Tesla (NASDAQ:TSLA) Stock Price Up 6.8% – Here’s Why

Tesla, Inc. (NASDAQ:TSLA)’s share price shot up 6.8% during trading on Monday . The stock traded as high as $421.72 and last traded at $417.78. 96,118,521 shares traded hands during mid-day trading, a decline of 4% from the average session volume of 100,549,781 shares. The stock had previously closed at $391.09.

Wall Street Analyst Weigh In

TSLA has been the subject of several recent analyst reports. Baird R W upgraded shares of Tesla from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 19th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Tesla in a research note on Thursday, October 30th. Piper Sandler upped their price objective on shares of Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a research note on Monday, September 22nd. Bank of America lifted their target price on Tesla from $341.00 to $471.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 29th. Finally, Daiwa Capital Markets reissued a “neutral” rating on shares of Tesla in a research report on Sunday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have given a Hold rating and ten have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $394.31.

Tesla Trading Up 6.8%

The company has a current ratio of 2.07, a quick ratio of 1.67 and a debt-to-equity ratio of 0.07. The business has a 50 day moving average price of $433.71 and a 200-day moving average price of $366.49. The firm has a market capitalization of $1.39 trillion, a PE ratio of 278.52, a P/E/G ratio of 16.84 and a beta of 2.06.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The firm had revenue of $28.10 billion for the quarter, compared to the consensus estimate of $24.98 billion. During the same period in the previous year, the business earned $0.72 earnings per share. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. Analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the sale, the chief financial officer owned 9,856 shares of the company’s stock, valued at $3,473,057.28. The trade was a 20.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James R. Murdoch sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $422.68, for a total value of $25,360,800.00. Following the completion of the transaction, the director directly owned 637,031 shares of the company’s stock, valued at $269,260,263.08. The trade was a 8.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 202,606 shares of company stock valued at $75,588,902. Corporate insiders own 19.90% of the company’s stock.

Institutional Investors Weigh In On Tesla

Several institutional investors and hedge funds have recently made changes to their positions in the business. Relyea Zuckerberg Hanson LLC lifted its holdings in shares of Tesla by 0.4% in the third quarter. Relyea Zuckerberg Hanson LLC now owns 6,558 shares of the electric vehicle producer’s stock valued at $2,916,000 after purchasing an additional 23 shares in the last quarter. Equita Financial Network Inc. lifted its stake in Tesla by 2.8% in the 3rd quarter. Equita Financial Network Inc. now owns 855 shares of the electric vehicle producer’s stock valued at $380,000 after buying an additional 23 shares in the last quarter. VanderPol Investments L.L.C. lifted its stake in Tesla by 2.2% in the 3rd quarter. VanderPol Investments L.L.C. now owns 1,070 shares of the electric vehicle producer’s stock valued at $464,000 after buying an additional 23 shares in the last quarter. Resonant Capital Advisors LLC grew its holdings in Tesla by 0.3% during the 3rd quarter. Resonant Capital Advisors LLC now owns 8,577 shares of the electric vehicle producer’s stock valued at $3,814,000 after buying an additional 23 shares during the last quarter. Finally, Cloud Capital Management LLC increased its position in Tesla by 1.1% during the third quarter. Cloud Capital Management LLC now owns 2,076 shares of the electric vehicle producer’s stock worth $923,000 after buying an additional 23 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

About Tesla

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.