Tesla (NASDAQ:TSLA) Shares Up 1.8% - Here's Why

Shares of Tesla, Inc. (NASDAQ:TSLA - Get Free Report) shot up 1.8% on Tuesday . The stock traded as high as $344.88 and last traded at $344.68. 29,144,850 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 95,865,375 shares. The stock had previously closed at $338.74.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Tesla in a report on Thursday, October 24th. Canaccord Genuity Group upped their target price on Tesla from $254.00 to $278.00 and gave the company a "buy" rating in a research report on Thursday, October 24th. Stifel Nicolaus upped their price objective on shares of Tesla from $265.00 to $287.00 and gave the stock a "buy" rating in a research report on Friday, October 25th. Oppenheimer reaffirmed a "market perform" rating on shares of Tesla in a research note on Tuesday, October 8th. Finally, The Goldman Sachs Group raised their price target on shares of Tesla from $230.00 to $250.00 and gave the stock a "neutral" rating in a report on Thursday, October 24th. Nine equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat.com, Tesla presently has a consensus rating of "Hold" and a consensus target price of $230.18.

Tesla Stock Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37. The firm has a 50 day moving average of $254.75 and a two-hundred day moving average of $222.13. The stock has a market cap of $1.11 trillion, a PE ratio of 94.55, a PEG ratio of 10.42 and a beta of 2.29.

Tesla (NASDAQ:TSLA - Get Free Report) last released 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 during 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%. Tesla's quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.53 earnings per share. Research analysts predict that Tesla, Inc. will post 1.99 EPS for the current fiscal year.

Insider Transactions at Tesla

In other Tesla news, Director Kathleen Wilson-Thompson sold 100,000 shares of the company's stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $346.02, for a total value of $34,602,000.00. Following the transaction, the director now directly owns 5,400 shares of the company's stock, valued at $1,868,508. This represents a 94.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of the company's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $350.00, for a total value of $1,400,000.00. Following the transaction, the chief financial officer now directly owns 105,032 shares of the company's stock, valued at $36,761,200. This trade represents a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 188,797 shares of company stock valued at $57,616,781 in the last 90 days. 20.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tesla

Several hedge funds and other institutional investors have recently modified their holdings of TSLA. Connable Office Inc. increased its stake in shares of Tesla by 0.3% in the third quarter. Connable Office Inc. now owns 12,872 shares of the electric vehicle producer's stock valued at $3,368,000 after purchasing an additional 38 shares during the period. Community Bank N.A. lifted its holdings in shares of Tesla by 4.4% during the 3rd quarter. Community Bank N.A. now owns 908 shares of the electric vehicle producer's stock valued at $238,000 after buying an additional 38 shares during the last quarter. Holistic Financial Partners grew its position in Tesla by 1.0% in the third quarter. Holistic Financial Partners now owns 4,055 shares of the electric vehicle producer's stock worth $1,061,000 after acquiring an additional 40 shares in the last quarter. Integris Wealth Management LLC raised its stake in shares of Tesla by 1.0% in the 2nd quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer's stock valued at $804,000 after acquiring an additional 42 shares in the last quarter. Finally, Sherrill & Hutchins Financial Advisory Inc lifted its holdings in Tesla by 1.4% in the 3rd quarter. Sherrill & Hutchins Financial Advisory Inc now owns 3,058 shares of the electric vehicle producer's stock worth $800,000 after purchasing an additional 43 shares during the last quarter. 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.

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