Tesla (NASDAQ:TSLA) Trading Up 5.3% After Analyst Upgrade

Tesla, Inc. (NASDAQ:TSLA)’s share price rose 5.3% on Wednesday after Canaccord Genuity Group raised their price target on the stock from $222.00 to $254.00. Canaccord Genuity Group currently has a buy rating on the stock. Tesla traded as high as $248.35 and last traded at $243.60. Approximately 99,398,912 shares changed hands during mid-day trading, an increase of 3% from the average daily volume of 96,447,445 shares. The stock had previously closed at $231.26.

Other equities analysts have also issued research reports about the company. Needham & Company LLC restated a “hold” rating on shares of Tesla in a research note on Wednesday, April 24th. Morgan Stanley reaffirmed an “overweight” rating and issued a $310.00 price target on shares of Tesla in a research note on Thursday, June 20th. Evercore ISI decreased their target price on shares of Tesla from $155.00 to $145.00 and set an “in-line” rating on the stock in a report on Monday, April 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $230.00 price target on shares of Tesla in a report on Monday. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Tesla from $130.00 to $115.00 and set an “underweight” rating for the company in a research report on Wednesday, April 3rd. Seven equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $189.47.

Insider Activity

In other news, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction on Monday, May 6th. The shares were sold at an average price of $184.86, for a total value of $17,322,306.30. Following the completion of the sale, the director now owns 15,000 shares in the company, valued at approximately $2,772,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Tesla news, Director Robyn M. Denholm sold 93,705 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $184.86, for a total transaction of $17,322,306.30. Following the completion of the sale, the director now owns 15,000 shares in the company, valued at approximately $2,772,900. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 650 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $174.21, for a total transaction of $113,236.50. Following the sale, the senior vice president now owns 65,155 shares of the company’s stock, valued at approximately $11,350,652.55. The disclosure for this sale can be found here. 20.90% of the stock is currently owned by company insiders.

Institutional Trading of Tesla

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Holderness Investments Co. increased its stake in Tesla by 1.6% during the 3rd quarter. Holderness Investments Co. now owns 2,599 shares of the electric vehicle producer’s stock valued at $650,000 after purchasing an additional 42 shares in the last quarter. Daymark Wealth Partners LLC boosted its holdings in Tesla by 0.4% during the fourth quarter. Daymark Wealth Partners LLC now owns 10,554 shares of the electric vehicle producer’s stock worth $2,622,000 after purchasing an additional 45 shares during the last quarter. Cravens & Co Advisors LLC increased its stake in Tesla by 1.2% in the 3rd quarter. Cravens & Co Advisors LLC now owns 4,095 shares of the electric vehicle producer’s stock valued at $1,025,000 after buying an additional 48 shares during the last quarter. Patten & Patten Inc. TN lifted its position in shares of Tesla by 1.1% during the 4th quarter. Patten & Patten Inc. TN now owns 4,601 shares of the electric vehicle producer’s stock worth $1,143,000 after buying an additional 48 shares in the last quarter. Finally, Caerus Investment Advisors LLC boosted its stake in shares of Tesla by 0.3% in the 4th quarter. Caerus Investment Advisors LLC now owns 14,395 shares of the electric vehicle producer’s stock worth $3,577,000 after buying an additional 49 shares during the last quarter. Institutional investors own 66.20% of the company’s stock.

Tesla Stock Up 5.0 %

The stock has a 50-day moving average of $180.89 and a 200 day moving average of $190.93. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $774.31 billion, a PE ratio of 62.14, a P/E/G ratio of 4.91 and a beta of 2.31.

Tesla (NASDAQ:TSLA) last announced its earnings results on Tuesday, April 23rd. The electric vehicle producer reported $0.35 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.35. The firm had revenue of $21.30 billion during the quarter, compared to analyst estimates of $22.15 billion. Tesla had a return on equity of 13.18% and a net margin of 14.37%. Sell-side analysts anticipate that Tesla, Inc. will post 1.86 EPS 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.