc. (NASDAQ:TSLA) saw unusually-high trading volume on Wednesday after TD Cowen raised their price target on the stock from $160.00 to $180.00. TD Cowen currently has a hold rating on the stock. Approximately 38,140,691 shares traded hands during mid-day trading, a decline of 60% from the previous session’s volume of 96,062,297 shares.The stock last traded at $238.53 and had previously closed at $231.26.

A number of other brokerages have also commented on TSLA. UBS Group cut their price target on Tesla from $160.00 to $147.00 and set a “neutral” rating on the stock in a report on Wednesday, April 24th. Robert W. Baird reiterated an “outperform” rating and set a $280.00 target price on shares of Tesla in a report on Wednesday, April 17th. Morgan Stanley reiterated an “overweight” rating and set a $310.00 target price on shares of Tesla in a report on Thursday, June 20th. Oppenheimer reiterated a “market perform” rating on shares of Tesla in a report on Tuesday. Finally, Canaccord Genuity Group upped their target price on Tesla from $222.00 to $254.00 and gave the stock a “buy” rating in a report on Wednesday. Seven research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $189.47.

Insider Activity at Tesla

In related news, Director Robyn M. Denholm sold 93,705 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the sale, the director now owns 15,000 shares of the company’s stock, valued at approximately $2,772,900. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Tesla news, SVP Xiaotong Zhu sold 650 shares of Tesla stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the transaction, the senior vice president now directly owns 65,155 shares of the company’s stock, valued at approximately $11,350,652.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $184.86, for a total value of $17,322,306.30. Following the completion of the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at $2,772,900. The disclosure for this sale can be found here. 20.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Wyrmwood Management LLC bought a new stake in Tesla in the 4th quarter valued at about $25,000. Lam Group Inc. bought a new stake in Tesla during the 4th quarter worth approximately $25,000. Mendota Financial Group LLC increased its holdings in Tesla by 202.2% during the 4th quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock worth $34,000 after purchasing an additional 91 shares in the last quarter. OLD Point Trust & Financial Services N A bought a new stake in Tesla during the 4th quarter worth approximately $37,000. Finally, Guardian Wealth Management Inc. purchased a new position in shares of Tesla in the 4th quarter worth approximately $47,000. 66.20% of the stock is owned by institutional investors.

Tesla Price Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.17 and a current ratio of 1.72. The business has a 50 day moving average price of $180.89 and a two-hundred day moving average price of $190.93. The stock has a market cap of $785.79 billion, a PE ratio of 62.85, a P/E/G ratio of 4.91 and a beta of 2.31.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Tuesday, April 23rd. The electric vehicle producer reported $0.35 EPS for the quarter, meeting the consensus estimate of $0.35. Tesla had a return on equity of 13.18% and a net margin of 14.37%. The business had revenue of $21.30 billion for the quarter, compared to the consensus estimate of $22.15 billion. Research analysts expect that Tesla, Inc. will post 1.86 earnings per share for the current fiscal year.

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.