Tesla (NASDAQ:TSLA) Shares Up 7.5% Following Analyst Upgrade

Tesla, Inc. (NASDAQ:TSLAGet Free Report) shares traded up 7.5% on Monday after Royal Bank of Canada raised their price target on the stock from $249.00 to $313.00. Royal Bank of Canada currently has an outperform rating on the stock. Tesla traded as high as $347.34 and last traded at $344.63. 43,089,258 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 95,790,320 shares. The stock had previously closed at $320.72.

A number of other brokerages have also weighed in on TSLA. Stifel Nicolaus upped their target price on shares of Tesla from $265.00 to $287.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Argus reiterated a “buy” rating and set a $286.00 price objective on shares of Tesla in a report on Friday, July 26th. Piper Sandler boosted their target price on Tesla from $310.00 to $315.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Robert W. Baird reaffirmed an “outperform” rating and set a $280.00 price target on shares of Tesla in a research note on Tuesday, August 20th. Finally, Wells Fargo & Company boosted their price objective on shares of Tesla from $120.00 to $125.00 and gave the stock an “underweight” rating in a research report on Thursday, October 24th. Nine investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $230.18.

Get Our Latest Stock Analysis on TSLA

Insider Transactions at Tesla

In related news, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the transaction, the senior vice president now owns 67,491 shares in the company, valued at approximately $14,967,479.07. This trade 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 accessible through this link. Also, CFO Vaibhav Taneja sold 8,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the sale, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. This represents a 7.08 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 188,797 shares of company stock valued at $57,616,781. 20.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Transcendent Capital Group LLC acquired a new position in shares of Tesla during the 3rd quarter worth $29,000. Bank & Trust Co bought a new position in Tesla in the second quarter valued at about $25,000. Clean Yield Group raised its stake in Tesla by 60.0% during the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after acquiring an additional 48 shares in the last quarter. Abich Financial Wealth Management LLC lifted its holdings in shares of Tesla by 168.8% in 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 during the last quarter. Finally, Valley Wealth Managers Inc. acquired a new stake in shares of Tesla in the 2nd quarter valued at approximately $26,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Stock Up 7.7 %

The company has a market capitalization of $1.11 trillion, a P/E ratio of 94.42, a price-to-earnings-growth ratio of 10.42 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. The firm’s fifty day moving average is $252.30 and its 200-day moving average is $221.01.

Tesla (NASDAQ:TSLAGet Free Report) last posted its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The firm had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. During the same quarter in the previous year, the firm posted $0.53 earnings per share. The company’s revenue was up 7.8% on a year-over-year basis. As a group, equities research analysts predict that Tesla, Inc. will post 1.99 EPS for the current year.

About Tesla

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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.

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