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

Tesla, Inc. (NASDAQ:TSLA)’s stock price rose 7.8% during mid-day 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 changed hands during 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 brokerages also recently issued reports on TSLA. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research report on Thursday, October 24th. KGI Securities raised Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 price objective on the stock in a research note on Thursday, October 24th. Sanford C. Bernstein reissued an “underperform” rating and issued a $120.00 target price on shares of Tesla in a research note on Thursday, October 3rd. Morgan Stanley reissued an “overweight” rating and issued a $310.00 target price on shares of Tesla in a research note on Thursday, October 3rd. Finally, Royal Bank of Canada raised their price objective on Tesla from $236.00 to $249.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Eight investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $225.06.

Insider Transactions at Tesla

In other news, Director Kimbal Musk sold 60,500 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the sale, the director now directly owns 1,563,220 shares of the company’s stock, valued at $391,164,540.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Kimbal Musk sold 60,500 shares of the firm’s 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 transaction, the director now directly owns 1,563,220 shares of the company’s stock, valued at approximately $391,164,540.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of the firm’s stock in a transaction that occurred 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 $26,258,000. This trade 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 in the last ninety days. 20.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Tesla

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Connable Office Inc. increased its holdings in shares of Tesla by 0.3% during the 3rd 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 increased 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 last quarter. Integris Wealth Management LLC increased its holdings in shares of Tesla by 1.0% during the 2nd quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock worth $804,000 after buying an additional 42 shares during the last quarter. Sherrill & Hutchins Financial Advisory Inc increased 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 valued at $800,000 after purchasing an additional 43 shares during the last quarter. Finally, Altman Advisors Inc. increased its holdings in Tesla by 0.4% in the 3rd quarter. Altman Advisors Inc. now owns 10,754 shares of the electric vehicle producer’s stock valued at $2,814,000 after purchasing an additional 43 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Price Performance

The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. The company’s fifty day moving average is $241.18 and its two-hundred day moving average is $215.77. The stock has a market cap of $1.12 trillion, a price-to-earnings ratio of 97.39, a P/E/G ratio of 10.59 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last posted 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. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The firm had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. During the same quarter last year, the firm earned $0.53 EPS. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. As a group, research analysts predict that Tesla, Inc. will post 1.96 earnings per share 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.