Tesla (NASDAQ:TSLA) Shares Gap Up - Here's Why

Tesla, Inc. (NASDAQ:TSLA - Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $230.58, but opened at $247.22. Tesla shares last traded at $247.71, with a volume of 36,596,625 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have commented on TSLA shares. Phillip Securities downgraded Tesla from a "moderate sell" rating to a "strong sell" rating in a report on Wednesday, November 13th. Mizuho restated an "outperform" rating and set a $515.00 price target on shares of Tesla in a research note on Thursday, January 30th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Tesla from $295.00 to $370.00 and gave the stock a "buy" rating in a report on Monday, December 9th. Robert W. Baird reduced their price objective on Tesla from $440.00 to $370.00 and set an "outperform" rating on the stock in a research report on Thursday, March 6th. Finally, Roth Mkm upgraded Tesla from a "neutral" rating to a "buy" rating and boosted their price target for the company from $85.00 to $380.00 in a report on Monday, December 2nd. Nine analysts have rated the stock with a sell rating, ten have given a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Tesla has an average rating of "Hold" and an average target price of $326.28.

Tesla Stock Performance

The firm has a 50 day moving average of $360.40 and a two-hundred day moving average of $319.53. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. The stock has a market cap of $802.40 billion, a PE ratio of 122.26, a PEG ratio of 5.86 and a beta of 2.50.

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Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. Research analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Activity at Tesla

In other news, CFO Vaibhav Taneja sold 7,000 shares of Tesla stock in a transaction on Monday, January 6th. The stock was sold at an average price of $413.56, for a total transaction of $2,894,920.00. Following the completion of the transaction, the chief financial officer now owns 108,965 shares of the company's stock, valued at $45,063,565.40. The trade was a 6.04 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Robyn M. Denholm sold 112,390 shares of the company's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $384.04, for a total transaction of $43,162,255.60. Following the completion of the sale, the director now directly owns 85,000 shares in the company, valued at $32,643,400. This trade represents a 56.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 422,452 shares of company stock worth $153,659,530 over the last three months. 20.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Hengehold Capital Management LLC increased its position in Tesla by 1.8% during the fourth quarter. Hengehold Capital Management LLC now owns 1,347 shares of the electric vehicle producer's stock worth $544,000 after purchasing an additional 24 shares during the last quarter. Strategic Investment Advisors MI grew its stake in shares of Tesla by 0.3% during the 4th quarter. Strategic Investment Advisors MI now owns 6,990 shares of the electric vehicle producer's stock valued at $2,823,000 after buying an additional 24 shares during the period. Acropolis Investment Management LLC raised its position in shares of Tesla by 0.9% in the 4th quarter. Acropolis Investment Management LLC now owns 2,814 shares of the electric vehicle producer's stock worth $1,136,000 after buying an additional 25 shares during the period. Mount Vernon Associates Inc. MD boosted its holdings in Tesla by 0.3% in the fourth quarter. Mount Vernon Associates Inc. MD now owns 7,305 shares of the electric vehicle producer's stock valued at $2,950,000 after acquiring an additional 25 shares during the last quarter. Finally, Vista Finance LLC grew its position in Tesla by 0.7% during the fourth quarter. Vista Finance LLC now owns 3,510 shares of the electric vehicle producer's stock valued at $1,417,000 after acquiring an additional 25 shares during the period. Institutional investors and hedge funds own 66.20% of the company's stock.

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.

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