Tesla (NASDAQ:TSLA) Stock Price Up 7.5% Following Analyst Upgrade

Tesla, Inc. (NASDAQ:TSLA)’s share price shot up 7.5% during trading on Monday after Royal Bank of Canada raised their price target on the stock from $249.00 to $313.00. Royal Bank of Canada currently has an outperform rating on the stock. Tesla traded as high as $347.34 and last traded at $344.63. 43,089,258 shares were traded during mid-day trading, a decline of 55% from the average session volume of 95,790,320 shares. The stock had previously closed at $320.72.

A number of other equities analysts also recently weighed in on TSLA. Needham & Company LLC restated a “hold” rating on shares of Tesla in a research note on Thursday, October 24th. Truist Financial raised their target price on shares of Tesla from $236.00 to $238.00 and gave the stock a “hold” rating in a report on Thursday, October 24th. The Goldman Sachs Group increased their price objective on Tesla from $230.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 24th. Sanford C. Bernstein reiterated an “underperform” rating and issued a $120.00 target price on shares of Tesla in a research note on Thursday, October 3rd. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Tesla in a report on Tuesday, October 8th. Nine investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $230.18.

Insider Transactions at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction that occurred on 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 $14,967,479.07. This represents a 0.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the sale, the director now owns 85,000 shares in the company, valued at approximately $26,727,400. The trade was a 56.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 301,187 shares of company stock valued at $92,956,692 over the last 90 days. Company insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC grew its holdings in Tesla by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 59,356,401 shares of the electric vehicle producer’s stock valued at $15,469,792,000 after buying an additional 1,022,589 shares in the last quarter. FMR LLC boosted its position in shares of Tesla by 3.5% during the 3rd quarter. FMR LLC now owns 24,741,075 shares of the electric vehicle producer’s stock valued at $6,473,008,000 after acquiring an additional 828,308 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Tesla by 13.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,377,822 shares of the electric vehicle producer’s stock valued at $6,377,970,000 after purchasing an additional 2,946,763 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Tesla by 1.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 16,545,824 shares of the electric vehicle producer’s stock valued at $4,328,884,000 after purchasing an additional 301,968 shares in the last quarter. Finally, Jennison Associates LLC lifted its position in Tesla by 11.9% during the third quarter. Jennison Associates LLC now owns 12,201,212 shares of the electric vehicle producer’s stock valued at $3,192,203,000 after purchasing an additional 1,294,093 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Stock Up 2.1 %

The business’s 50 day simple moving average is $257.14 and its 200 day simple moving average is $223.29. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $1.11 trillion, a PE ratio of 94.79, a PEG ratio of 10.42 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.14. The company had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.53 earnings per share. On average, equities research analysts forecast that Tesla, Inc. will post 1.99 earnings per share 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.