Tesla (NASDAQ:TSLA) Stock Price Up 0.4% After Analyst Upgrade

Tesla, Inc. (NASDAQ:TSLA)’s stock price was up 0.4% on Wednesday after Piper Sandler raised their price target on the stock from $300.00 to $310.00. Piper Sandler currently has an overweight rating on the stock. Tesla traded as high as $256.38 and last traded at $255.33. Approximately 23,992,561 shares changed hands during trading, a decline of 75% from the average daily volume of 95,878,070 shares. The stock had previously closed at $254.27.

TSLA has been the subject of a number of other reports. Wolfe Research assumed coverage on shares of Tesla in a research report on Thursday, September 5th. They issued a “peer perform” rating for the company. UBS Group downgraded Tesla from a “neutral” rating to a “sell” rating and boosted their target price for the company from $147.00 to $197.00 in a report on Friday, July 12th. Wells Fargo & Company restated an “underweight” rating and set a $120.00 price target on shares of Tesla in a research note on Monday, July 1st. Sanford C. Bernstein reiterated an “underperform” rating and issued a $120.00 price objective on shares of Tesla in a research note on Monday, June 10th. Finally, The Goldman Sachs Group lowered their target price on shares of Tesla from $248.00 to $230.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 24th. Nine research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $209.90.

Insider Activity at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at $14,967,479.07. The sale was disclosed in a filing with the SEC, which is available at this link. In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total value of $14,597,425.44. Following the transaction, the director now directly owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. The disclosure for this sale can be found here. Insiders sold 74,661 shares of company stock worth $16,663,291 over the last 90 days. Company insiders own 25.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Bank & Trust Co purchased a new stake in shares of Tesla in the second quarter valued at $25,000. Abich Financial Wealth Management LLC lifted its holdings in Tesla by 168.8% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after purchasing an additional 81 shares in the last quarter. Valley Wealth Managers Inc. acquired a new stake in shares of Tesla during the 2nd quarter worth about $26,000. OLD Point Trust & Financial Services N A purchased a new stake in shares of Tesla during the fourth quarter worth about $37,000. Finally, Guardian Wealth Management Inc. acquired a new position in shares of Tesla in the fourth quarter valued at approximately $47,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Stock Down 1.1 %

The firm has a market cap of $812.14 billion, a PE ratio of 64.85, a P/E/G ratio of 6.92 and a beta of 2.29. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08. The firm’s 50 day moving average is $221.37 and its 200-day moving average is $197.56.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.10). The business had revenue of $25.50 billion for the quarter, compared to analyst estimates of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. Tesla’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.78 EPS. As a group, equities research analysts expect that Tesla, Inc. will post 1.75 earnings per share for the current fiscal year.

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.