Tesla (NASDAQ:TSLA) Shares Up 4% on Analyst Upgrade

Key Points

• Tesla shares rose 4% following an upgrade by Wedbush, raising the stock's price target from $500 to $600.
• Two analysts rated Tesla shares as a Strong Buy, while the consensus rating remains a "Hold" with an average price target of $332.33.
• Recent insider trading shows significant sales, including Director James R. Murdoch selling 120,000 shares, reflecting a 14.69% decrease in his ownership stake.

Tesla, Inc. (NASDAQ:TSLA - Get Free Report) shot up 4% during trading on Friday after Wedbush raised their price target on the stock from $500.00 to $600.00. Wedbush currently has an outperform rating on the stock. Tesla traded as high as $440.47 and last traded at $440.40. 100,854,081 shares changed hands during trading, a decline of 2% from the average session volume of 103,158,555 shares. The stock had previously closed at $423.39.

A number of other research firms have also issued reports on TSLA. Baird R W upgraded shares of Tesla from a "hold" rating to a "strong-buy" rating in a report on Friday, September 19th. Royal Bank Of Canada restated an "overweight" rating on shares of Tesla in a research note on Tuesday, July 29th. Piper Sandler lifted their price target on shares of Tesla from $400.00 to $500.00 and gave the stock an "overweight" rating in a research note on Monday. HSBC reiterated a "reduce" rating and set a $120.00 price target on shares of Tesla in a research note on Thursday, July 3rd. Finally, Daiwa Capital Markets restated a "neutral" rating on shares of Tesla in a research note on Sunday, July 27th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, twelve have issued a Hold rating and nine have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Tesla presently has a consensus rating of "Hold" and an average price target of $332.33.

Insiders Place Their Bets

In other news, Director James R. Murdoch sold 120,000 shares of the stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the completion of the sale, the director owned 697,031 shares of the company's stock, valued at approximately $244,162,988.99. This represents a 14.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the sale, the senior vice president directly owned 47,600 shares of the company's stock, valued at approximately $17,314,500. The trade was a 29.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 208,606 shares of company stock valued at $77,360,462 in the last quarter. 19.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tesla

A number of hedge funds have recently made changes to their positions in TSLA. Brighton Jones LLC boosted its position in Tesla by 11.8% in the fourth quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock worth $35,509,000 after purchasing an additional 9,293 shares during the last quarter. Revolve Wealth Partners LLC grew its position in Tesla by 21.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock worth $2,147,000 after acquiring an additional 931 shares during the last quarter. Mascagni Wealth Management Inc. purchased a new stake in Tesla in the 4th quarter worth approximately $346,000. Bison Wealth LLC lifted its stake in shares of Tesla by 52.2% in the 4th quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer's stock valued at $4,187,000 after purchasing an additional 3,558 shares during the period. Finally, NorthCrest Asset Manangement LLC lifted its stake in shares of Tesla by 36.8% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 11,989 shares of the electric vehicle producer's stock valued at $4,842,000 after purchasing an additional 3,224 shares during the period. 66.20% of the stock is currently owned by institutional investors.

Tesla Stock Up 4.0%

The stock has a 50 day simple moving average of $349.83 and a 200-day simple moving average of $312.97. The firm has a market cap of $1.46 trillion, a PE ratio of 254.57, a PEG ratio of 15.45 and a beta of 2.06. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. During the same period in the previous year, the firm earned $0.52 EPS. The business's revenue was down 11.8% on a year-over-year basis. Sell-side analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.