Tesla (NASDAQ:TSLA) Shares Gap Up Following Analyst Upgrade

Tesla, Inc. (NASDAQ:TSLA) shares gapped up before the market opened on Thursday after Bank of America raised their price target on the stock from $255.00 to $265.00. The stock had previously closed at $213.65, but opened at $244.68. Bank of America currently has a buy rating on the stock. Tesla shares last traded at $248.94, with a volume of 43,156,824 shares traded.

Other analysts have also issued reports about the stock. Roth Mkm restated a “neutral” rating and set a $85.00 target price on shares of Tesla in a research note on Friday, October 11th. UBS Group cut Tesla from a “neutral” rating to a “sell” rating and increased their price objective for the stock from $147.00 to $197.00 in a research report on Friday, July 12th. Sanford C. Bernstein reissued an “underperform” rating and issued a $120.00 price target on shares of Tesla in a research note on Thursday, October 3rd. Truist Financial lifted their price objective on Tesla from $236.00 to $238.00 and gave the company a “hold” rating in a research note on Thursday. Finally, William Blair began coverage on Tesla in a research note on Thursday, August 29th. They issued an “outperform” rating on the stock. Eight research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Tesla currently has an average rating of “Hold” and a consensus target price of $216.87.

Insider Activity at Tesla

In related news, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the sale, the senior vice president now directly owns 67,491 shares in the company, valued at $14,967,479.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Tesla news, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction dated 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 owns 67,491 shares of the company’s stock, valued at $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 is available through this hyperlink. Also, CFO Vaibhav Taneja sold 8,000 shares of the business’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 value of $2,000,000.00. Following the completion of the sale, the chief financial officer now owns 105,032 shares of the company’s stock, valued at approximately $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. Company insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Bank & Trust Co bought a new stake in shares of Tesla during the second quarter valued at approximately $25,000. Valley Wealth Managers Inc. bought a new stake in shares of Tesla during the second quarter valued at approximately $26,000. Abich Financial Wealth Management LLC increased its position in shares of Tesla by 168.8% during the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after purchasing an additional 81 shares during the period. Clean Yield Group increased its position in shares of Tesla by 60.0% during the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after purchasing an additional 48 shares during the period. Finally, M&R Capital Management Inc. increased its position in shares of Tesla by 263.2% during the third quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock valued at $36,000 after purchasing an additional 100 shares during the period. 66.20% of the stock is owned by institutional investors.

Tesla Trading Up 16.7 %

The firm has a market capitalization of $796.30 billion, a P/E ratio of 69.83, a PEG ratio of 6.24 and a beta of 2.29. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08. The business has a 50-day moving average price of $228.54 and a 200-day moving average price of $206.41.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). Tesla had a net margin of 13.00% and a return on equity of 10.41%. The company had revenue of $25.50 billion during the quarter, compared to the consensus estimate of $24.38 billion. During the same quarter last year, the company earned $0.78 earnings per share. The business’s revenue was up 2.3% on a year-over-year basis. Analysts anticipate that Tesla, Inc. will post 1.75 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.