Tesla (NASDAQ:TSLA) Trading 0.2% Higher Following Analyst Upgrade

Tesla, Inc. (NASDAQ:TSLA) was up 0.2% during trading on Thursday after The Goldman Sachs Group raised their price target on the stock from $250.00 to $345.00. The Goldman Sachs Group currently has a neutral rating on the stock. Tesla traded as high as $426.92 and last traded at $425.50. Approximately 35,914,400 shares traded hands during trading, a decline of 62% from the average daily volume of 94,495,805 shares. The stock had previously closed at $424.77.

Several other equities analysts also recently commented on the company. KGI Securities upgraded Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 price target on the stock in a report on Thursday, October 24th. 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. Barclays boosted their target price on shares of Tesla from $220.00 to $235.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Canaccord Genuity Group raised their price target on Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Finally, JPMorgan Chase & Co. boosted their price objective on Tesla from $130.00 to $135.00 and gave the stock an “underweight” rating in a research report on Thursday, October 24th. Nine investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Tesla currently has an average rating of “Hold” and a consensus price target of $257.36.

Insider Activity

In other Tesla news, Director Kimbal Musk sold 60,500 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $250.23, for a total value of $15,138,915.00. Following the transaction, the director now owns 1,563,220 shares of the company’s stock, valued at approximately $391,164,540.60. The trade was a 3.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total value of $2,000,000.00. Following the sale, the chief financial officer now owns 105,032 shares in the company, valued at $26,258,000. The trade was a 7.08 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 522,886 shares of company stock worth $171,393,831. Corporate insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Valley Wealth Managers Inc. bought a new position in shares of Tesla in the second quarter worth about $26,000. Abich Financial Wealth Management LLC increased its holdings in shares of Tesla by 168.8% in the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after purchasing an additional 81 shares in the last quarter. Transcendent Capital Group LLC acquired a new position in Tesla during the 3rd quarter worth $29,000. Clean Yield Group boosted its position in Tesla by 60.0% in the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after buying an additional 48 shares during the last quarter. Finally, Peterson Financial Group Inc. acquired a new stake in shares of Tesla in the 3rd quarter valued at $35,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Trading Up 4.3 %

The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08. The company has a market cap of $1.40 trillion, a P/E ratio of 117.21, a P/E/G ratio of 10.52 and a beta of 2.36. The business has a 50-day moving average price of $298.02 and a two-hundred day moving average price of $244.72.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, beating 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 company had revenue of $25.18 billion for the quarter, compared to the consensus estimate of $25.47 billion. During the same period in the prior year, the company posted $0.53 EPS. The company’s revenue was up 7.8% compared to the same quarter last year. On average, analysts predict that Tesla, Inc. will post 1.99 EPS for the current 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.