Tesla (NASDAQ:TSLA) Trading 4.1% Higher – Here’s What Happened

Tesla, Inc. (NASDAQ:TSLA)’s stock price was up 4.1% during mid-day trading on Wednesday . The company traded as high as $447.92 and last traded at $446.74. Approximately 86,935,214 shares traded hands during trading, a decline of 13% from the average daily volume of 99,612,891 shares. The stock had previously closed at $429.24.

Wall Street Analysts Forecast Growth

TSLA has been the topic of several research reports. China Renaissance boosted their price target on shares of Tesla from $349.00 to $380.00 and gave the stock a “hold” rating in a research report on Friday, October 24th. Royal Bank Of Canada reissued an “outperform” rating and set a $500.00 target price on shares of Tesla in a research note on Thursday, October 23rd. Baird R W raised Tesla from a “hold” rating to a “strong-buy” rating in a report on Friday, September 19th. Wall Street Zen raised Tesla from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Finally, Stifel Nicolaus boosted their target price on Tesla from $483.00 to $508.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, thirteen have given a Hold rating and nine have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Tesla presently has an average rating of “Hold” and a consensus price target of $398.92.

Tesla Stock Up 4.1%

The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.67 and a current ratio of 2.07. The company has a market cap of $1.49 trillion, a price-to-earnings ratio of 297.83, a price-to-earnings-growth ratio of 14.53 and a beta of 1.87. The business’s 50 day simple moving average is $433.94 and its 200-day simple moving average is $370.52.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $24.98 billion. During the same quarter last year, the firm earned $0.72 earnings per share. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. Sell-side analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Buying and Selling at Tesla

In other news, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the transaction, the chief financial officer owned 9,856 shares of the company’s stock, valued at $3,473,057.28. This trade represents a 20.91% 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, SVP Xiaotong Zhu sold 20,000 shares of the company’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the sale, the senior vice president directly owned 47,600 shares of the company’s stock, valued at approximately $17,314,500. This represents a 29.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 82,606 shares of company stock worth $33,554,102 over the last ninety days. 19.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TSLA. Relyea Zuckerberg Hanson LLC lifted its holdings in shares of Tesla by 0.4% during the third quarter. Relyea Zuckerberg Hanson LLC now owns 6,558 shares of the electric vehicle producer’s stock worth $2,916,000 after buying an additional 23 shares during the last quarter. Equita Financial Network Inc. raised its stake in Tesla by 2.8% during the 3rd quarter. Equita Financial Network Inc. now owns 855 shares of the electric vehicle producer’s stock valued at $380,000 after purchasing an additional 23 shares during the last quarter. VanderPol Investments L.L.C. boosted its holdings 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 purchasing an additional 23 shares during the period. Resonant Capital Advisors LLC grew its position in Tesla by 0.3% in the 3rd quarter. Resonant Capital Advisors LLC now owns 8,577 shares of the electric vehicle producer’s stock worth $3,814,000 after purchasing an additional 23 shares during the last quarter. Finally, Cloud Capital Management LLC increased its holdings in shares of Tesla by 1.1% during the 3rd quarter. Cloud Capital Management LLC now owns 2,076 shares of the electric vehicle producer’s stock worth $923,000 after purchasing an additional 23 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

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.