Tesla (NASDAQ:TSLA) Trading Up 0.3% on Analyst Upgrade

Tesla, Inc. (NASDAQ:TSLA) was up 0.3% on Wednesday after Royal Bank of Canada raised their price target on the stock from $224.00 to $236.00. Royal Bank of Canada currently has an outperform rating on the stock. Tesla traded as high as $247.43 and last traded at $245.18. Approximately 27,187,807 shares traded hands during trading, a decline of 71% from the average daily volume of 94,861,180 shares. The stock had previously closed at $244.50.

Several other analysts have also recently weighed in on TSLA. Sanford C. Bernstein reissued an “underperform” rating and issued a $120.00 price target on shares of Tesla in a research note on Thursday, October 3rd. Glj Research reiterated a “sell” rating and issued a $24.86 price objective on shares of Tesla in a research report on Thursday, September 26th. Morgan Stanley restated an “overweight” rating and issued a $310.00 target price on shares of Tesla in a research report on Thursday, October 3rd. UBS Group cut Tesla from a “neutral” rating to a “sell” rating and increased their price target for the stock from $147.00 to $197.00 in a report on Friday, July 12th. Finally, China Renaissance upgraded shares of Tesla from a “hold” rating to a “buy” rating and set a $290.00 price objective on the stock in a report on Friday, July 5th. Nine analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Tesla has an average rating of “Hold” and a consensus target price of $210.90.

Insider Activity at Tesla

In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the transaction, the director now owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Tesla news, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares in the company, valued at approximately $14,967,479.07. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the sale, the director now directly owns 85,000 shares of the company’s stock, valued at $18,696,600. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 74,661 shares of company stock valued at $16,663,291 over the last ninety days. Insiders own 25.10% of the company’s stock.

Hedge Funds Weigh In On Tesla

Institutional investors have recently added to or reduced their stakes in the stock. Tobam purchased a new stake in shares of Tesla during the third quarter worth approximately $678,000. Strategic Advisors LLC raised its position in Tesla by 10.3% during the 3rd quarter. Strategic Advisors LLC now owns 19,702 shares of the electric vehicle producer’s stock worth $5,155,000 after buying an additional 1,833 shares during the last quarter. B & T Capital Management DBA Alpha Capital Management boosted its holdings in shares of Tesla by 9.5% in the third quarter. B & T Capital Management DBA Alpha Capital Management now owns 2,007 shares of the electric vehicle producer’s stock valued at $525,000 after acquiring an additional 174 shares in the last quarter. Brendel Financial Advisors LLC raised its holdings in Tesla by 0.6% during the third quarter. Brendel Financial Advisors LLC now owns 11,720 shares of the electric vehicle producer’s stock worth $3,066,000 after purchasing an additional 68 shares in the last quarter. Finally, Quotient Wealth Partners LLC lifted its position in Tesla by 40.9% in the third quarter. Quotient Wealth Partners LLC now owns 10,003 shares of the electric vehicle producer’s stock valued at $2,617,000 after purchasing an additional 2,904 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Price Performance

The company has a market cap of $783.26 billion, a price-to-earnings ratio of 62.55, a PEG ratio of 6.80 and a beta of 2.29. The company has a 50-day simple moving average of $224.61 and a 200-day simple moving average of $202.78. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). Tesla had a return on equity of 10.41% and a net margin of 13.00%. The business had revenue of $25.50 billion for the quarter, compared to analyst estimates of $24.38 billion. During the same period in the prior year, the company earned $0.78 EPS. The company’s revenue was up 2.3% on a year-over-year basis. As a group, research analysts predict that Tesla, Inc. will post 1.75 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.