Tesla (NASDAQ:TSLA) Shares Up 10.2% Following Analyst Upgrade

Tesla, Inc. (NASDAQ:TSLA) traded up 10.2% on Monday after UBS Group raised their price target on the stock from $190.00 to $215.00. UBS Group currently has a sell rating on the stock. Tesla traded as high as $356.20 and last traded at $355.01. 74,597,371 shares were traded during trading, a decline of 26% from the average session volume of 101,100,579 shares. The stock had previously closed at $322.16.

Other research analysts have also recently issued research reports about the company. BNP Paribas set a $137.00 price objective on Tesla and gave the company an “underperform” rating in a research note on Wednesday, April 16th. Cfra Research cut Tesla from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, April 22nd. TD Cowen upgraded Tesla from a “hold” rating to a “buy” rating and lifted their price objective for the company from $180.00 to $388.00 in a research note on Friday, March 7th. JPMorgan Chase & Co. lowered their price objective on Tesla from $120.00 to $115.00 and set an “underweight” rating for the company in a research note on Wednesday, April 23rd. Finally, Piper Sandler restated an “overweight” rating and issued a $400.00 price target on shares of Tesla in a research note on Tuesday, June 10th. Ten research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $294.58.

Insiders Place Their Bets

In other news, Director Kimbal Musk sold 91,588 shares of the company’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value of $32,732,635.32. Following the completion of the transaction, the director now owns 1,463,220 shares of the company’s stock, valued at $522,940,195.80. This represents a 5.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the company’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total value of $170,636,475.60. Following the completion of the transaction, the director now directly owns 855,394 shares of the company’s stock, valued at approximately $305,632,276.20. This trade represents a 35.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 833,509 shares of company stock worth $278,648,925 over the last quarter. 20.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tesla

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Tesla by 1.5% in the first quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer’s stock worth $63,983,418,000 after acquiring an additional 3,694,524 shares during the period. Geode Capital Management LLC boosted its stake in Tesla by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 61,011,604 shares of the electric vehicle producer’s stock valued at $24,566,217,000 after buying an additional 1,655,203 shares during the last quarter. Norges Bank bought a new position in Tesla during the fourth quarter valued at approximately $14,420,248,000. FMR LLC boosted its stake in Tesla by 40.1% during the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer’s stock valued at $13,997,660,000 after buying an additional 9,920,325 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Tesla by 21.6% during the fourth quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer’s stock valued at $11,541,592,000 after buying an additional 5,075,418 shares during the last quarter. Institutional investors own 66.20% of the company’s stock.

Tesla Stock Performance

The business has a 50 day moving average of $308.14 and a 200 day moving average of $331.42. The company has a market capitalization of $1.12 trillion, a P/E ratio of 191.58, a price-to-earnings-growth ratio of 12.05 and a beta of 2.47. The company has a quick ratio of 1.54, a current ratio of 2.00 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). Tesla had a net margin of 6.66% and a return on equity of 9.02%. The firm had revenue of $19.34 billion for the quarter, compared to the consensus estimate of $22.93 billion. During the same period in the previous year, the company posted $0.45 earnings per share. On average, sell-side analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

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.