Tesla (NASDAQ:TSLA) Trading 1% Higher – Here’s Why

Shares of Tesla, Inc. (NASDAQ:TSLA) rose 1% on Monday . The company traded as high as $432.80 and last traded at $425.43. Approximately 28,216,913 shares traded hands during trading, a decline of 70% from the average daily volume of 95,115,641 shares. The stock had previously closed at $421.06.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on TSLA shares. Barclays increased their price objective on Tesla from $220.00 to $235.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Stifel Nicolaus increased their price objective on shares of Tesla from $287.00 to $411.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. Truist Financial lifted their target price on shares of Tesla from $236.00 to $238.00 and gave the stock a “hold” rating in a research report on Thursday, October 24th. Phillip Securities downgraded Tesla from a “moderate sell” rating to a “strong sell” rating in a research note on Wednesday, November 13th. Finally, Wedbush reiterated an “outperform” rating and set a $400.00 price objective on shares of Tesla in a research report on Monday, November 18th. Nine research analysts have rated the stock with a sell rating, fifteen have given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $272.06.

Tesla Trading Up 7.4 %

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 stock has a 50-day simple moving average of $331.97 and a two-hundred day simple moving average of $260.84. The firm has a market capitalization of $1.48 trillion, a P/E ratio of 126.65, a price-to-earnings-growth ratio of 10.80 and a beta of 2.36.

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

Insiders Place Their Bets

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $374.21, for a total transaction of $975,191.26. Following the completion of the sale, the chief financial officer now directly owns 108,965 shares of the company’s stock, valued at approximately $40,775,792.65. This represents a 2.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $346.02, for a total transaction of $34,602,000.00. Following the transaction, the director now owns 5,400 shares of the company’s stock, valued at approximately $1,868,508. This trade represents a 94.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 514,886 shares of company stock worth $169,393,831 over the last 90 days. Company insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Valley Wealth Managers Inc. purchased a new stake in shares of Tesla during the second quarter worth about $26,000. Abich Financial Wealth Management LLC grew its position in Tesla by 168.8% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after purchasing an additional 81 shares during the last quarter. Transcendent Capital Group LLC acquired a new position in Tesla during the 3rd quarter valued at approximately $29,000. Clean Yield Group lifted its stake in shares of Tesla by 60.0% during the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after buying an additional 48 shares during the period. Finally, Peterson Financial Group Inc. purchased a new stake in shares of Tesla during the third quarter valued at $35,000. 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.