Tesla (NASDAQ:TSLA) Shares Up 3.8% – Here’s Why

Tesla, Inc. (NASDAQ:TSLA)’s stock price shot up 3.8% during trading on Tuesday . The company traded as high as $253.50 and last traded at $252.02. 26,313,613 shares traded hands during trading, a decline of 72% from the average session volume of 93,743,219 shares. The stock had previously closed at $242.84.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Jefferies Financial Group increased their price target on shares of Tesla from $165.00 to $195.00 and gave the stock a “hold” rating in a research report on Monday, October 21st. Bank of America raised their target price on Tesla from $255.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Piper Sandler upped their price target on Tesla from $310.00 to $315.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. 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. Finally, Oppenheimer reiterated a “market perform” rating on shares of Tesla in a research report on Tuesday, October 8th. Eight investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $219.45.

Tesla Trading Up 14.8 %

The company has a market capitalization of $926.20 billion, a P/E ratio of 79.05, a PEG ratio of 8.01 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. The business’s 50-day moving average price is $237.23 and its two-hundred day moving average price is $213.07.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The company had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. During the same period in the prior year, the company earned $0.53 earnings per share. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, analysts forecast that Tesla, Inc. will post 1.96 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the completion of the sale, the chief financial officer now 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. In the last three months, insiders have sold 76,797 shares of company stock worth $19,211,821. Company insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Tesla

Several hedge funds have recently modified their holdings of TSLA. Bank & Trust Co bought a new position in Tesla in the second quarter valued at approximately $25,000. Valley Wealth Managers Inc. bought a new position in shares of Tesla in the second quarter valued at $26,000. Abich Financial Wealth Management LLC raised its position in Tesla by 168.8% during the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after acquiring an additional 81 shares in the last quarter. Transcendent Capital Group LLC acquired a new stake in Tesla in the third quarter valued at $29,000. Finally, Clean Yield Group grew its position in shares of 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 acquiring an additional 48 shares during the period. Institutional investors own 66.20% of the company’s stock.

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.