Tesla (NASDAQ:TSLA) Trading 2.6% Higher – Here’s Why

Tesla, Inc. (NASDAQ:TSLA)’s share price traded up 2.6% on Monday . The stock traded as high as $474.07 and last traded at $468.37. 84,009,610 shares changed hands during trading, a decline of 17% from the average session volume of 101,202,273 shares. The stock had previously closed at $456.56.

Analyst Ratings Changes

TSLA has been the topic of a number of research analyst reports. Glj Research reiterated a “sell” rating on shares of Tesla in a report on Wednesday, October 22nd. Truist Financial upped their price target on Tesla from $280.00 to $406.00 and gave the stock a “hold” rating in a research note on Thursday, October 23rd. Needham & Company LLC reissued a “hold” rating on shares of Tesla in a research report on Thursday, October 23rd. President Capital upped their target price on shares of Tesla from $373.00 to $529.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Finally, Barclays reiterated a “negative” rating and issued a $350.00 price target (up from $275.00) on shares of Tesla in a research note on Thursday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have assigned a Hold rating and eleven have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $390.27.

Tesla Price Performance

The firm’s fifty day simple moving average is $410.52 and its 200-day simple moving average is $348.87. The firm has a market capitalization of $1.56 trillion, a PE ratio of 312.25, a PEG ratio of 16.84 and a beta of 2.08. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The firm had revenue of $28.10 billion for the quarter, compared to analysts’ expectations of $24.98 billion. During the same quarter in the prior year, the company posted $0.72 earnings per share. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Transactions at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the transaction, the chief financial officer owned 9,856 shares of the company’s stock, valued at approximately $3,473,057.28. The trade was a 20.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James R. Murdoch sold 120,000 shares of the company’s stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the transaction, the director owned 697,031 shares in the company, valued at $244,162,988.99. This represents a 14.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 202,606 shares of company stock worth $75,588,902 over the last quarter. 19.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Tesla by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 251,390,681 shares of the electric vehicle producer’s stock worth $79,856,764,000 after buying an additional 4,502,976 shares during the last quarter. Geode Capital Management LLC boosted its position in Tesla by 2.0% in the second quarter. Geode Capital Management LLC now owns 64,767,993 shares of the electric vehicle producer’s stock worth $20,480,477,000 after purchasing an additional 1,269,304 shares during the last quarter. Norges Bank bought a new stake in shares of Tesla during the 2nd quarter valued at about $11,839,824,000. Goldman Sachs Group Inc. increased its position in shares of Tesla by 322.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer’s stock valued at $6,891,201,000 after purchasing an additional 20,291,139 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Tesla by 5.9% in the 2nd quarter. Legal & General Group Plc now owns 20,225,098 shares of the electric vehicle producer’s stock worth $6,424,705,000 after purchasing an additional 1,134,678 shares during the period. 66.20% of the stock is owned by hedge funds and other institutional investors.

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.