Tesla (NASDAQ:TSLA) Trading 0.3% Higher on Analyst Upgrade

Tesla, Inc. (NASDAQ:TSLA)’s stock price was up 0.3% during mid-day trading on Wednesday after Royal Bank of Canada raised their price target on the stock from $224.00 to $236.00. Royal Bank of Canada currently has an outperform rating on the stock. Tesla traded as high as $247.43 and last traded at $245.18. Approximately 27,187,807 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 94,861,180 shares. The stock had previously closed at $244.50.

A number of other equities research analysts have also recently weighed in on the company. Sanford C. Bernstein restated an “underperform” rating and issued a $120.00 price target on shares of Tesla in a research note on Thursday, October 3rd. Wolfe Research began coverage on shares of Tesla in a research note on Thursday, September 5th. They set a “peer perform” rating for the company. TD Cowen increased their price target on shares of Tesla from $160.00 to $180.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Piper Sandler boosted their price objective on Tesla from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Wednesday, September 25th. Finally, Citigroup lowered their target price on Tesla from $274.00 to $258.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 24th. Nine investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $210.90.

Insiders Place Their Bets

In other news, Director Robyn M. Denholm sold 66,364 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the sale, the director now directly owns 85,000 shares in the company, valued at approximately $18,696,600. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the transaction, the senior vice president now directly owns 67,491 shares in the company, valued at approximately $14,967,479.07. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $219.96, for a total value of $14,597,425.44. Following the sale, the director now owns 85,000 shares in the company, valued at approximately $18,696,600. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 74,661 shares of company stock valued at $16,663,291. 25.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of TSLA. Sound Income Strategies LLC grew its holdings in Tesla by 6.2% during the 3rd quarter. Sound Income Strategies LLC now owns 14,489 shares of the electric vehicle producer’s stock worth $3,791,000 after acquiring an additional 847 shares during the period. Douglas Lane & Associates LLC acquired a new stake in Tesla during the third quarter worth approximately $209,000. CVA Family Office LLC increased its holdings in Tesla by 37.7% in the third quarter. CVA Family Office LLC now owns 6,572 shares of the electric vehicle producer’s stock worth $1,719,000 after purchasing an additional 1,798 shares in the last quarter. Shira Ridge Wealth Management acquired a new position in Tesla in the third quarter valued at approximately $224,000. Finally, Birch Hill Investment Advisors LLC boosted its holdings in shares of Tesla by 6.1% during the 3rd quarter. Birch Hill Investment Advisors LLC now owns 1,454 shares of the electric vehicle producer’s stock worth $380,000 after buying an additional 83 shares in the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Trading Down 0.9 %

The company has a current ratio of 1.91, a quick ratio of 1.40 and a debt-to-equity ratio of 0.08. The firm’s 50-day moving average price is $224.79 and its 200 day moving average price is $203.05. The company has a market cap of $762.78 billion, a price-to-earnings ratio of 61.63, a P/E/G ratio of 6.80 and a beta of 2.29.

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