Tesla (NASDAQ:TSLA) Stock Price Up 7.8% Following Analyst Upgrade

Shares of Tesla, Inc. (NASDAQ:TSLA) rose 7.8% during trading on Monday after Wedbush raised their price target on the stock from $300.00 to $400.00. Wedbush currently has an outperform rating on the stock. Tesla traded as high as $350.71 and last traded at $346.18. Approximately 71,696,906 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 94,784,539 shares. The stock had previously closed at $321.22.

A number of other equities research analysts have also recently weighed in on TSLA. Jefferies Financial Group boosted their price target on shares of Tesla from $165.00 to $195.00 and gave the company a “hold” rating in a research report on Monday, October 21st. Royal Bank of Canada increased their target price on shares of Tesla from $236.00 to $249.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Truist Financial increased their price target on shares of Tesla from $236.00 to $238.00 and gave the company a “hold” rating in a research report on Thursday, October 24th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $245.00 price target on shares of Tesla in a research report on Wednesday, October 23rd. Finally, Bank of America raised their target price on shares of Tesla from $265.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Eight equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Tesla currently has a consensus rating of “Hold” and a consensus price target of $225.06.

Insiders Place Their Bets

In other Tesla news, CFO Vaibhav Taneja sold 8,000 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Kimbal Musk sold 60,500 shares of Tesla stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $250.23, for a total value of $15,138,915.00. Following the completion of the transaction, the director now directly owns 1,563,220 shares of the company’s stock, valued at approximately $391,164,540.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Vaibhav Taneja sold 8,000 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 76,797 shares of company stock valued at $19,211,821 in the last ninety days. Corporate insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of TSLA. Bank & Trust Co bought a new stake in shares of Tesla during the 2nd quarter worth about $25,000. Valley Wealth Managers Inc. bought a new stake in shares of Tesla during the 2nd quarter worth about $26,000. Abich Financial Wealth Management LLC raised its position in shares of Tesla by 168.8% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after buying an additional 81 shares in the last quarter. Transcendent Capital Group LLC bought a new stake in shares of Tesla during the 3rd quarter worth about $29,000. Finally, Clean Yield Group raised its position in shares of Tesla by 60.0% during the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after buying an additional 48 shares in the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Price Performance

The company has a market capitalization of $1.12 trillion, a P/E ratio of 97.39, a P/E/G ratio of 10.59 and a beta of 2.29. The business’s 50-day simple moving average is $241.18 and its 200 day simple moving average is $215.77. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08.

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