Tesla (NASDAQ:TSLA) Shares Up 3.2% on Analyst Upgrade

Posted by on Oct 5th, 2023

Shares of Tesla, Inc. (NASDAQ:TSLA – Get Free Report) were up 3.2% on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $120.00 to $135.00. The company traded as high as $255.46 and last traded at $254.31. Approximately 48,693,819 shares traded hands during trading, a decline of 66% from the average daily volume of 142,459,906 shares. The stock had previously closed at $246.53.

A number of other analysts have also commented on the company. Bank of America increased their price objective on Tesla from $225.00 to $300.00 in a research note on Thursday, July 6th. Guggenheim reiterated a “sell” rating and set a $125.00 target price on shares of Tesla in a research report on Monday, September 18th. DZ Bank downgraded Tesla from a “buy” rating to a “sell” rating and set a $210.00 target price on the stock. in a research report on Friday, June 23rd. Wells Fargo & Company raised their price objective on Tesla from $170.00 to $265.00 and gave the stock an “equal weight” rating in a report on Monday, July 17th. Finally, Robert W. Baird raised their price objective on Tesla from $252.00 to $300.00 and gave the stock an “outperform” rating in a report on Monday, July 17th. Six investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $240.73.

Read Our Latest Report on TSLA

Insiders Place Their Bets

In other Tesla news, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $268.23, for a total value of $2,816,415.00. Following the completion of the sale, the senior vice president now owns 66,834 shares of the company’s stock, valued at $17,926,883.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $268.23, for a total transaction of $2,816,415.00. Following the transaction, the senior vice president now directly owns 66,834 shares in the company, valued at $17,926,883.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Vaibhav Taneja sold 4,000 shares of the business’s stock in a transaction dated Friday, July 7th. The shares were sold at an average price of $278.36, for a total value of $1,113,440.00. Following the transaction, the chief accounting officer now owns 104,504 shares in the company, valued at $29,089,733.44. The disclosure for this sale can be found here. Insiders sold 49,565 shares of company stock valued at $12,660,630 over the last quarter. Insiders own 20.90% of the company’s stock.

Institutional Investors Weigh In On Tesla

A number of large investors have recently bought and sold shares of TSLA. State Street Corp lifted its stake in shares of Tesla by 4.4% in the 2nd quarter. State Street Corp now owns 104,115,390 shares of the electric vehicle producer’s stock valued at $27,254,286,000 after purchasing an additional 4,431,570 shares during the period. Geode Capital Management LLC increased its holdings in Tesla by 3.2% during the 2nd quarter. Geode Capital Management LLC now owns 51,656,526 shares of the electric vehicle producer’s stock worth $13,484,212,000 after purchasing an additional 1,608,559 shares in the last quarter. FMR LLC increased its holdings in Tesla by 3.9% during the 1st quarter. FMR LLC now owns 33,326,389 shares of the electric vehicle producer’s stock worth $6,913,893,000 after purchasing an additional 1,244,230 shares in the last quarter. Norges Bank bought a new position in Tesla during the 4th quarter worth about $3,459,540,000. Finally, Moneta Group Investment Advisors LLC increased its holdings in Tesla by 180,125.4% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 26,851,778 shares of the electric vehicle producer’s stock worth $3,307,602,000 after purchasing an additional 26,836,879 shares in the last quarter. 41.87% of the stock is currently owned by institutional investors.

Tesla Stock Performance

The stock has a market cap of $828.92 billion, a P/E ratio of 73.98, a PEG ratio of 4.14 and a beta of 2.07. The stock has a fifty day simple moving average of $250.14 and a 200-day simple moving average of $226.82. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.07 and a current ratio of 1.59.

Tesla (NASDAQ:TSLA – Get Free Report) last issued its quarterly earnings data on Wednesday, July 19th. The electric vehicle producer reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.22. The company had revenue of $24.93 billion during the quarter, compared to analysts’ expectations of $24.22 billion. Tesla had a return on equity of 26.10% and a net margin of 12.97%. The business’s revenue was up 47.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.65 earnings per share. On average, equities analysts expect that Tesla, Inc. will post 2.92 earnings per share for the current year.

Tesla Company Profile

(Get Free Report)

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. It 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, retail merchandise, and vehicle insurance services.

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