Tesla (NASDAQ:TSLA) Shares Up 2.3% After Analyst Upgrade

Shares of Tesla, Inc. (NASDAQ:TSLA) rose 2.3% during trading on Friday after Citigroup raised their price target on the stock from $182.00 to $274.00. Citigroup currently has a neutral rating on the stock. Tesla traded as high as $247.68 and last traded at $246.50. Approximately 57,458,156 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 99,311,883 shares. The stock had previously closed at $241.03.

A number of other equities research analysts have also issued reports on the stock. Wedbush restated an “outperform” rating and issued a $300.00 target price on shares of Tesla in a research note on Thursday. Mizuho upped their target price on shares of Tesla from $180.00 to $230.00 and gave the stock a “neutral” rating in a research report on Friday. New Street Research restated a “buy” rating and issued a $235.00 target price on shares of Tesla in a research report on Tuesday, June 25th. Cantor Fitzgerald restated an “overweight” rating and issued a $230.00 target price on shares of Tesla in a research report on Monday, July 1st. Finally, Evercore ISI decreased their target price on shares of Tesla from $155.00 to $145.00 and set an “in-line” rating for the company in a research report on Monday, April 29th. Eight analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $201.58.

Insider Activity at Tesla

In related news, Director Robyn M. Denholm sold 93,705 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $184.86, for a total value of $17,322,306.30. Following the completion of the sale, the director now owns 15,000 shares in the company, valued at approximately $2,772,900. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Tesla news, Director Robyn M. Denholm sold 93,705 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $184.86, for a total value of $17,322,306.30. Following the completion of the sale, the director now owns 15,000 shares in the company, valued at approximately $2,772,900. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Xiaotong Zhu sold 650 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the completion of the sale, the senior vice president now owns 65,155 shares of the company’s stock, valued at approximately $11,350,652.55. The disclosure for this sale can be found here. 25.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TSLA. Headinvest LLC acquired a new position in shares of Tesla during the 3rd quarter worth $73,000. Arden Trust Co grew its stake in Tesla by 16.8% in the 4th quarter. Arden Trust Co now owns 3,491 shares of the electric vehicle producer’s stock valued at $867,000 after buying an additional 501 shares during the last quarter. Trust Co. of Toledo NA OH grew its stake in Tesla by 5.6% in the 4th quarter. Trust Co. of Toledo NA OH now owns 4,047 shares of the electric vehicle producer’s stock valued at $1,006,000 after buying an additional 213 shares during the last quarter. Boltwood Capital Management grew its stake in Tesla by 5.8% in the 4th quarter. Boltwood Capital Management now owns 1,720 shares of the electric vehicle producer’s stock valued at $427,000 after buying an additional 95 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its stake in Tesla by 135.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 17,472 shares of the electric vehicle producer’s stock valued at $4,341,000 after buying an additional 10,042 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Stock Up 3.0 %

The business’s 50 day moving average is $192.75 and its 200-day moving average is $191.73. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.17 and a current ratio of 1.72. The firm has a market capitalization of $791.66 billion, a price-to-earnings ratio of 63.32, a price-to-earnings-growth ratio of 6.58 and a beta of 2.31.

Tesla (NASDAQ:TSLA) last posted its earnings results on Tuesday, April 23rd. The electric vehicle producer reported $0.35 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.35. Tesla had a net margin of 14.37% and a return on equity of 13.18%. The business had revenue of $21.30 billion for the quarter, compared to analyst estimates of $22.15 billion. Equities analysts anticipate that Tesla, Inc. will post 1.85 EPS for the current fiscal year.

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.