Tesla (NASDAQ:TSLA) Stock Price Up 1.1% – Here’s What Happened

Tesla, Inc. (NASDAQ:TSLA) shares traded up 1.1% on Friday . The company traded as high as $344.98 and last traded at $343.34. 20,845,539 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 95,501,102 shares. The stock had previously closed at $339.64.

Wall Street Analysts Forecast Growth

TSLA has been the subject of a number of analyst reports. Bank of America upped their price objective on shares of Tesla from $265.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Barclays increased their price target on Tesla from $220.00 to $235.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Canaccord Genuity Group boosted their price objective on Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. increased their target price on Tesla from $130.00 to $135.00 and gave the company an “underweight” rating in a research report on Thursday, October 24th. Finally, Truist Financial boosted their price target on shares of Tesla from $236.00 to $238.00 and gave the stock a “hold” rating in a report on Thursday, October 24th. Nine analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Tesla currently has an average rating of “Hold” and a consensus price target of $230.18.

Tesla Trading Up 3.8 %

The stock has a market cap of $1.13 trillion, a PE ratio of 96.59, a price-to-earnings-growth ratio of 11.03 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. The company’s 50-day moving average price is $264.07 and its 200 day moving average price is $226.43.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. The company had revenue of $25.18 billion for the quarter, compared to the consensus estimate of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.53 earnings per share. On average, sell-side analysts forecast that Tesla, Inc. will post 1.99 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the transaction, the senior vice president now owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. This trade represents a 0.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the completion of the sale, the chief financial officer now owns 105,032 shares of the company’s stock, valued at $26,258,000. This trade represents a 3.67 % 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. 20.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tesla

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

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.