Tesla (NASDAQ:TSLA) Shares Up 2.1% Following Analyst Upgrade

Tesla, Inc. (NASDAQ:TSLA) traded up 2.1% during trading on Thursday after Bank of America raised their price target on the stock from $265.00 to $350.00. Bank of America currently has a buy rating on the stock. Tesla traded as high as $294.87 and last traded at $294.59. 33,820,336 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 93,995,656 shares. The stock had previously closed at $288.53.

A number of other analysts have also recently weighed in on the company. Barclays increased their price target on Tesla from $220.00 to $235.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Mizuho increased their target price on Tesla from $180.00 to $230.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. Phillip Securities raised shares of Tesla to a “moderate sell” rating in a report on Friday, October 25th. Wells Fargo & Company increased their price objective on shares of Tesla from $120.00 to $125.00 and gave the stock an “underweight” rating in a report on Thursday, October 24th. Finally, Piper Sandler boosted their target price on shares of Tesla from $310.00 to $315.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Eight equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $222.03.

Insider Transactions at Tesla

In related news, CFO Vaibhav Taneja sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $251.76, for a total value of $1,007,040.00. Following the completion of the sale, the chief financial officer now owns 105,032 shares in the company, valued at approximately $26,442,856.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Vaibhav Taneja sold 4,000 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $251.76, for a total transaction of $1,007,040.00. Following the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at approximately $26,442,856.32. The trade was a 0.00 % 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 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 sale, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $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 76,797 shares of company stock valued at $19,211,821 over the last ninety days. Corporate insiders own 20.70% of the company’s stock.

Institutional Trading of Tesla

Hedge funds and other institutional investors have recently modified their holdings of the company. Connable Office Inc. increased its position in Tesla by 0.3% during the third quarter. Connable Office Inc. now owns 12,872 shares of the electric vehicle producer’s stock worth $3,368,000 after buying an additional 38 shares during the last quarter. Holistic Financial Partners boosted its holdings in shares of Tesla by 1.0% during the 3rd quarter. Holistic Financial Partners now owns 4,055 shares of the electric vehicle producer’s stock worth $1,061,000 after buying an additional 40 shares during the period. Integris Wealth Management LLC grew its stake in Tesla by 1.0% in the 2nd quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock valued at $804,000 after buying an additional 42 shares during the last quarter. Sherrill & Hutchins Financial Advisory Inc raised its holdings in Tesla by 1.4% in the 3rd quarter. Sherrill & Hutchins Financial Advisory Inc now owns 3,058 shares of the electric vehicle producer’s stock worth $800,000 after acquiring an additional 43 shares during the period. Finally, Altman Advisors Inc. lifted its position in Tesla by 0.4% during the 3rd quarter. Altman Advisors Inc. now owns 10,754 shares of the electric vehicle producer’s stock worth $2,814,000 after acquiring an additional 43 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Price Performance

The company has a market capitalization of $1.03 trillion, a P/E ratio of 88.01, a PEG ratio of 9.51 and a beta of 2.29. The stock’s fifty day simple moving average is $241.18 and its 200-day simple moving average is $214.90. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37.

Tesla (NASDAQ:TSLA) last announced its 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. The firm had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.53 EPS. On average, equities analysts forecast that Tesla, Inc. will post 1.96 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.