Tesla (NASDAQ:TSLA) Stock Price Up 3.8% on Analyst Upgrade

Tesla, Inc. (NASDAQ:TSLA) shot up 3.8% during trading on Friday after Truist Financial raised their price target on the stock from $215.00 to $236.00. Truist Financial currently has a hold rating on the stock. Tesla traded as high as $249.87 and last traded at $249.84. 31,676,805 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 95,267,063 shares. The stock had previously closed at $240.66.

Other equities analysts have also issued reports about the stock. Barclays lowered their price target on shares of Tesla from $225.00 to $220.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 25th. New Street Research cut shares of Tesla from a “buy” rating to a “neutral” rating and set a $225.00 target price on the stock. in a report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $295.00 price target on shares of Tesla in a research report on Tuesday, September 10th. Wolfe Research assumed coverage on Tesla in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Finally, TD Cowen lifted their price objective on Tesla from $160.00 to $180.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Nine investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $210.54.

Insiders Place Their Bets

In other news, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $219.96, for a total value of $14,597,425.44. Following the completion of the sale, the director now owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the sale, the director now directly owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 74,661 shares of company stock valued at $16,663,291. 25.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tesla

Several institutional investors and hedge funds have recently made changes to their positions in the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of Tesla by 60.2% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 549,008 shares of the electric vehicle producer’s stock worth $108,638,000 after buying an additional 206,248 shares during the period. Morse Asset Management Inc increased its stake in Tesla by 138.1% in the second quarter. Morse Asset Management Inc now owns 5,969 shares of the electric vehicle producer’s stock valued at $1,181,000 after purchasing an additional 3,462 shares in the last quarter. Newbridge Financial Services Group Inc. raised its holdings in shares of Tesla by 7.4% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 28,222 shares of the electric vehicle producer’s stock valued at $7,013,000 after purchasing an additional 1,943 shares during the period. NewEdge Advisors LLC boosted its position in shares of Tesla by 12.9% during the 2nd quarter. NewEdge Advisors LLC now owns 236,802 shares of the electric vehicle producer’s stock worth $46,858,000 after purchasing an additional 27,130 shares in the last quarter. Finally, Entropy Technologies LP bought a new position in shares of Tesla during the 1st quarter worth about $1,941,000. Institutional investors own 66.20% of the company’s stock.

Tesla Price Performance

The business has a 50-day moving average of $224.00 and a 200 day moving average of $201.60. The company has a current ratio of 1.91, a quick ratio of 1.40 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $798.92 billion, a P/E ratio of 63.80, a price-to-earnings-growth ratio of 6.79 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.10). Tesla had a net margin of 13.00% and a return on equity of 10.41%. The firm had revenue of $25.50 billion for the quarter, compared to the consensus estimate of $24.38 billion. During the same quarter in the prior year, the firm earned $0.78 EPS. The company’s revenue was up 2.3% compared to the same quarter last year. On average, sell-side analysts predict that Tesla, Inc. will post 1.74 earnings per share for the current fiscal 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.