Tesla (NASDAQ:TSLA) Trading 3.8% Higher – Time to Buy?

Tesla, Inc. (NASDAQ:TSLA) shot up 3.8% during trading on Tuesday . The stock traded as high as $253.50 and last traded at $252.02. 26,313,613 shares were traded during trading, a decline of 72% from the average session volume of 93,743,219 shares. The stock had previously closed at $242.84.

Analysts Set New Price Targets

A number of research firms recently weighed in on TSLA. Guggenheim increased their price target on Tesla from $153.00 to $156.00 and gave the company a “sell” rating in a research note on Thursday, October 24th. Roth Mkm restated a “neutral” rating and set a $85.00 target price on shares of Tesla in a research note on Friday, October 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Tesla in a report on Thursday, October 24th. Truist Financial increased their price target on shares of Tesla from $236.00 to $238.00 and gave the company a “hold” rating in a report on Thursday, October 24th. Finally, New Street Research cut Tesla from a “buy” rating to a “neutral” rating and set a $225.00 price objective for the company. in a report on Wednesday, July 24th. Eight investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Tesla currently has a consensus rating of “Hold” and a consensus target price of $219.45.

Tesla Stock Up 14.8 %

The company has a market capitalization of $926.20 billion, a P/E ratio of 79.05, a PEG ratio of 8.01 and a beta of 2.29. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. The stock has a 50 day moving average price of $237.23 and a 200 day moving average price of $213.07.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.14. The company had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.53 earnings per share. On average, research analysts anticipate that Tesla, Inc. will post 1.96 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Kimbal Musk sold 60,500 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $250.23, for a total value of $15,138,915.00. Following the sale, the director now owns 1,563,220 shares of the company’s stock, valued at $391,164,540.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Tesla news, CFO Vaibhav Taneja sold 8,000 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the sale, the chief financial officer now owns 105,032 shares of the company’s stock, valued at approximately $26,258,000. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kimbal Musk sold 60,500 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $250.23, for a total value of $15,138,915.00. Following the sale, the director now directly owns 1,563,220 shares of the company’s stock, valued at $391,164,540.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 76,797 shares of company stock valued at $19,211,821. Insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Tesla

Institutional investors and hedge funds have recently modified their holdings of the business. China Universal Asset Management Co. Ltd. increased its position in Tesla by 0.9% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 36,399 shares of the electric vehicle producer’s stock valued at $6,399,000 after buying an additional 331 shares in the last quarter. Empirical Finance LLC raised its position in shares of Tesla by 4.5% during the first quarter. Empirical Finance LLC now owns 78,230 shares of the electric vehicle producer’s stock worth $13,752,000 after purchasing an additional 3,395 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Tesla by 23.0% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 75,851 shares of the electric vehicle producer’s stock worth $13,334,000 after purchasing an additional 14,191 shares in the last quarter. Motive Wealth Advisors grew its position in Tesla by 174.1% in the 1st quarter. Motive Wealth Advisors now owns 3,843 shares of the electric vehicle producer’s stock valued at $676,000 after purchasing an additional 2,441 shares during the period. Finally, AIA Group Ltd raised its holdings in Tesla by 3.4% during the first quarter. AIA Group Ltd now owns 74,754 shares of the electric vehicle producer’s stock worth $13,141,000 after buying an additional 2,484 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors.

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.