Tesla (NASDAQ:TSLA) Stock Price Up 3.7% on Analyst Upgrade

Tesla, Inc. (NASDAQ:TSLA)’s share price was up 3.7% during trading on Thursday after Guggenheim raised their price target on the stock from $156.00 to $175.00. Guggenheim currently has a sell rating on the stock. Tesla traded as high as $375.43 and last traded at $371.15. Approximately 35,094,877 shares changed hands during trading, a decline of 63% from the average daily volume of 94,531,367 shares. The stock had previously closed at $357.93.

A number of other research firms also recently commented on TSLA. Canaccord Genuity Group boosted their price target on Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Truist Financial boosted their target price on shares of Tesla from $236.00 to $238.00 and gave the company a “hold” rating in a research report on Thursday, October 24th. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $120.00 price target on shares of Tesla in a report on Thursday, October 3rd. Wolfe Research assumed coverage on shares of Tesla in a research note on Thursday, September 5th. They issued a “peer perform” rating on the stock. Finally, Bank of America upped their target price on Tesla from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Thursday. Nine equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $245.84.

Insiders Place Their Bets

In other 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 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 0.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robyn M. Denholm sold 112,390 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $354.06, for a total value of $39,792,803.40. Following the completion of the transaction, the director now owns 85,000 shares in the company, valued at approximately $30,095,100. This represents a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 420,577 shares of company stock worth $135,230,506. Corporate insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC lifted its holdings in shares of Tesla by 1.8% in the third quarter. Geode Capital Management LLC now owns 59,356,401 shares of the electric vehicle producer’s stock valued at $15,469,792,000 after purchasing an additional 1,022,589 shares in the last quarter. FMR LLC grew its stake in shares of Tesla by 3.5% in the 3rd quarter. FMR LLC now owns 24,741,075 shares of the electric vehicle producer’s stock worth $6,473,008,000 after acquiring an additional 828,308 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Tesla by 13.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,377,822 shares of the electric vehicle producer’s stock valued at $6,377,970,000 after purchasing an additional 2,946,763 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Tesla by 1.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 16,545,824 shares of the electric vehicle producer’s stock worth $4,328,884,000 after purchasing an additional 301,968 shares during the last quarter. Finally, Jennison Associates LLC grew its position in Tesla by 11.9% in the 3rd quarter. Jennison Associates LLC now owns 12,201,212 shares of the electric vehicle producer’s stock worth $3,192,203,000 after purchasing an additional 1,294,093 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Stock Performance

The company’s 50 day simple moving average is $280.65 and its 200 day simple moving average is $235.96. The stock has a market cap of $1.19 trillion, a PE ratio of 101.68, a price-to-earnings-growth ratio of 11.41 and a beta of 2.36. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The business had revenue of $25.18 billion for the quarter, compared to analyst estimates of $25.47 billion. During the same period last year, the company posted $0.53 earnings per share. Tesla’s quarterly revenue was up 7.8% compared to the same quarter last year. Analysts expect that Tesla, Inc. will post 1.99 earnings per share for the current 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.