Tesla (NASDAQ:TSLA) Shares Up 0.8% – Here’s What Happened

Shares of Tesla, Inc. (NASDAQ:TSLA) shot up 0.8% during trading on Friday . The stock traded as high as $254.00 and last traded at $251.85. 15,688,675 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 93,981,500 shares. The stock had previously closed at $249.85.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TSLA. Truist Financial raised their target price on shares of Tesla from $236.00 to $238.00 and gave the company a “hold” rating in a research note on Thursday, October 24th. Argus restated a “buy” rating and set a $286.00 price objective on shares of Tesla in a research report on Friday, July 26th. HSBC reiterated a “reduce” rating and issued a $124.00 target price on shares of Tesla in a research report on Friday, October 11th. Sanford C. Bernstein restated an “underperform” rating and set a $120.00 price target on shares of Tesla in a report on Thursday, October 3rd. Finally, Stifel Nicolaus upped their price objective on Tesla from $265.00 to $287.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Eight analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $219.45.

Tesla Stock Down 0.3 %

The stock has a market cap of $799.24 billion, a P/E ratio of 68.21, a P/E/G ratio of 8.24 and a beta of 2.29. The company’s 50 day moving average price is $234.14 and its two-hundred day moving average price is $210.76. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. The business had revenue of $25.18 billion during the quarter, compared to analyst estimates of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. Tesla’s revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.53 EPS. As a group, research analysts expect that Tesla, Inc. will post 1.96 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the sale, the senior vice president now owns 67,491 shares in the company, valued at approximately $14,967,479.07. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Vaibhav Taneja sold 8,000 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the sale, the chief financial officer now owns 105,032 shares of the company’s stock, valued at $26,258,000. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the transaction, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,297 shares of company stock worth $3,065,866 in the last three months. Corporate insiders own 20.70% of the company’s stock.

Institutional Trading of Tesla

A number of institutional investors have recently modified their holdings of TSLA. Integris Wealth Management LLC boosted its stake in Tesla by 1.0% in the second quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock valued at $804,000 after acquiring an additional 42 shares in the last quarter. Sherrill & Hutchins Financial Advisory Inc lifted its holdings in shares of Tesla by 1.4% during the 3rd quarter. Sherrill & Hutchins Financial Advisory Inc now owns 3,058 shares of the electric vehicle producer’s stock valued at $800,000 after purchasing an additional 43 shares during the last quarter. Echo Wealth Management LLC boosted its position in shares of Tesla by 0.7% in the 2nd quarter. Echo Wealth Management LLC now owns 6,474 shares of the electric vehicle producer’s stock worth $1,281,000 after purchasing an additional 44 shares in the last quarter. Essex Savings Bank grew its stake in Tesla by 1.4% during the 3rd quarter. Essex Savings Bank now owns 3,128 shares of the electric vehicle producer’s stock worth $818,000 after buying an additional 44 shares during the last quarter. Finally, WASHINGTON TRUST Co increased its position in Tesla by 3.2% during the 2nd quarter. WASHINGTON TRUST Co now owns 1,433 shares of the electric vehicle producer’s stock valued at $284,000 after buying an additional 45 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors.

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.