Tesla (NASDAQ:TSLA) Trading 5.9% Higher Following Analyst Upgrade

Tesla, Inc. (NASDAQ:TSLA)’s share price traded up 5.9% during trading on Friday 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 $319.44 and last traded at $314.53. 77,047,748 shares traded hands during mid-day trading, a decline of 18% from the average session volume of 94,212,023 shares. The stock had previously closed at $296.91.

A number of other analysts have also commented on TSLA. William Blair assumed coverage on Tesla in a research report on Thursday, August 29th. They issued an “outperform” rating for the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $295.00 price objective on shares of Tesla in a report on Tuesday, September 10th. JPMorgan Chase & Co. boosted their price objective on Tesla from $130.00 to $135.00 and gave the stock an “underweight” rating in a report on Thursday, October 24th. Sanford C. Bernstein reissued an “underperform” rating and set a $120.00 price objective on shares of Tesla in a report on Thursday, October 3rd. Finally, Wells Fargo & Company boosted their price objective on Tesla from $120.00 to $125.00 and gave the stock an “underweight” rating in a report on Thursday, October 24th. Eight equities research 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $222.03.

Insiders Place Their Bets

In other news, Director Kimbal Musk sold 60,500 shares of the company’s stock in a transaction on 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 transaction, the director now owns 1,563,220 shares of the company’s stock, valued at approximately $391,164,540.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Kimbal Musk sold 60,500 shares of the company’s stock in a transaction on 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 transaction, the director now owns 1,563,220 shares of the company’s stock, valued at approximately $391,164,540.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of the company’s stock in a transaction on 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 completion of the transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at approximately $26,258,000. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,797 shares of company stock worth $19,211,821 over the last 90 days. Corporate insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Cornerstone Advisors LLC increased its stake in Tesla by 11.8% in the third quarter. Cornerstone Advisors LLC now owns 170,100 shares of the electric vehicle producer’s stock valued at $44,503,000 after acquiring an additional 18,000 shares during the last quarter. Citizens Financial Group Inc. RI increased its stake in Tesla by 4.0% in the third quarter. Citizens Financial Group Inc. RI now owns 26,577 shares of the electric vehicle producer’s stock valued at $6,953,000 after acquiring an additional 1,034 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Tesla by 1.5% during the third quarter. EverSource Wealth Advisors LLC now owns 73,284 shares of the electric vehicle producer’s stock valued at $19,173,000 after buying an additional 1,093 shares during the last quarter. Altman Advisors Inc. grew its stake in shares of Tesla by 0.4% during the third quarter. Altman Advisors Inc. now owns 10,754 shares of the electric vehicle producer’s stock valued at $2,814,000 after buying an additional 43 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its stake in shares of Tesla by 4.0% during the third quarter. First Horizon Advisors Inc. now owns 12,340 shares of the electric vehicle producer’s stock valued at $3,229,000 after buying an additional 476 shares during the last quarter. Institutional investors own 66.20% of the company’s stock.

Tesla Stock Up 8.2 %

The stock has a 50 day moving average price of $241.18 and a 200-day moving average price of $214.90. The stock 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 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 quarterly earnings data 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. The firm had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period last year, the firm earned $0.53 earnings per share. As a group, research analysts expect that Tesla, Inc. will post 1.96 EPS 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.