Tesla, Inc. (NASDAQ:TSLA – Get Free Report) shares shot up 3.1% during mid-day trading on Monday . The stock traded as high as $378.36 and last traded at $375.63. Approximately 36,163,843 shares were traded during mid-day trading, a decline of 31% from the average session volume of 52,511,055 shares. The stock had previously closed at $364.27.
Key Headlines Impacting Tesla
Here are the key news stories impacting Tesla this week:
- Positive Sentiment: Roadster catalyst: Tesla reopened reservations requiring a $5,000 deposit plus an additional $45,000 payment ahead of the planned October 1 reveal. Investors are treating the event, third-quarter deliveries and earnings as major October milestones, although the Roadster is expected to represent a small portion of total vehicle sales. Tesla Reopens Roadster Reservations Ahead of Oct. 1 Reveal
- Positive Sentiment: FSD expansion: The Czech Republic provisionally approved Tesla’s FSD system after earlier safety concerns, adding to recent European approvals and strengthening hopes for broader regulatory clearance. Czech Republic approves Tesla’s FSD
- Positive Sentiment: Energy-storage validation: Tesla and Sunrun said their home-battery fleets delivered more than 580 megawatts of peak power to California’s grid during a heat wave, highlighting Tesla’s virtual-power-plant opportunity beyond electric vehicles. Sunrun and Tesla Dispatch 580 Megawatts
- Neutral Sentiment: Market and expectations: Investors are also looking for a potentially better-than-feared third-quarter delivery result, while analysts’ median price target remains well above the current trading level. However, Tesla’s exceptionally high valuation leaves the stock sensitive to execution and interest-rate changes.
- Negative Sentiment: Legal and financial risks: Tesla is headed to trial in California over allegations of racial discrimination. Separately, free cash flow recently turned negative amid heavy investment, though the company retains a reported $43.5 billion cash cushion. Tesla Faces Major Trial in Anti-Black Racism Case
- Negative Sentiment: Governance and execution concerns: Recent reported insider activity showed sales but no purchases, while commentary continues to question Tesla’s profitability, Cybercab progress and the safety challenges facing its Optimus robot initiative.
Analyst Ratings Changes
A number of equities research analysts recently issued reports on the company. Jefferies Financial Group set a $400.00 price objective on Tesla and gave the company a “hold” rating in a research note on Monday, July 13th. Canaccord Genuity Group set a $410.00 target price on shares of Tesla and gave the stock a “buy” rating in a research note on Thursday, July 23rd. DZ Bank raised shares of Tesla from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft set a $420.00 price target on shares of Tesla in a research note on Monday, July 27th. Finally, Barclays lifted their price objective on shares of Tesla from $360.00 to $370.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, nineteen have given a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $412.25.
Tesla Trading Up 3.1%
The company has a market capitalization of $1.48 trillion, a PE ratio of 347.81, a PEG ratio of 18.39 and a beta of 1.84. The company has a current ratio of 1.94, a quick ratio of 1.55 and a debt-to-equity ratio of 0.09. The stock has a fifty day moving average of $349.17 and a two-hundred day moving average of $379.59.
Tesla (NASDAQ:TSLA – Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The electric vehicle producer reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.17). Tesla had a net margin of 3.67% and a return on equity of 3.82%. The business had revenue of $28.24 billion for the quarter, compared to analysts’ expectations of $26.42 billion. During the same quarter in the previous year, the company earned $0.33 earnings per share. The business’s quarterly revenue was up 25.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Tesla, Inc. will post 0.88 earnings per share for the current fiscal year.
Insider Activity at Tesla
In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $360.13, for a total value of $938,498.78. Following the completion of the transaction, the chief financial officer directly owned 25,972 shares in the company, valued at approximately $9,353,296.36. This represents a 9.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 19.90% of the stock is currently owned by corporate insiders.
Institutional Trading of Tesla
A number of hedge funds and other institutional investors have recently modified their holdings of TSLA. Security National Bank of Sioux City Iowa IA bought a new stake in shares of Tesla in the 2nd quarter worth approximately $25,000. Friedenthal Financial raised its stake in Tesla by 66.7% during the first quarter. Friedenthal Financial now owns 75 shares of the electric vehicle producer’s stock valued at $28,000 after buying an additional 30 shares during the last quarter. Harborfront Financial Group LLC bought a new stake in Tesla in the second quarter worth $34,000. Sarver Vrooman Wealth Advisors purchased a new stake in shares of Tesla in the fourth quarter worth $37,000. Finally, Lam Group Inc. purchased a new stake in shares of Tesla in the first quarter worth $37,000. 66.20% of the stock is owned by hedge funds and other institutional investors.
About Tesla
Tesla, Inc is an American technology and automotive company that designs, develops, manufactures and sells electric vehicles and related energy products. Its vehicle lineup has included the Model S, Model 3, Model X, Model Y and Cybertruck, along with commercial and specialty products such as the Tesla Semi.
The company also develops energy-generation and storage products, including solar panels, solar roofing systems and battery storage solutions for residential, commercial and utility customers.
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