Tesla (NASDAQ:TSLA) Trading 2.9% Higher - Here's Why

Tesla, Inc. (NASDAQ:TSLA - Get Free Report) shares traded up 2.9% during trading on Friday . The stock traded as high as $330.71 and last traded at $328.66. 39,662,956 shares traded hands during trading, a decline of 63% from the average session volume of 107,981,766 shares. The stock had previously closed at $319.41.

Analysts Set New Price Targets

Several research analysts recently commented on the company. HSBC reissued a "reduce" rating and set a $120.00 target price on shares of Tesla in a research note on Thursday, July 3rd. Piper Sandler reissued an "overweight" rating and set a $400.00 target price on shares of Tesla in a research note on Tuesday, June 10th. Guggenheim reaffirmed a "sell" rating and set a $175.00 price objective on shares of Tesla in a research report on Tuesday, July 8th. Benchmark reaffirmed a "buy" rating and set a $475.00 price objective (up from $350.00) on shares of Tesla in a research report on Thursday, June 26th. Finally, The Goldman Sachs Group lowered their price objective on Tesla from $315.00 to $285.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. Ten investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $300.19.

Tesla Trading Up 2.6%

The firm has a market cap of $1.06 trillion, a price-to-earnings ratio of 179.91, a PEG ratio of 9.80 and a beta of 2.39. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.54 and a current ratio of 2.00. The business has a fifty day moving average of $325.64 and a two-hundred day moving average of $317.81.

Tesla (NASDAQ:TSLA - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing analysts' consensus estimates of $0.53 by ($0.26). The firm had revenue of $19.34 billion during the quarter, compared to analyst estimates of $22.93 billion. Tesla had a return on equity of 9.02% and a net margin of 6.66%. During the same quarter in the prior year, the company earned $0.45 EPS. As a group, equities analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Tesla news, Director Kimbal Musk sold 91,588 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the sale, the director owned 1,463,220 shares in the company, valued at approximately $522,940,195.80. This represents a 5.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total value of $170,636,475.60. Following the sale, the director owned 855,394 shares in the company, 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 have sold a total of 835,509 shares of company stock worth $279,420,485 in the last 90 days. Corporate insiders own 20.70% of the company's stock.

Institutional Investors Weigh In On Tesla

Several hedge funds have recently made changes to their positions in TSLA. Norges Bank acquired a new stake in shares of Tesla during the fourth quarter worth $14,420,248,000. Goldman Sachs Group Inc. boosted its holdings in shares of Tesla by 322.1% during the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock worth $6,891,201,000 after purchasing an additional 20,291,139 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Tesla during the first quarter worth $3,247,619,000. FMR LLC boosted its holdings in shares of Tesla by 40.1% during the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer's stock worth $13,997,660,000 after purchasing an additional 9,920,325 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Tesla by 27,378.6% in the 1st quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer's stock worth $2,542,960,000 after buying an additional 9,776,607 shares during the period. Institutional investors and hedge funds own 66.20% of the company's stock.

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.

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